Economy

Nigeria Secures $200m Boost for Defence Tech Development

Published

8 months ago

March 17, 2026

Q Tinny

Nigeria defence tech investment set to reach $200m as partnership boosts cybersecurity, satellite systems and local defence manufacturing

Nigeria is set to attract up to $200 million in a major Nigeria defence tech investment drive following a strategic partnership between Nigus International Investment Limited and UAE-based Elmirate Investment LLC (Elmirate Capital) aimed at advancing defence technology, cybersecurity, and satellite infrastructure.

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The agreement, formalised through a memorandum of understanding, will establish a next-generation technology and advanced manufacturing platform designed to strengthen domestic defence production and reduce reliance on imported security systems.

Executive Chairman of Nigus International Investment Limited, Prince Malik Ado-Ibrahim, said the initiative reflects a pivotal shift in Africa’s development trajectory, where technological capability is increasingly tied to economic strength and national security.

“Africa is entering a pivotal phase in its development, where technological capability will increasingly define economic strength and national security,” Ado-Ibrahim said.

“Through this partnership, we are working to build a platform in Nigeria that supports innovation, advanced manufacturing, and meaningful technology transfer.”

The collaboration will be executed through a newly created special purpose vehicle, Nigus Tactical Systems Ltd, which will serve as the operational hub for investment, technology integration, and industrial development.

Managing Director of Elmirate Capital, Pankajj Ghode, described the planned commitment of up to $200 million as a strong vote of confidence in Nigeria’s economic potential and ambition to become a regional technology hub.

“By connecting our global network of defence, cybersecurity, aerospace, and advanced technology partners with local expertise, we aim to support the development of a resilient ecosystem that drives industrial growth and strengthens regional stability,” Ghode said.

The project will operate within Nigeria’s regulatory framework under the Defence Industries Corporation of Nigeria (DICON) and align with provisions of the DICON Act 2023, combining international expertise with local leadership.

Key components of the initiative include advanced manufacturing systems for defence equipment, such as ammunition, armoured vehicles, and protected mobility platforms.

The programme will also explore the development of tactical drones and intelligence, surveillance, and reconnaissance systems to enhance national security operations.

Beyond conventional defence capabilities, the partnership will prioritise cyber defence infrastructure, including the creation of specialised cyber ranges for training and resilience against evolving digital threats.

Satellite and space technologies are expected to play a transformative role, with plans for earth observation systems, secure communications networks, and geospatial intelligence platforms that can support both defence and civilian applications.

Also read: Nigeria Inflation Eases to 15.06% in February

By integrating these capabilities, stakeholders say the Nigeria defence tech investment initiative could position the country as a regional hub for advanced defence and space technology, while fostering long-term industrial growth and technological self-reliance.

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Economy

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

Published

1 day 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.