Economy

Lagos to Hosts Powerful African Business Leadership Summit

Published

6 months ago

May 12, 2026

African Business Leadership Summit 2026 will bring government and business leaders to Lagos to discuss Africa’s economic growth

Stakeholders from across government, business and development sectors are set to gather in Lagos for the maiden edition of the African Business & Leadership Summit, a continental initiative aimed at strengthening collaboration to accelerate Africa’s economic transformation.

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The summit, scheduled to hold from May 12 to 13 at the MUSON Centre, will be held under the theme, “Driving Africa’s Growth Through Innovation, Strategic Leadership and Collaboration.”

Chief Executive Officer of Solid Foundation Estates Limited and convener of the summit, Adetoun Otepola, said the initiative was created to deepen cooperation among governments, businesses and institutions committed to reshaping Africa’s economic future.

Otepola explained that the African Business Leadership Summit would provide a strategic platform for policymakers, investors, entrepreneurs, innovators and development organisations to engage in high-level discussions focused on regional integration, investment opportunities and sustainable economic growth.

According to her, the summit will also promote policy dialogue, business networking, knowledge sharing and investment partnerships capable of delivering long-term economic benefits across the continent.

Organisers disclosed that discussions during the event would focus on key sectors including infrastructure, governance, real estate, technology, healthcare, education, aviation, trade and the creative economy.

The event is also expected to feature exhibitions showcasing investment opportunities, innovative products and emerging solutions from government agencies, multinational firms, startups, financial institutions and development organisations.

The organisers noted that Lagos was selected as the host city because of its growing reputation as one of Africa’s leading commercial and innovation centres, supported by its expanding technology ecosystem, major ports, international airports and vibrant creative industry.

They added that the summit is expected to attract participants from more than 70 countries alongside exhibitors, strategic partners and speakers from diverse industries.

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The organisers further urged stakeholders across the public and private sectors to leverage the platform to build strategic partnerships and contribute to conversations aimed at strengthening Africa’s competitiveness and economic future.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

12 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.