Business
FG Slashes Import Duties on EVs, Buses, Machinery to Ease Inflation
BY TONIA MADU—The Federal Government on Monday slashed import duties on several essential goods, including mass transit buses, electric vehicles, and industrial machinery, in a move aimed at easing inflationary pressures and reducing the burden of rising energy and global economic challenges.
The decision follows a directive from President Bola Ahmed Tinubu instructing economic managers to roll out interventions to cushion the effects of global disruptions, including tensions in the Middle East.
According to a statement posted on X by the President’s Special Assistant on Social Media, Dada Olusegun, the reforms are part of broader fiscal measures designed to stabilise prices and support local businesses.
Under the new structure, import duties on electric vehicles have been eliminated from five per cent to zero, while mass transit buses have also been granted full duty exemption. Duties on manufacturing machinery have similarly been removed to reduce production costs and encourage industrial growth.
Other adjustments include a reduction in tariffs on raw cane sugar from 70 per cent to between 55 and 57.5 per cent, and a cut in crude palm oil duties from 35 per cent to 28.75 per cent.
The post FG Slashes Import Duties on EVs, Buses, Machinery to Ease Inflation appeared first on Business Today NG.
The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports that it secured presidential approval to restructure Nigeria’s airtime credit market and allow new operators to join the sector.
In a statement issued on Saturday, Ondaje Ijagwu, the commission’s spokesperson, disclosed that the agency played no part in the development as alleged.
“The commission wishes to state clearly that it is not aware of, and was not involved in the claims attributed to it in the report.”
FCCP’s reaction comes on the heels of claims that President Bola Tinubu has given the go-ahead to plans to open the market to nine Nigerian fintech firms as part of the administration’s Nigeria First policy.
The reports said the push would expand participation in a sector largely dominated by telecommunications operators and their partners, and could play a big role in reducing capital flight.
The reports also estimated that the market is worth about ₦3 trillion annually.
The FCCPC, however, did not comment on the estimated market size or the companies mentioned in the reports.
The commission also reiterated that the implementation of the DEON Consumer Lending Regulations 2025 remains suspended.
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According to the FCCPC, the suspension followed an interim injunction granted by the Federal High Court in Lagos on 15 April in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
Mr Ijagwu said the commission remains bound by the court order pending the determination of the suit.
“As a law-abiding public institution, FCCPC remains bound by the court order to suspend enforcement of the regulation pending the determination of the substantive case by the court, which has been fixed for July 20, 2026, for further hearing,” he said.
He emphasised that the commission would steadfastly follow all lawful procedures related to the matter while fully complying with the court’s directives.
BY NKECHI NAECHE-ESEZOBOR—West Africa’s leading insurance and technology conference, Insurance Meets Tech (IMT), will return for its fifth anniversary edition on Thursday, 18th September 2026, at the Balmoral Convention Centre, Sheraton Hotel in Ikeja, Lagos.
Created by the strategic communications agency Creato Urban, the flagship event has evolved since its 2021 debut into a critical cross-industry platform designed to accelerate digital transformation, boost customer acquisition, and foster collaboration across the regional insurance landscape.
This year’s milestone event, themed “Building Insurance That Connects,” marks a fundamental shift in the industry’s digital evolution.
Rather than debating the theoretical benefits of technology, IMT 5.0 will focus strictly on the practical embedding of cutting-edge solutions into everyday insurance products, regulatory processes, and customer experiences. Convener Odion Aleobua emphasized that the conference comes at a critical juncture for a newly reformed and recapitalized insurance sector.
The core objective of IMT 5.0 is to bridge the existing gaps between technological innovation and consumer trust, ensuring that ambitious digital ideas translate into tangible impact and genuine financial inclusion for the people they are designed to serve.
To address these pressing integration challenges, the convention will bring together an interconnected ecosystem of founders, CEOs, domain experts, policymakers, and customers.
Attendees can expect a high-impact agenda featuring keynote presentations, technology showcases, and panel discussions dedicated to the forces reshaping African insurance.
The dialogue will directly confront the realities of deployment—moving from isolated concepts to collaborative, market-ready solutions driven by artificial intelligence, digitization, and customer-centric product design to define the future of the continent’s insurance landscape.
The post IMT 5;0 Set for September 2026 in Lagos appeared first on Business Today NG.
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