Economy

Nigeria China Marine Cooperation to Boost Ports, Exports

Published

1 year ago

September 5, 2025

Nigeria China marine cooperation deepens with \$2bn maritime deal, port expansion, and zero-tariff aquaculture exports to strengthen trade and jobs

Nigeria China marine cooperation is set to deepen following new agreements to expand port development, open fresh export markets, and grow Nigeria’s maritime economy.

Also read: Nigeria, China Partner to Drive Youth Empowerment via AI, Digital Skills

During a meeting in Abuja, Minister of Marine and Blue Economy, Adegboyega Oyetola, and Chinese Ambassador Yu Dunhai reaffirmed commitments to strengthen ties.

Oyetola highlighted Nigeria’s 853 kilometers of Atlantic coastline and 10,000 kilometers of inland waterways as untapped assets for shipping, port operations, fisheries, and renewable ocean energy.

“Our ministry is determined to create the right framework for investment and partnership, and we believe that Nigeria has a lot to learn from China’s marine and blue economy development model,” Oyetola said.

Ambassador Yu pointed to the Lekki Deep Seaport — built by China Harbour Engineering Company — as proof of Sino-Nigerian collaboration.

The port, capable of handling ultra-large vessels, has eased congestion at Lagos ports, created jobs, and positioned Nigeria as a key West African hub.

He further revealed that Nigeria’s aquaculture exports will soon access the Chinese market duty-free under a zero-tariff agreement. This, he said, would boost local fish producers and expand bilateral food trade.

Beyond exports, Nigeria and China have also sealed a \$2bn maritime investment deal aimed at growing indigenous vessel ownership.

The initiative is expected to deliver \$20bn in freight contracts, \$200m for training, \$50m for training vessels, and over 2,000 new maritime jobs each year.

About 25,000 Nigerian seafarers will be globally certified under the scheme, creating a stronger domestic shipping ecosystem.

Also read: Nigeria Japan Energy Partnership Secures $190m Boost

Both parties agreed that deepened cooperation could unlock Nigeria’s vast marine potential, attract investment, and fuel sustainable economic growth.

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Economy

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

Published

7 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.