Lagos, Mexico Pledge Stronger Bilateral Ties to Boost Investment and Trade

Published

8 months ago

March 10, 2026

Governor Sanwo-Olu and Mexico Ambassador Alfredo Miranda-Ortiz stress stronger Lagos-Mexico ties to boost trade, investment, and tourism potential

The Babajide Sanwo-Olu and Alfredo Miranda-Ortiz have emphasised the importance of deepening bilateral ties between Lagos and Mexico to enhance economic prosperity and mutual benefits.

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The remarks came during a courtesy visit by the Mexican delegation to Lagos House, Ikeja, led by Ambassador Miranda-Ortiz on Monday.

Governor Sanwo-Olu reiterated his administration’s commitment to creating a business-friendly and tourism-oriented environment in Lagos.

He highlighted the THEMES+ developmental agenda as central to making Lagos more habitable, hospitable, and attractive to investors.

Sanwo-Olu also praised the opening of the Honorary Consulate of Mexico in Lagos, under the leadership of Abiodun Otunola, as a step to strengthen ties between both regions.

Ambassador Miranda-Ortiz lauded Lagos’ economic progress, noting that Mexico, with its 53 free trade markets, is ready to collaborate with Lagos to expand trade and investment opportunities.

Also read: Lagos Police Launch Eko Strike Force Divisional Station

The visit underscores the growing efforts to position Lagos as an international hub for business, tourism, and foreign investment, while promoting a robust partnership with Mexico.

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

Published

8 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.