Economy

Tinubu Reforms Spark Surge in Global Investor Confidence

Published

8 months ago

March 18, 2026

Tinubu reforms boost global confidence in Nigeria, attracting investment, strengthening trade ties, and improving economic outlook, says minister

Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has said that ongoing reforms under President Bola Ahmed Tinubu are strengthening global confidence in Nigeria and unlocking new opportunities for trade, investment, and international cooperation.

Also read: Tinubu Marks Mbah’s Birthday with Praise for Reforms

Speaking at a world press conference in London ahead of President Tinubu’s official visit to the United Kingdom at the invitation of King Charles III, Idris described the engagement as a powerful reflection of the enduring relationship between both nations.

“This visit highlights the historic and strategic relationship between Nigeria and the United Kingdom, built on deep diplomatic, economic, cultural, and democratic ties,” the minister said.

He noted that the visit provides an opportunity to deepen collaboration in critical sectors, including trade, security, climate action, education, and technological innovation.

Idris emphasised that Nigeria’s democratic system has grown stronger after more than two decades of uninterrupted governance since 1999, supported by vibrant institutions, an active civil society, and a dynamic media landscape.

He highlighted key reforms under the administration’s Renewed Hope Agenda, including the removal of petrol subsidy and the harmonisation of foreign exchange regimes, describing them as decisive measures aimed at restoring fiscal transparency and economic stability.

According to the minister, these reforms have made Nigeria Africa’s most attractive destination for oil and gas investment for two consecutive years, drawing over eight billion dollars in Final Investment Decisions from international companies.

He described the development as a major economic boost with far-reaching benefits for job creation and revenue generation.

Idris also disclosed that Nigeria will soon launch a Customs Single Window, a unified digital platform designed to streamline trade processes and improve efficiency.

He added that Nigeria’s recent exit from the Financial Action Task Force grey list has further strengthened its credibility within the global financial system.

Early indicators of progress, he said, include improved investor confidence, a growing trade surplus, and sustained expansion in manufacturing and services activity.

External reserves have also risen above 50 billion dollars as of February 2026, partly supported by diversification into gold holdings.

The minister pointed to major infrastructure projects such as the Lagos–Calabar Coastal Highway, Sokoto–Badagry Super Highway, and the Ajaokuta–Kaduna–Kano Gas Pipeline as transformative initiatives aimed at enhancing connectivity and industrial growth.

On security, Idris said the government has intensified coordination among security agencies while strengthening partnerships with countries including the United Kingdom and the United States.

He added that Nigeria is also playing a leading role in maritime security in the Gulf of Guinea.

Reaffirming Nigeria’s global outlook, Idris said the government remains committed to transparency, regulatory stability, and policies that support investors.

Also read: Clerics Criticise Tinubu UK Visit Amid Nigeria Violence

“We deeply value our long-standing partnership with the United Kingdom and look forward to strengthening collaboration in the years ahead,” he said.

Up Next

Nigerian Labour Congress Demands N154,000 Minimum Wage over rising hardship

Don't Miss

Tinubu Marks Mbah’s Birthday with Praise for Reforms

Mariam Balogun

Click to comment

Economy

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

Published

3 days 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.

Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

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.