Economy

By Muhammad Abubakar

The Nigeria Revenue Service (NRS) has officially unveiled its new institutional logo, formally marking its transition from the Federal Inland Revenue Service (FIRS) to a newly established revenue authority.

The unveiling ceremony took place in Abuja on Wednesday and was announced in a statement by Dare Adekanmbi, special adviser to the chairman of the NRS.

Speaking at the event, Zacch Adedeji, executive chairman of the NRS, described the new brand identity as a major milestone in the ongoing reform of Nigeria’s revenue administration framework, reflecting a renewed mandate and institutional vision.

Adekanmbi noted that the service became operational after President Bola Tinubu signed the Nigeria Revenue Service Establishment Act 2025 in June, paving the way for the transition from FIRS to NRS.

The new logo, officials said, symbolises efficiency, accountability, and a modernised approach to revenue generation in Nigeria.

By Isah Kamisu Madachi

For over a week now, flipping through the pages of Nigerian newspapers, social media, and other media platforms, the dominant issue trending nationwide has been the discovery of significant discrepancies between the gazetted version of the Tax Laws made available to the public and what was actually passed by the Nigerian legislature. Since this shocking discovery by a member of the House of Representatives, opinions from tax experts, public affairs analysts, activists, civil society organisations, opposition politicians, and professional bodies have been pouring in.

Many interesting events that could disrupt the pace of the debate have recently surfaced in the media. Yet the Tax Law discussion persists because public interest is deeply entrenched in the contested laws. However, while many view the issue from angles such as a breach of public trust, a violation of legislative privilege by the executive council, the passage of an ill-prepared law and so on, I see it from a different, narrower, and governance-centred perspective.

What brought this issue to public attention was an alarm raised by Hon. Abdulsammad Dasuki, a Member of the House of Representatives from Sokoto State, during a House plenary on 17 December 2025. He called the attention of the House to what he identified as discrepancies between the gazetted version of the Tax Laws he obtained from the Federal Ministry of Information and what was actually debated, agreed upon, and passed on the floor of both the House and the Senate. He requested that the Speaker ensure all relevant documents, including the harmonised versions, the Votes and Proceedings of both chambers, and the gazetted copies, are brought before the Committee of the Whole for scrutiny. The lawmaker expressed concern over what he described as a serious breach of his legislative privilege.

Beyond that, however, my concern is about how safe and protected Nigerians’ interests are in the hands of our lawmakers at the National Assembly. This ongoing discussion raises a critical question about representation in Nigeria. Does this mean that if Dasuki had also been indifferent and had not bothered to utilise the Freedom of Information Act 2011 to obtain the gazetted version of the laws from the Federal Ministry of Information, take time to study it, and make comparisons, there would have been no cause for alarm from any of Nigeria’s 360 House of Representatives members and 109 senators? Do lawmakers discard the confidence we reposed in them immediately after the election results are declared?

This debate serves a latent function of waking us up to the reality of the glaring disconnect between public interest and the interests of our representatives. The legislature in a democratic setting is a critical institution that goes beyond routine plenaries that are often uninteresting and sparsely attended by the lawmakers. It is meant to be a space for scrutiny, deliberation, and the protection of public interest, especially when complex laws with wide social consequences are involved. 

We saw Sen. Ali Ndume in a short video clip that recently swept the media, furiously saying during a verbal altercation with Sen. Adams Oshiomhole over ambassadorial screening that “the Senate is not a joke.” The Senate is, of course, not a joke, and neither should the entire National Assembly be. Ideally, it should not be a joke to the legislators themselves or to us. Therefore, we should not shy away from discussing how disinterested those entrusted with the task of representing us, and primarily protecting our interests, appear to be in our collective affairs.

It is not a coincidence that, even before the current debate over the tax reform law, it has continued to generate controversy since its inception. It also does not take quantum mechanics to understand that something is fundamentally wrong when almost nobody truly understands the law. Thanks to social media, I have come across numerous skits, write-ups, and commentaries attempting to explain it, but often followed by opposing responses saying that the authors either did not understand the law themselves or did not take sufficient time to study it.

The controversy around the gazetted Tax Reform Laws should not end with public outrage or media debates alone. It should prompt deeper reflection on how laws are made, scrutinised, and defended in Nigeria’s democracy. A system that relies on the alertness of a single lawmaker to prevent serious legislative discrepancies is neither resilient nor reliable. Representation cannot be occasional, and vigilance cannot be optional. 

Nigerians deserve a legislature that safeguards their interests, not one that notices breaches only when a few individuals choose to be different and look closely. If this ongoing debate does not lead to formidable internal checks and a renewed sense of responsibility among lawmakers, then the problem is far bigger than a flawed gazette. When legislative processes fail, it is ordinary Nigerians who bear the cost through policies they did not scrutinise and consequences they did not consent to.

Isah Kamisu Madachi is a public policy enthusiast and development practitioner. He writes from Abuja and can be reached via: isahkamisumadachi@gmail.com.

By Muhammad Abubakar

The National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will automatically function as a Tax Identification Number (Tax ID) for Nigerians starting from January 2026, the Federal Inland Revenue Service (FIRS) has announced.

According to the FIRS, the policy is part of broader efforts to harmonise government databases, improve tax administration, and expand the country’s tax net. By linking tax records directly to the NIN, authorities aim to reduce duplication, enhance compliance, and make it easier for individuals and businesses to fulfil their tax obligations.

Officials said the integration would streamline identification across government services while strengthening transparency and efficiency in revenue collection.

Nigerians are therefore encouraged to ensure their NIN details are accurate and up to date ahead of the January 2026 implementation.

The move aligns with ongoing digital reforms by the Federal Government to modernise public administration and improve service delivery nationwide.

By Ahmed Usman

As the year 2025 draws to a close, moments of reflection naturally set in, especially for an economy that has endured sharp shocks, painful adjustments, and cautious reforms. In an era of global economic turbulence marked by uneven commodity prices, persistently tight financial conditions, rising geopolitical tensions, regional insecurity, and an international retreat from development aid, many emerging economies have suffered currency instability, capital flight, and fiscal distress. 

For Nigeria, however, the year presents an unusual picture. Amid global uncertainty and domestic strain, key economic indicators are beginning to stabilise, prompting a deeper question about whether the country is merely ending the year on a fortunate note or finally turning a policy-driven corner.

The International Monetary Fund (IMF) projects that Nigeria’s economy will grow by about 3.9 per cent in 2025, with growth expected to strengthen modestly to around 4.1 per cent in 2026, driven by macroeconomic stabilisation and reform efforts across key sectors. While these numbers may not yet place Nigeria among the world’s fastest-growing economies, they mark a notable improvement from the passive growth of recent years and signal a gradual return of confidence.

One of the most significant recent developments is Nigeria’s GDP rebasing, which revealed that the economy is about 30 per cent larger than previously estimated. This adjustment is not merely a statistical exercise. It reflects the growing importance of services, digital trade, creative industries, and telecommunications, sectors that employ millions of Nigerians, particularly young people.

For households, a larger and more diversified economy is essential because it reduces overdependence on oil and expands opportunities for income outside traditional sectors. For policymakers, it improves Nigeria’s standing in global markets and provides a clearer picture of where growth is coming from, enabling more targeted policies.

The rebasing has also reshaped Nigeria’s debt profile. The debt-to-GDP ratio now stands at about 40 per cent, well below the levels seen in many peer emerging economies. More importantly, debt service as a share of government revenue has fallen to below 50 per cent, from much higher levels in previous years. This easing of fiscal pressure means the government now has slightly more flexibility to allocate resources to infrastructure, education, healthcare, and social protection. However, the challenge remains that Nigeria’s revenue base remains among the weakest globally, making sustained revenue mobilisation critical.

Perhaps the most tangible improvement for households and businesses has come from the foreign exchange market. After years of volatility and sharp depreciation, recent months have seen a reduction in exchange rate volatility, a narrowing of the gap between official and parallel market rates, and a gradual buildup of external reserves, now estimated at over $36 billion. This stabilisation has practical consequences. It helps slow imported inflation, reducing pressure on food, fuel, and medicine prices. Foreign portfolio inflows have also picked up, reflecting renewed investor confidence.

Nigeria’s capital markets are also telling a positive story. The stock market is enjoying its strongest rally in nearly two decades, with the All-Share Index posting record gains. This surge reflects expectations of improved corporate earnings and better macroeconomic coordination. Similarly, Nigeria’s bond market has entered a bullish phase, with falling yields and strong demand from both domestic and foreign investors. Lower bond yields reduce government borrowing costs and can eventually translate into lower interest rates for businesses and households seeking credit.

After reaching painful highs, inflation (food inflation) has begun to ease, FX conditions have improved, and supply pressures have eased. Although prices remain elevated, the slowdown in food prices offers some relief to households whose purchasing power has been severely eroded over the past two years.

Perhaps the most encouraging fiscal development is the sharp rise in government revenue. This improvement reflects tax administration reforms, subsidy removal, and better compliance. Higher revenue is central to Nigeria’s long-term stability. It reduces reliance on borrowing, strengthens public services, and allows targeted social spending to cushion vulnerable households from reform-related shocks.

Despite these gains, Nigeria’s resilience should not be mistaken for strength. The economy remains vulnerable to oil price swings, climate shocks, global financial tightening, and domestic security challenges. Monetary pressures, fiscal constraints, and external risks continue to interact in ways that could quickly reverse progress.

However, resilience built on sound fiscal management, credible monetary policy, and structural reform is fundamentally different from resilience driven by temporary luck. Strengthening domestic revenue, managing debt prudently, investing in human capital, and deepening diversification are not optional; they are essential.

Is the question whether Nigeria’s current resilience is the product of good policies or good luck? The evidence increasingly points toward policy-driven stabilisation, though aided by favourable timing and improved coordination.

The fundamentals are improving, confidence is returning, and the economy is stronger than it has been in years. The challenge now is to convert this fragile resilience into inclusive and durable growth, growth that raises living standards, creates jobs, and restores hope for millions of households.

Ahmed Usman wrote via ahmedusmanbox@gmail.com.

By Uzair Adam

Kano State Governor, Alhaji Abba Kabir Yusuf, has assured that all outstanding earned academic allowances owed to staff of state-owned universities will be fully paid before the end of December 2025.

The governor also directed the Commissioner for Land and Physical Planning to conduct a comprehensive assessment of land belonging to Northwest University, Kano, with a mandate to revoke any illegal allocations or encroachments linked to the previous administration.

These decisions were disclosed in a statement issued on Thursday by the governor’s spokesperson, Sunusi Bature Dawakin Tofa.

Governor Yusuf spoke during the 35th State Executive Council meeting, which featured a courtesy visit by the Pro-Chancellor of Northwest University, Kano, alongside members of the Governing Council and the university’s management.

The visit was to formally present Prof. Amina Salihi Bayero as the newly appointed Vice-Chancellor of the institution.

Prof. Bayero, a pioneer academic staff member of the university, recently made history as the first female Vice-Chancellor to emerge from within the institution’s academic ranks.

According to the statement, the governor commended the Governing Council for concluding a rigorous and transparent process that led to the appointment of a substantive Vice-Chancellor.

He urged Prof. Bayero to carry out her responsibilities with diligence and to work closely with all stakeholders to enhance academic excellence throughout her five-year tenure.

Governor Yusuf further reassured the new management of his administration’s commitment to addressing the challenges confronting the university, while expressing optimism that the institution would witness improved academic standards and institutional growth under the new leadership.

Earlier, the Pro-Chancellor, Prof. Hafiz Abubakar, revealed that the selection process for the Vice-Chancellor lasted ten months and received unanimous approval from the Governing Council.

He added that the appointment of the university’s first female Vice-Chancellor had been widely welcomed.

In her remarks, Prof. Bayero expressed gratitude for the opportunity to serve and pledged her full commitment to the task ahead.

She also unveiled a 14-point agenda aimed at repositioning Northwest University, Kano, for greater academic and administrative excellence.

By Isah Kamisu Madachi

On Thursday, 4th December 2025, my cousin Tajuddeen bade us farewell on his way to Lafia, Nasarawa State. They left early in the morning in a Hummer bus. Around 10 a.m., they had a terrible accident in a town near Bauchi metropolis. All the passengers in the vehicle were badly injured. Tajuddeen, along with the bus driver and two others, instantly slipped into coma.

Other passengers were either with more than one fracture or several wounds. On the evening of 6 December, the driver’s suffering came to an end as he passed away. The following day, another one of the passengers in the coma also died. On 8 December, the third victim in coma breathed his last, leaving my cousin still in the ICU section of the Abubakar Tafawa Balewa University Teaching Hospital, Bauchi.

The cause of the accident was tyre failure. While they were on the road hoping to reach Jos in the afternoon, their back tyre burst and the bus somersaulted several times. The primary cause of the tyre failure was actually overload. Coincidentally, as I was on a phone call with a friend, he narrated how another terrible accident occurred close to my hometown as a result of tyre issue which instantly claimed two lives and left others badly injured.

I was really shocked and worried because not long ago, on a trip to Lagos, our own bus was carrying two commercial vehicles in addition to overloaded luggage of passengers and waybills. Even before the vehicles were brought, one had to ask whether humans would still get a seat after such loads were mounted. Lo and behold, the vehicles were arranged in a way that you couldn’t even see them inside the boot.

Last month, on our way back home from Kano, we witnessed another accident around Shuwarin town in Jigawa State. It was a jam-packed hummer bus obviously heading to either Damaturu or Maiduguri. They also had a tyre failure which resulted in several deaths. By the time we arrived at the accident scene, out of more than 20 passengers including the driver, only two people were still alive. The rest appeared lifeless.

If I were to narrate all the road accidents I have witnessed, most of them caused by tyre failure, I would have to write a book of a hundred pages. Road accidents are too many across Nigeria. Less than one week ago, I saw a picture on social media that stirred wide reactions. A commercial bus was overloaded to the extent that if one wanted to go out at a transit point, they had to pass through the boot as the doorway was blocked by bags. Even in the case of an emergency, no one could use the door because luggage completely covered the entrance. Many people commented that this is common in Nigerian motor parks.

When we talk about things that claim the lives of Nigerians, I believe road accidents is of course one of the biggest culprits, even more than insecurity in some cases. Anyone who travels widely by road knows this fact. And most of these accidents are avoidable if only we take transport safety seriously.

To bring to an end or at least reduce the intensity of the problem, we need a comprehensive transport policy that tackles overload and the abuse of luggage space. Parks should be mandated to use dedicated cargo buses. If a passenger’s luggage is above 10kg, it should automatically be transferred to a cargo vehicle, not stuffed into a bus carrying humans. For waybills, there should be separate buses whose only function is to transport goods from one state to another; especially the popular routes between Northern and Southern Nigeria or even within the North along routes like Kano-Borno, Taraba-Kaduna, Abuja-Adamawa and others.

Another important solution is the deployment of safety personnel to every major park. Their only job should be to inspect buses and car tyres to ensure they are in good condition before departure. Once there is no compliance, the driver must not be allowed to go. Of course in Nigeria some people may try to offer bribes to bypass checkpoints. To address that, these safety officers should not be local staff. They should report directly to an independent transport safety unit with strict oversight, rotating officers frequently to reduce compromise.

Still, digital systems can be introduced. Each bus should be scanned and cleared through an electronic checklist linked to a central database. If a bus fails safety checks, it should not receive the clearance code required to leave the park. With this kind of structure, even bribery becomes difficult to offer because safety approval will depend on digital authentication, not an individual officer’s discretion.

Nigeria needs to take road safety as seriously as other deadliest national issues. The number of lives cut short on our roads is heartbreaking. Families are losing loved ones every day due to accidents that could be prevented if we enforce discipline, regulate overload, inspect tyres, and treat transport safety as a matter of policy, not luck. 

Isah Kamisu Madachi is a policy analyst and development practitioner. He wrote from Abuja, and can be reached via: isahkamisumadachi@gmail.com

By Isyaka Laminu Badamasi

It is becoming glaring that the Federal Government is taking Nigerians for granted. A few months back, we were all here condemning the new tax reform introduced by the APC administration led by President Bola Ahmed Tinubu, a reform whose implications will be deeply felt by Nigerians, especially the downtrodden.

Though some analysts and experts argue that the new tax reform is the right step, particularly for an economy whose revenue depends almost 70% on crude oil, my little contribution to the debate is not to analyse the reform or weigh its positive and negative impacts on our well-being. Rather, it is to raise a few critical questions arising from my thoughts on the matter at hand.

My concern is specifically about content creators who were engaged to sensitise Nigerians on the new bill—a development that sparked another debate, one that again exposed our disunity as a people and our lack of seriousness about matters of national importance and those inimical to our well-being. Nigerians, especially Northerners, instead of examining the bill and preparing for constructive criticism, began complaining that none of the selected content creators was from the core North. As if having a core Northern content creator in the sensitisation team would somehow change or reduce the taxes that will eventually be imposed on core Northerners.

With or without any sensitisation or awareness campaign, the new tax reform has come to stay. Regardless of how people accept or reject it, it will be implemented as planned. The content creators engaged by the government may not even understand the policy themselves, let alone be able to sensitise the public properly.

For me, therefore, this entire conversation about the “selection of content creators” is unnecessary. To my understanding, it was technically designed to divert Nigerians’ attention. Instead of focusing on constructive criticism of this inhumane policy, we have been pushed into arguing over who should be involved, when, and how—a distraction that does not help an already fragmented country.

Let us not forget that we are in 2025, in the 21st century—111 years as an amalgamated entity and 65 years as an independent nation, with more than two and a half decades of an uninterrupted democratic dispensation. It is high time we appreciate our togetherness despite the odds and chart a path toward unity. This is especially crucial at this moment, when we are facing serious and multidimensional security challenges, particularly here in the North, ravaged by bandits, insurgents, and kidnappers, with pockets of ethnic and religious conflicts here and there. Do we so easily forget that Nigeria was once declared a “country of particular concern” by the US President, Donald Trump?

It is important for policymakers and implementers to avoid introducing issues that, instead of fostering peaceful coexistence, end up dividing us. Meanwhile, those in positions of authority continue siphoning our meagre resources—resources that have failed to address our critical challenges in health, education, security, and other essential sectors.

On the issue of not engaging or selecting content creators from the core North for this “all-important” sensitisation campaign, the situation is both baffling and questionable. It is strange that the PR unit of the FIRS/FGN did not consider the three major languages—Hausa, Igbo, and Yoruba—alongside English, our official language, as part of their information-dissemination strategy. However, it is still not too late to make corrections.

Whatever the reasons may be, Nigerians—regardless of region or religion—should prepare themselves, as the policy will take effect come January 2026.

Isyaka Laminu Badamasi wrote via makwalla82@gmail.com.

By Dr Salisu Uba FCIPS

The Chartered Institute of Procurement and Supply (CIPS) has approved a new membership fee structure for Nigeria, allowing procurement professionals to pay in Naira from 1 December 2025. The decision includes a reduction in fees, marking a significant shift for one of the largest professional communities within the institute.

The change follows years of rising financial pressure linked to foreign currency payments, which many practitioners said had limited access to professional qualifications and continuous development.

Local Currency Move Seen as Major Relief

Nigerian members have long argued that payment in foreign currency placed an unnecessary strain on practitioners working in an economy affected by inflation and exchange rate volatility. The shift to Naira is expected to broaden access to certification and support career progression for early and mid-level professionals.

The announcement was delivered by the CIPS Nigeria Country Director, Chukwudi Uche, at the institute’s Port Harcourt symposium in late November. The event brought together industry leaders to discuss supply chain collaboration and tax policy.

A Step with Wider Professional Consequences

CIPS, regarded as the global benchmark for procurement standards, plays a central role in shaping skills, ethics, and governance across the profession. Its qualifications are commonly required for senior roles across the public and private sectors, and its code of conduct is widely used to guide responsible practice.

In Nigeria, CIPS has been instrumental in supporting capacity building, improving transparency, and raising the overall standard of procurement governance. The institute has worked with government agencies, private sector organisations, and development partners to improve processes and strengthen accountability.

Industry experts say the latest decision could encourage greater participation in formal training programmes and increase the number of qualified professionals available to organisations that rely on strong procurement governance.

Procurement’s Role in National Development

Procurement plays a direct role in national development by shaping how public funds are spent and how essential goods and services are delivered. Poor procurement decisions can delay infrastructure, inflate project costs, and weaken accountability. Strong procurement systems support industrial growth, improve public services, and help build competitive local supply chains.

A more accessible professional pathway through CIPS is expected to expand the pool of trained experts who can support national development goals. This includes improved contract management, better risk control, and more effective engagement with local suppliers.

Integrity and Expertise Seen as Priorities

With the revised fee structure now in place, I hope to see more organisations and individual practitioners in Nigeria work closely with qualified experts to protect the integrity of procurement systems. Both public and private sector projects rely heavily on competent professionals who understand governance, ethics, and value-for-money. Strengthening professional capability is essential if Nigeria is to reduce waste, improve transparency, and support long-term development.

A Community Achievement

The fee revision is the result of extensive engagement across the Nigerian membership base. The leadership of Ben Farrell and Sam Achampong has been widely acknowledged, along with the contributions of members who have advocated for reform through various channels. The CIPS Nigeria Country Office has also played a central role in pushing for the change.

More information on the revised fees is expected to be released by CIPS in the coming days.

Dr Salisu Uba is a Fellow of the Chartered Institute of Procurement and Supply and the Chief Executive Officer of NatQuest, a leading technology-enabled supply chain company.

By Abdullahi Abubakar Lamido 

When Nigeria first introduced Islamic banking more than a decade ago, a section of the public, especially some Christian leaders, cried foul. They labelled it an attempt to Islamise the nation. The word Islamic became synonymous with suspicion. Yet, history has since given its verdict. The same Islamic banking and finance that was once denounced as a tool for religious expansion has now become one of the most credible components of Nigeria’s financial system. Today, the government of Nigeria, regardless of faith or political party, routinely issues Sukuk (Islamic bonds) to finance national infrastructure, build roads, and other developmental projects. 

If Islamic banking did not Islamise Nigeria, how on earth will the halal economy, a trade-based development initiative, suddenly do so?

Unfortunately, some commentators continue to see through the fog of prejudice rather than the lens of global economics. The recently developed Nigerian National Halal Economy Strategy is not a religious project. It is an economic vision. It seeks to position Nigeria within a rapidly expanding global market that respects ethics, transparency, environmental responsibility, and product integrity; values shared by all civilisations, not by Muslims alone.

Globally, the halal economy is estimated at USD 2.3 trillion, excluding Islamic finance. It is growing at an annual rate of around 20 per cent, making it one of the fastest-expanding consumer markets in the world, valued at about USD 560 billion each year. The halal industry, initially rooted in food and beverages, has long transcended its traditional boundaries. It now spans pharmaceuticals, cosmetics, health products, toiletries, medical devices, and even service sectors such as logistics, marketing, media, packaging, branding, and finance. With rising affluence and awareness among global consumers, it has further extended to halal tourism, hospitality, fashion, and lifestyle services.

This development is not driven by Muslims alone. Indeed, the modern halal market is non-exclusive. Increasingly, non-Muslim consumers associate halal with ethical consumerism, animal welfare, environmental stewardship, and quality assurance. The label “halal” has evolved into a global mark of trust, symbolising cleanliness, safety, and ethical production.

Countries far removed from Islam, such as the United States, the Netherlands, Russia, China, and South Africa, are already major players in the halal economy. In the United States, the halal market is worth USD 12 billion annually, with halal food sales growing by more than 70 per cent since 1995. Over 90 per cent of U.S. dry dairy ingredient manufacturers now produce halal products, primarily for export.

In the Netherlands, where Muslims are barely a tenth of the population, non-Muslim Dutch consumers spend approximately USD 3 billion annually on halal food. In the United Kingdom, six million people consume halal meat, three times the Muslim population. These figures prove one thing: halal has gone mainstream. Even Russia is experiencing explosive growth in its halal sector, with domestic demand rising by 30-40 per cent annually. The country now produces around 65,000 tonnes of halal meat each year and hosts major expos such as the Moscow Halal Expo and KazanHalal.

China, with its 23 million Muslims, records 10 per cent annual growth in its halal industry, with trade worth USD 2.1 billion and export products valued at USD 10 million annually from the Ningxia region alone.

Africa, too, is awakening to this opportunity. South Africa—with only two per cent of its population being Muslim—is now one of the five largest producers of halal products globally, thanks to a robust certification infrastructure. Kenya, with a fast-growing halal certification regime, already has more than 150 certified companies serving local and regional markets.

Nigeria, with its vast agricultural resources, strategic location, and large Muslim population, stands at the crossroads of opportunity. The halal economy offers three immediate advantages:

1. Export Expansion: By developing credible halal certification and production infrastructure, Nigeria can unlock access to markets worth over USD 2 trillion, exporting beef, poultry, processed foods, cosmetics, pharmaceuticals, and other halal-compliant goods. Nigerian products can enter Middle Eastern and Asian markets that strictly demand halal certification.

2. Job Creation and SME Growth: The halal economy stimulates employment across value chains—from farm to factory, logistics, certification, branding, and export marketing. It empowers micro and small enterprises while ensuring compliance with ethical standards that appeal to both local and international consumers.

3. National Image and Ethical Standards: Halal certification ensures higher hygiene, traceability, and environmental protection. It is compatible with international standards like ISO and HACCP, thereby enhancing Nigeria’s global competitiveness. In essence, promoting halal is promoting quality, sustainability, and integrity—values that no religion should reject.

The critics who fear the halal roadmap as a step toward Islamisation fail to recognise that halal is an economic term before it is a theological one in this context. It stands for what is wholesome, safe, clean, traceable, and socially responsible. These values are not confined to Islam. They are embedded in Christianity, Judaism, and secular ethics alike.

The halal economy represents a fusion of faith and fairness, ethics and enterprise. It provides a model for a more responsible economic system—precisely the kind of moral economy the world craves in the aftermath of global financial and environmental crises.

When the debate over Islamic banking first arose, the same fear-mongering dominated the headlines. Yet, today, Islamic finance has built roads, schools, and hospitals across Nigeria through Sukuk and other Shari’ah-compliant financing. Christian engineers, contractors, and civil servants have benefitted immensely. The country’s Christian-majority states have received as much as the Muslim ones. No mosque was built, no church destroyed, and no constitution rewritten.

If Islamic banking did not Islamise Nigeria, how will halal exports do so? On the contrary, the halal economy promises to diversify Nigeria’s trade, create jobs, enhance foreign exchange earnings, and promote industrial standards that protect all consumers, Muslims and non-Muslims alike.

Nigeria cannot afford to watch from the sidelines while other nations—Christian, secular, and atheist alike—harvest the fruits of the halal economy. The world is shifting toward ethical consumption, sustainability, and traceable production. The halal brand, far from being divisive, is a passport to global markets.

The Nigeria National Halal Economy Strategy is not about religion; it is about relevance. It is about integrating Nigeria into the trillion-dollar value chain that prizes quality, fairness, and responsibility. Those who see crisis where there is opportunity risk being on the wrong side of history, just as those who once opposed Islamic banking and finance, now benefit from Sukuk-financed roads.

The celebration of the halal economy is not the planting of tomorrow’s crisis; it is the harvest of tomorrow’s prosperity for every Nigerian, regardless of faith. It is time we remove the caps of emotion and prejudice and wear the lenses of reason, tolerance, and progress. Nigeria must embrace every opportunity that promises shared prosperity, job creation, and national development. The halal economy is not about division—it is about direction. It is about placing our nation on the map of global relevance, productivity, and ethical growth. So help us God. 

Amir Lamido wrote from Abuja via lamidomabudi@gmail.com.

By Abdulrasheed Musa Kofa,

For years, Nigeria has leaned on its diaspora as a hidden anchor of survival. Beyond emotional ties and cultural nostalgia, Nigerians abroad have sent home billions of dollars, cushioning households and helping many weather difficult times. 

Yet the story of remittances has largely been one of consumption, not sustainable growth. Much of the money vanished into daily survival, often through informal routes, while the vast potential of structured diaspora capital for national development remained untapped.

The Central Bank of Nigeria (CBN) now seems determined to rewrite that story. In recent months, it has introduced policies aimed not only at boosting inflows but at transforming remittances into a formal, investment-driven engine of stability. 

With tools such as the Non-Resident Nigerian Ordinary and Investment Accounts (NRNOA/NRNIA), the Non-Resident Bank Verification Number (NRBVN), and tighter International Money Transfer Operator (IMTO) guidelines, the apex bank is signaling a bold shift—from remittances as household lifelines to remittances as capital for growth. 

Its ambition of attracting $1 billion in monthly diaspora remittances is more than a target; it is an audacious declaration that Nigeria seeks to become a global hub for diaspora investment.

At the heart of this strategy are the NRNOA and NRNIA. The former provides a regulated, convenient channel for everyday remittances in naira and foreign currencies, cutting out the costly informal networks that once dominated. 

The latter, the NRNIA, goes even further by creating structured pathways for diaspora investments in mortgages, pensions, insurance, and Nigeria’s financial markets. By guaranteeing full repatriation of proceeds under existing rules, the CBN is deliberately courting trust. 

And in a global financial system where trust is the ultimate currency, such assurances matter greatly. The challenge of access has also been tackled. For years, the requirement of physical presence made securing a BVN impossible for many Nigerians abroad. 

The new digital Non-Resident BVN finally removes that barrier, even though it comes at a cost of about $50. While some may balk at the fee, the opportunity far outweighs the price of exclusion. For a diaspora community long fenced out, this is a long-awaited doorway in.

The IMTO reforms reflect similar pragmatism. By restricting services to inbound transfers and ensuring payouts in naira, the CBN is protecting liquidity while keeping inflows within the formal economy. 

Allowing operators to quote exchange rates on a willing seller–willing buyer basis introduces transparency and competitiveness, drawing more Nigerians away from shadowy parallel markets. The exclusion of fintechs from IMTO licensing has sparked debate, but the regulator may be betting on stability over experimentation in a sector that demands strict oversight.

Early signs suggest the measures are bearing fruit. Official reports showed a $553 million inflow in July 2024—the highest on record—representing a 130 percent year-on-year surge. Confidence is shifting gradually towards formal systems. 

Sustained, such inflows could strengthen Nigeria’s fragile foreign exchange reserves, deepen liquidity in capital markets, and lower the high cost of remittances that continues to exceed the global average. Yet the most profound shift is not numerical but philosophical. 

These reforms are about more than chasing dollars; they are about redefining the relationship between Nigeria and its diaspora. Rather than treating remittances as acts of charity or family duty, the CBN is positioning them as instruments of nation-building. 

Nigerians abroad are being asked to see themselves not merely as senders of money, but as strategic investors in the country’s future. The stakes could not be higher. With more than 15 million citizens abroad, Nigeria sits at the heart of Sub-Saharan Africa’s remittance economy. 

In some years, diaspora inflows have even surpassed oil revenues. If only a fraction of this wealth is converted into productive, long-term capital, Nigeria’s financial landscape could be reshaped. But success will depend on more than policy design. 

It will require political stability, investor protection, and unwavering consistency in government signals. The diaspora will not risk hard-earned savings in a system that shifts with every gust of political wind.

CBN’s reforms are bold and timely. But their success now rests on trust and execution. If they work, the narrative of remittances will shift—from consumption to capital, from emergency relief to structural development. 

The target of $1 billion monthly may well be achieved, but more importantly, it represents a shared vision where remittances become investments in Nigeria’s prosperity. The choice before the diaspora is stark: to keep sending money informally and watch it disappear into short-term survival, or to embrace formal channels and help lay the foundations of a stronger, more resilient Nigeria. 

The government has laid down the rails. It is now for Nigerians abroad to decide whether their remittances will remain fleeting lifelines or become the enduring engine of a nation’s growth.

Abdulrasheed Musa Kofa is a PRNigeria Fellow. He can be reached via: musaabdulrasheed83@gmail.com.