The move comes as Nigeria positions itself to maximise opportunities under the African Continental Free Trade Area (AfCFTA).

Officials of the Ministry of Industry, Trade and Investment paid a working visit to the Ministry of Information and National Orientation in Abuja, where discussions focused on improving coordination and enhancing public communication of key economic initiatives.

During the engagement, both ministries explored areas of collaboration aimed at effectively amplifying government policies and programmes designed to promote trade, attract investment, and accelerate industrial development.

They also emphasised the importance of strategic communication in ensuring that businesses, investors, and the general public are adequately informed about opportunities within Nigeria’s evolving trade and investment landscape.

The strengthened partnership between the two ministries is expected to enhance inter-ministerial cooperation and support Nigeria’s broader economic growth and development agenda.

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At  harmonisation session on the proposed bill, key government officials, lawmakers, and private sector stakeholders outlined plans to create a coherent and investor-friendly wealth fund architecture.

The initiative is designed to institutionalise long-term savings, enhance economic diversification, protect public assets, and position Lagos as a leading model for sub-national wealth fund management in Africa.

 LASG Unveils Blueprint for Lagos State Wealth Fund

 The Commissioner for Finance, Mr. Abayomi Oluyomi, spoke about the government’s plan during the Lagos State Wealth Fund (LSWF) Bill Harmonisation Session, themed “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos”, at Four lPoint by Sheraton Hotel, Oniru, Lagos

The session brought together members of the Lagos State Executive Councils and Lagos State House of Assembly, as well as top officials and stakeholders from both public and private sectors, to fine-tune provisions of the LSWF Bill ahead of its consideration by the Lagos State House of Assembly.

Speaking during the one-day retreat organised by the Ministry of Finance to harmonise stakeholders’ input on the proposed Lagos State Wealth Fund Bill, Oluyomi said the bill is aimed at designing a coherent and bankable wealth fund architecture for the State.

He said the retreat was a follow-up to the public hearing held on the Lagos State Wealth Fund Bill on November 12, 2025, which generated extensive feedback. He noted that the harmonisation session was designed to harmonise all comments and recommendations into a unified framework that would strengthen the bill before final legislative action.

Oluyomi commended the economic reform drive of the Lagos State Governor, Mr. Babajide Sanwo-Olu, describing the wealth fund initiative as part of efforts to secure Lagos’ long-term financial stability and development.

He explained that the model draws inspiration from the sovereign investment framework of the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011 and has recorded steady profitability over the years.

Oluyomi noted that the Lagos State Wealth Fund Bill outlines four major investment windows that are to boost infrastructure financing, enhance economic diversification, strengthen fiscal buffers during downturns and build long-term savings for future generations.

He emphasised the need for private sector involvement in shaping the framework, describing it as central to Lagos’ economic strength. “The private sector is the engine that drives economic growth, particularly in an economy as large as Lagos. That is why their participation in this process is very critical.”

Speaking at the event, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, represented by the Chairman House Committee on Finance, Hon. Femi Saheed, said the harmonisation session will assist in formulating a Lagos State Wealth Fund Law for future security, attract investment, build infrastructure, technology and innovation initiatives.

He said: “We are here today to harmonise and get the best law that will set up the Lagos State Wealth Trust Fund. It is going to serve as a form of stabilisation fund in case of emergency, like during the times of COVID. This fund could also be used to finance a budget deficit.

“It is just a system of reducing our risk and creating wealth that will further generate returns for Lagos State. The Governor of Lagos State will want to position and make a landmark fund that will be a fund that will boost Lagos State’s investments and make Lagos State reduce its risk.”

Giving the Executive Summary of the Fund, Lagos State Commissioner for Justice and Attorney General, Mr. Lawal Pedro (SAN), said the unique proposition would be a legacy achievement for Lagos as Africa’s first subnational wealth fund initiative.

Pedro highlighted the broader economic gains of the initiative, noting that the fund would promote revenue maximisation, prudent asset management and economic diversification.

He said that the Fund comes with several benefits, including revenue maximisation and economic diversification, stating that the state needs a strategic approach to managing its commercial assets to meet its growing obligations.

Pedro also described the proposal as a legacy project capable of positioning Lagos as Africa’s first sub-national government to establish a structured wealth fund framework, strengthening its reputation as a leading economic hub.

The Special Adviser to the Governor on Corporate and Finance Strategy, Mr. Akintayo Sanwo-Olu, said: “The Lagos State Wealth Fund represents a bold and visionary step in sub-national financial innovation. By institutionalising long-term savings and channelling capital into strategic infrastructure and economic enablers, the Fund strengthens Lagos’s fiscal resilience while enhancing investor confidence.

“It is not about short-term gains — it is about building sustainable prosperity for future generations, creating jobs, improving public services, and attracting domestic and international capital. As global cities compete for talent and investment, Lagos is positioning itself not just as Nigeria’s economic hub, but as a financially disciplined, forward-looking metropolis with a clear roadmap for inclusive growth.”

Also speaking, some of the stakeholders at the retreat said Lagos State needs a strategic approach to manage its commercial assets to meet its growing obligations. They expressed confidence that the refined structure would position Lagos as a leading model for sub-national wealth fund management in Nigeria.

 The participants expressed optimism that once passed into law, the Lagos State Wealth Fund would serve as a sustainable financial pillar, attracting investments, safeguarding public wealth and ensuring long-term development for Africa’s largest sub-national economy.

The Lagos State Wealth Fund Bill Harmonisation Session featured detailed clause-by-clause reviews of the bill, with extended deliberations aimed at producing a harmonised and investor-friendly wealth fund framework.

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The projection reflects what the NRS described as “sustained progress over the past five years.

Performance Highlights:

-Revenue collections rose more than fourfold between 2021 and 2025.

-In 2025, total collections reached ₦28.3 trillion, exceeding the target of ₦25.2 trillion by 12%, with strong quarterly performances in Q2 and Q3.

-Non-oil revenue remains the main growth driver, projected to increase 37.9% to ₦24.836 trillion in 2026. Company Income Tax, Value Added Tax, and the Development Levy are expected to contribute most to this growth.

-Oil revenue is expected to grow modestly by 1.4%, mainly from petroleum-related taxes.

Key Strategies for 2026
-Strengthened enforcement, broader compliance, and improved operational efficiency under the new NRS framework.

-Automation of Petroleum Profits Tax, Hydrocarbon Tax, and royalty assessments.

-Expanded use of data analytics, e-invoicing, and government contract data to close revenue gaps.
-Collaboration with state governments and federal agencies to enhance VAT and withholding tax collections.

Additionally, royalty revenue has now been fully integrated into the national revenue framework, providing an additional income stream.

Outlook:

The NRS expects positive year-on-year growth, relying on improved compliance, operational efficiency, and digital solutions to achieve the ₦40.7 trillion target.

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This was disclosed in a communiqué issued after the January meeting of the Federation Account Allocation Committee (FAAC).

The total distributable revenue comprised ₦1.084 trillion in statutory revenue, ₦846.507 billion from Value Added Tax (VAT), and ₦38.110 billion from the Electronic Money Transfer Levy (EMTL). FAAC reported that gross revenue of ₦2.585 trillion was available in December, with ₦104.697 billion deducted for collection costs and ₦511.585 billion for transfers, refunds, and savings.

For statutory revenue, the Federal Government received ₦520.807 billion, state governments got ₦264.160 billion, and LGs received ₦203.656 billion. In addition, ₦96.083 billion was shared among oil-producing states as derivation revenue.

From the ₦846.507 billion VAT revenue, the Federal Government received ₦126.976 billion, states ₦423.254 billion, and LGs ₦296.277 billion. The ₦38.110 billion EMTL revenue was shared with the Federal Government getting ₦5.717 billion, states ₦19.055 billion, and LGs ₦13.338 billion.

FAAC said gross statutory revenue of ₦1.631 trillion for December was lower than the ₦1.736 trillion recorded in November 2025. In contrast, VAT revenue rose sharply to ₦913.957 billion in December, up ₦350.915 billion from November.

The communiqué also noted changes in other revenue sources. Companies Income Tax, Import Duty, and VAT collections increased significantly, while Oil and Gas Royalty, CET levies, and fees rose slightly. Excise Duty, Petroleum Profit Tax, and EMTL collections declined during the month.

Overall, the Federal Government received ₦653.500 billion, state governments ₦706.469 billion, and LGs ₦513.272 billion from the December 2025 revenue. FAAC’s release provides a summary of the monthly distribution and highlights trends in Nigeria’s fiscal collections.

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The President also directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

Receiving the Shell delegation led by its Global Chief Executive Officer, Wael Sawan, President Tinubu said the incentives are disciplined, targeted, and globally competitive, designed to attract new capital without undermining government revenues.

“These incentives are not blanket concessions,” the President stated. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.

“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”

President Tinubu emphasised that the Bonga South West project is strategic to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows, and deliver sustained government revenues over the life of the project. He added that the project would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.

The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, noting that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.

He further noted that Shell and its partners have invested nearly US$7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI, describing this as a clear sign that Nigeria’s economic and energy-sector reforms are delivering results.

In his remarks, Mr. Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long-term investment.

Members of the Shell delegation included senior executives from Shell’s global and Nigerian leadership.

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NICA made the call in Lagos in a joint statement by its Registrar/Chief Executive Officer, Prof. Chris Onalo, and its President/Chairman of the Governing Council, Dr Markie Idowu.

The statement said the institute was empowered by the NICA Act 26 of 2022 to support the Federal Government on matters of credit administration, credit management and ethical credit practices.

It said the development of a functional credit economy required deliberate consultation and cooperation with specialists, professional institutions, warning that inadequate engagement could slow reforms and lead to avoidable policy errors.

According to NICA, Nigeria’s complex economy demands inclusive thinking and expert input in policy formulation and implementation.

The institute noted that governments achieved better outcomes when they engaged credible professional bodies with statutory mandates.

While acknowledging government’s efforts to expand access to credit, NICA expressed concern over gaps in policy design and an unclear implementation roadmap.

The institute said this could have been avoided through wider professional consultation.

“Nigeria’s economy is complex and requires inclusive thinking that embraces experts input into policy formulation and implementation,” NICA said.

The statement said NICA had remained committed to training Nigerians, raising awareness nationwide and promoting values of honesty, integrity and trust, alongside advocating legal frameworks that supported effective credit default recovery.

It stressed that professional bodies were not funded by government but provided value-based inputs essential to the success of public policy, adding that, globally, governments routinely sought such partnerships to strengthen reforms.

The institute congratulated Nigerians and the government for sustaining governance and economic reform momentum as the nation begins another year, 2026.

NICA urged the federal government to institutionalise a culture of collaboration with key stakeholders to entrench a people-centred credit economy capable of creating jobs, building wealth and boosting gross domestic products growth.

The statement reaffirmed NICA’s readiness to work with the federal and state governments, the media and other stakeholders to advance Nigeria’s credit economy agenda in the national interest.

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The projection is contained in the fund’s latest World  Economic Outlook (WEO) update for January released on Monday.

The report said that the forecast marked a small upward revision for 2026 and no change for 2027 compared with that in the October 2025 WEO.

According to the report, this steady performance on the surface results from the balancing of divergent forces.

“Headwinds from shifting trade policies are offset by tailwinds from surging investment related to technology, including artificial intelligence (AI), more so in North America and Asia than in other regions.”

The report also cited monetary support, broadly accommodative financial conditions, and adaptability of the private sector.”

It said that global headline inflation was expected to decline from an estimated 4.1 per cent in 2025 to 3.8 per cent in 2026 and further to 3.4 per cent in 2027.

“The inflation projections are also broadly unchanged from those in October and envisage inflation returning to target more gradually in the United States than in other large economies.”

The report said that among advanced economies, growth was projected to be 1.8 per cent in 2026 and 1.7 per cent in 2027.

For emerging markets and developing economies, it projected growth to continue to hover just above 4.0 per cent in 2026 and 2027.

It projected growth in the Middle East and Central Asia to accelerate from 3.7 per cent in 2025 to 3.9 per cent in 2026.

The report projected 4.0 per cent accelerated growth in 2027, supported by higher oil output, resilient local demand and ongoing reforms.

The report said that for Sub-Saharan Africa, growth was expected to also accelerate from 4.4 per cent in 2025 to 4.6 per cent in 2026 and 2027.

It said the growth in the region would be supported by macroeconomic stabilisation and reform efforts in key economies.

For Nigeria, the report said growth was projected at 4.4 per cent in 2026 and would drop to 4.1 per cent  in 2027.

“In Latin America and the Caribbean,  growth is expected to moderate to 2.2 per cent in 2026 and bounce to 2.7 per cent in 2027 as countries in the region approach potential from different cyclical positions.

“In emerging and developing Europe , a sharp slowdown in 2025 to a growth rate of 2.0 per cent is expected to reverse.

“Economies in the region will expand at an average rate of 2.3 per cent in 2026 and 2.4 per cent in 2027,” it said.

The report said that risks to the outlook remained tilted to the downside, which were revaluation of technology expectations and escalation of geopolitical tensions.

On the upside, the report said that activity could be further lifted by AI-related investment and eventually transform into sustainable growth if faster AI adoption translates into strong  productivity gains and increased business dynamism.

“Activity could also be supported by a sustained easing in trade tensions.”

The reports recommended that policymakers should restore fiscal buffers, preserve price and financial stability, reduce uncertainty, and implement structural reforms without further delay.

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In a post on X on Thursday, she wrote, “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list!Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”

The decision, contained in a European Commission Delegated Regulation released this week amending Delegated Regulation (EU) 2016/1675, follows Nigeria’s earlier removal from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, after the successful completion of its FATF Action Plan.

The European Commission, in its assessment, concluded that Nigeria has significantly strengthened the effectiveness of its AML/CFT regime and satisfactorily addressed the technical and strategic deficiencies highlighted by the FATF. As a result, Nigeria has been removed from the EU list of high-risk third countries, alongside other jurisdictions that have demonstrated similar progress.

This development represents another major boost to Nigeria’s global financial credibility.

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This Agreement is the product of focused and determined negotiations led by the Federal Ministry of Industry, Trade and Investment under the direction of the Honourable Minister and Chief Negotiator for Nigeria, Dr Jumoke Oduwole MFR.

It prioritises market access for Nigerian goods and services, facilitates quality investment inflows, and advances our national economic diversification under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR.

What This Agreement Delivers for Nigeria

For Nigerian exporters, the UAE will eliminate tariffs on over 7,000 products. Immediately, our agricultural and industrial products – fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, chemicals and more, will enter the UAE market duty-free. Over the next three to five years, the UAE will eliminate tariffs on Nigerian machinery, vehicles, electrical equipment, apparel, and furniture. Nigerian industrial exports now have a clear and competitive pathway into one of the world’s most dynamic trading hubs. In addition, Nigerian businesses can establish operations in the UAE through new corporate entities, branches, and subsidiaries.

Nigerian business visitors can enter the UAE for up to 90 days in 12 months to explore trade and investment opportunities while intra-corporate transferees, our managers, executives, and specialists can relocate with their corporate entities for renewable three-year periods.

For Nigeria’s investment climate, this Agreement addresses longstanding impediments to foreign direct investment. UAE investors now have clarity and confidence to invest in Nigeria’s productive sectors. This will support Nigeria’s industrialisation agenda, enhance transport and logistics connectivity, and contribute to the creation of quality jobs for our youthful population.

Nigeria’s Commitments Under the Agreement

For trade in goods, Nigeria will eliminate tariffs on
around 6,000 products. Tariffs on around 60% of these products will be eliminated immediately, with the remainder phased over five years. These imports are concentrated in industrial inputs, capital goods, and machinery that will strengthen Nigeria’s productive capacity. Nigeria’s Import Prohibition List remains in effect. On trade in services, Nigeria’s commitments cover 99 specific services across 10 sectors, including business services, communication, transport, financial services, construction, distribution, health, environment, recreational/sporting, and tourism.

A Strategic Agreement for a Diversified Economy

This CEPA is a strategic instrument for economic transformation. With
With significant market access secured for value-added and industrial goods, this agreement incentivises Nigerian manufacturers to scale production for export.

The CEPA also positions Nigeria as the gateway for international investors seeking access to the African Continental Free Trade Area and its 1.4 billion people.

Nigeria has already recorded unprecedented participation from UAE institutional investors, including First Abu Dhabi Bank, particularly in infrastructure financing. Notably, this includes support for the construction of the Lagos–Calabar Coastal Road, representing a strong vote of confidence in Nigeria’s macroeconomic trajectory and reform agenda. Sky Capital has been instrumental in supporting the CEPA agreement and in projecting Nigeria’s investor readiness. The signing of the Agreement signals acceleration of deals in agriculture, real estate, digital banking, retail and infrastructure financing.

The Agreement is fully consistent with our obligations under the World Trade Organisation, the African Continental Free Trade Area, and ECOWAS.

Swift Implementation

The Federal Ministry of Industry, Trade and Investment, working with key MDAs such as the Nigeria Customs Service (NCS), alongside FMITI agencies such as the Nigerian Export Promotion Council (NEPC), and the Nigerian Investment Promotion Commission (NIPC) and the Standards Organization of Nigeria (SON) will ensure that Nigerian businesses, and the investors we host, have the information, support, and facilitation they need to take swift and full advantage of this Agreement in line with Mr. President’s “Nigeria First” directive.

I would like to appreciate the Nigerian negotiation team, including the Lead Technical Advisers, FMITI/Nigerian Office for Trade Negotiation, the Nigerian Customs Service and the Ministry of Justice, among several other Ministries, Departments and Agencies, who played a critical role in this milestone Agreement. Collectively, these institutions will ensure that Nigerian businesses are equipped with the necessary information, support, and facilitation mechanisms required to fully leverage the opportunities created by this Agreement.

I would like to seize this opportunity to appreciate Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade and the UAE negotiation team for this strong collaborative effort.

To the Nigerian private sector: this Agreement was negotiated for you. I urge you to identify your opportunities with enhanced market access and move with confidence into the UAE market with the protections we have secured for you. Nigeria is open for business, and Nigerian businesses now have open access to the UAE, the Middle East and the rest of the world.

Dr. Jumoke Oduwole MFR
Honourable Minister of Industry, Trade and Investment,
Abu Dhabi, UAE
13 January 2026

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President Bola Tinubu made the  announcement on Tuesday at the 2026 Abu Dhabi Sustainability Week (ADSW), on the sidelines of which Nigeria also concluded a Comprehensive Economic Partnership Agreement (CEPA) with the UAE to deepen trade and cooperation in renewable energy, infrastructure, logistics, and digital trade.

Present at the signing of the agreement were President Tinubu, President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, Nigeria’s Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, UAE Minister of Foreign Trade and Minister in charge of Talent Attraction and Retention, Dr Thani bin Ahmed Al Zeyoudi.

President Tinubu described CEPA as a historic and strategic agreement that will also enhance cooperation in aviation, logistics, agriculture, and climate-smart infrastructure, creating enduring opportunities for the people of the two countries.

He stated that Investopia will bring together investors, innovators, policymakers, and business leaders to transform opportunities into commitment and ideas into investment.

”We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world, ” President Tinubu said.

President Tinubu told the Summit that Nigeria aims to mobilise up to $30 billion annually in climate and green industrial finance as it accelerates energy transition reforms and expands nationwide electricity access.

”The foundation of every modern economy is electricity. As an emerging economy in the Global South, we understand the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.

”We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies.

”Instead, the focus should be on blended finance and first-loss capital mechanisms that allow private sustainable capital flows directly into our green projects without further straining national balance sheets,” he said.

According to President Tinubu, Nigeria has strengthened its climate governance framework with the adoption of a National Carbon Market Activation Policy and the launch of a National Carbon Registry.

He explained that these measures are aimed at improving transparency and investor confidence.

President Tinubu highlighted the Electricity Act 2023 as a central pillar of Nigeria’s energy reforms, noting that it enables decentralised power generation and distribution to underserved communities.

He added that Nigeria’s climate investment drive includes a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority, as well as a $750 million World Bank programme expected to expand clean electricity access to more than 17.5 million people.

President Tinubu reaffirmed Nigeria’s target of net-zero emissions by 2060, under its Energy Transition Plan, while pursuing industrial growth and universal energy access.

He invited foreign investors to partner in Nigeria’s lithium and critical minerals sector, stressing that the government prioritises local processing and value addition.

President Tinubu noted that Nigeria’s ongoing economic reforms are producing tangible results, including a 21 per cent growth in non-oil exports.

”These reforms, alongside wider fiscal and monetary measures, are delivering results. Non-oil exports have grown by 21 per cent, supported by a more diversified product base. Capital importation has risen, and Nigeria now has over 50 billion dollars in investment commitments across key sectors.

”We are ready to work with partners across the world to ensure that the next era of development is not only green and inclusive, but just and enduring,” he said.

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