Economy

Nigeria Signs CEPA with UAE to Boost Trade, Investment

Published

9 months ago

January 18, 2026

Q Tinny

Nigeria signs CEPA with UAE to deepen trade, investment, technology transfer, and collaboration in energy, infrastructure, agriculture, and renewables

Nigeria has signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates, aiming to strengthen bilateral trade, investment, and collaboration across critical sectors, the Presidency confirmed on Saturday.

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Bayo Onanuga, Special Adviser to the President on Information and Strategy, disclosed the development in an official statement, noting that the agreement was signed on the sidelines of the ongoing summit in Abu Dhabi.

The CEPA seeks to deepen economic cooperation between Nigeria and the UAE, enhance technology transfer, and promote joint initiatives in energy, infrastructure, agriculture, mining, and renewable energy.

President Bola Ahmed Tinubu, speaking at the summit, announced the launch of a joint Nigeria–UAE INVESTOPIA event in Lagos scheduled for February, designed to attract investment and strengthen partnerships across key sectors.

In addition, President Tinubu said Nigeria plans to mobilise up to $30 billion annually in climate and green industrial finance to accelerate energy transition reforms and expand electricity access nationwide.

Also read: Nigeria and Egypt Face Off in Cairo Ahead of AFCON

The agreement is expected to stimulate economic growth, create jobs, and attract foreign direct investment, signalling a renewed focus on strategic international partnerships for Nigeria’s economic development.

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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.