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Nigerian Economy Set to Gather Momentum in Q2

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By Lukman Otunuga, FXTM Research Analyst,

There are higher expectations for Nigeria’s economic recovery after the fastest growth since 2015
was recorded during the fourth quarter of last year. As the nation draws further away from the
worst effects of the recession, several important economic benchmarks show further signs of
improving economic stability. Yearly Gross Domestic Product (GDP) for 2019 is heading steadily
towards a range of 2–2.3 percent compared to 1.93 percent in 2018. In addition, Purchasing Power Parity (PPP) and GDP per capita appear stronger. On the downside, real GDP growth is
underperforming on average compared to other emerging economies, possibly due to the lingering
effects of global Oil price volatility and weaker growth in the manufacturing sector.

In spite of the headwinds, Nigeria has the potential to grow in 2019 on the back of stabilizing Oil
prices. There is new impetus to diversify away from Oil reliance and the chance to focus on economic rebuilding. Inflationary pressures are cooling off after reaching intense heights this time
last year. In February 2019, inflation declined to 11.3 percent which – when compared to the level of 13.3 percent in March 2018 – is a more encouraging position. If the downward trajectory continues and inflationary spikes are avoided, prices could stabilize further. Boosting the manufacturing sector could contribute to jobs creation and reduce unemployment which is currently high at around 23 percent. A focus on creating jobs in the manufacturing and services sectors would tap into the massive potential in the labour market, adding to GDP growth in the long term.

Stabilising Nigeria’s Oil-and-Gas sector is critical to continued growth because it accounts for around 10 percent of GDP and an estimated 83 percent of exports. There are signs of stability and improvement in the areas of foreign investment, foreign currency reserves and monetary policy. The Central Bank of Nigeria unexpectedly cut interest rates in March to 13.5% from 14% in an effort to stimulate economic growth. The latest reports show increased investment in sovereign bonds, likely due to the pause on interest rates in the US increasing attraction towards emerging economies and their investment opportunities. Foreign reserves are at the healthy level of 44 billion USD at the time of writing.

While internal economic conditions are seen improving, external risks could impact on Nigeria’s
growth. Global trade developments, China’s slowdown and the effect on global growth may all
present headwinds. Brexit uncertainties and developments are also a factor given the level of
foreign direct investment from Britain and the weaker Pound Sterling. On the plus side, a vulnerable Dollar and dovish Federal Reserve could be good news for the Naira as investors search for higher yielding instruments versus the USD.


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NRS Debunks Viral Claim of New Tax on Vehicle

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Nigeria Revenue Service (NRS) has denied reports that the federal government has introduced a new tax on vehicles.

NRS Debunks Viral Claim of New Tax on Vehicle

The clarification follows the circulation of a viral message online claiming that all vehicle owners would be required to start paying a new tax from July 1, 2026.

In a statement released on Sunday, the NRS said the information in the message is false and did not come from the agency or any official government institution.Nigeria Travel Guides

According to Dare Adekanmbi, spokesperson for the NRS, the viral message was designed to mislead the public. He explained that it was made to look genuine by using official government logos and formatting.

The message reportedly instructed owners of private, commercial, and corporate vehicles to pay an unspecified fee either online or through approved banks and agencies. It also included a website that was wrongly presented as an official government platform.

Adekanmbi stressed that the website mentioned is not connected to the government and warned Nigerians not to make any payments based on such information.

He said the NRS has not introduced any new vehicle tax and that any official policy or tax change would be properly announced through verified government channels.

The agency urged citizens to ignore the fake message and avoid falling victim to possible fraud. It also advised Nigerians to always confirm such information through trusted and official sources before taking any action.

The NRS further encouraged the public to follow its official communication platforms to stay informed about genuine tax policies, updates, and government directives.

 


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NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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National Copyright Commission (NCC) has reaffirmed that piracy remains a major threat to the nation’s creative economy, vowing to intensify its nationwide crackdown on illicit networks to protect intellectual property.

NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

Pic credit…soundcloud.com

Dr. John Asein, director-general of the NCC, disclosed this in a statement to mark the 2026 World Book and Copyright Day.

The commission noted that piracy remains a major threat, undermining legitimate enterprise and eroding the economic value of creative works.

Asein lamented that inadequate distribution systems and limited access to books also constrain the growth of readership.

He described the event as an important occasion, which showcased the enduring value of books as foundations of knowledge, instruments of cultural preservation, and drivers of national development.

He described the theme for this year’s celebration, ‘Read Books, Respect Copyright,’ as a call on Nigerians to embrace reading as a lifelong habit, while recognising that respect for copyright is essential to sustaining creativity and rewarding authors.

The commission noted that Nigeria’s book industry has evolved significantly, from the post-independence emergence of indigenous publishing to today’s digitally driven ecosystem.

“Nigerian authors continue to gain global recognition, while publishers are expanding capacity. However, challenges persist,” he said.

The commission commended the National Intellectual Property Policy and Strategy, describing it as a bold step toward repositioning intellectual property as a driver of economic transformation.

The policy, according to him, provides a roadmap for revamping the book sector for the benefit of authors and publishers, and is accessible at ippolicy.ng.

The NCC also reaffirmed its commitment to inclusive access through the Marrakesh Treaty, as reflected in the Copyright Act, 2022, enabling accessible formats such as Braille and audio texts.

It urged Nigerians to respect copyright and purchase books only from authorised sources.


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Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

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Fusewall Holdings, founded by Azeez Amida, has announced the acquisition of a 100 percent equity stake in Coloplus Worldwide Service Limited, in a move aimed at strengthening its position in Nigeria’s telecommunications infrastructure space.

Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

Fusewall Holdings

The deal marks a significant milestone in Fusewall’s broader strategy to build an integrated and future-ready platform across key sectors, particularly within the country’s fast-evolving digital economy.

The transaction was led by Amida, whose role in structuring and executing the deal was described as pivotal. According to the company, his leadership helped align stakeholders and navigate complex negotiations to ensure a successful close while positioning the business for long-term growth.

A spokesperson for Fusewall Holdings said the acquisition represents “a deliberate step forward” in the company’s expansion strategy, noting that the focus remains on building platforms that combine operational efficiency, resilience, and scale.

Coloplus brings a substantial operational footprint to the deal, including access to about 900 partner locations and roughly 20 owned sites. This combination of reach and infrastructure control is expected to give Fusewall a strategic advantage as it scales operations nationwide.

Fusewall said it plans to deploy capital, strengthen governance structures, and enhance operational execution as part of the integration process. The move is expected to improve service delivery, boost infrastructure reliability, and support expansion into underserved and high-demand areas.

The acquisition also aligns with the company’s broader ambition to help bridge Nigeria’s telecommunications infrastructure gap by expanding connectivity, improving network resilience, and advancing digital inclusion.

Fusewall Holdings said the deal reflects its commitment to disciplined execution and long-term value creation as it continues to grow its footprint in Nigeria’s digital ecosystem.


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