Business
REA, NBS Sign MoU To Boost Data-Driven Energy Initiatives
The Rural Electrification Agency and the National Bureau of Statistics have entered into a strategic partnership to conduct a comprehensive National Energy Survey aimed at strengthening data-driven planning in Nigeria’s power and energy sector.
The partnership was sealed through a Memorandum of Understanding signed in Abuja by Managing Director and Chief Executive Officer of the REA, Dr. Abba Aliyu, and Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran .
A statement issued by the REA on Tuesday disclosed that the survey will be conducted using the globally recognised Multi-Tier Tracking Framework and implemented under the Energy Sector Management Assistance Programme of the World Bank.
According to the agency, the initiative is designed to generate high-quality and analytical energy data that will support evidence-based policymaking, programme design, and investment decisions across Nigeria’s electricity value chain.
The statement read, “The Rural Electrification Agency and the National Bureau of Statistics have signed a Memorandum of Understanding to collaborate on the conduct of a comprehensive National Energy Survey using the Multi-Tier Tracking Framework in Nigeria.
“The MoU formalises a strategic partnership between the two Federal Government agencies to provide mutual collaboration and technical support for the survey, which is being implemented under the Energy Sector Management Assistance Program of the World Bank.
“The initiative is designed to generate high-quality, analytical data to support evidence-based planning and policy formulation in Nigeria’s power and energy sector.”
Speaking at the signing ceremony, Aliyu said the collaboration underscored the agency’s commitment to data-driven rural electrification and sustainable energy access.
“This collaboration will provide granular, credible data on electricity access, affordability, and off-grid energy solutions across Nigeria. The findings will directly inform national electrification initiatives such as the National Electrification Strategy and Implementation Plan, while also strengthening investor confidence in the sector,” he said.
He explained that the outcome of the survey would directly inform national electrification initiatives, including the National Electrification Strategy and Implementation Plan, while also boosting investor confidence in the power sector.
“As we work towards universal energy access, accurate data remains critical to prioritising interventions, targeting underserved communities and attracting private capital into the sector,” Aliyu added.
On his part, Adeniran emphasised the role of robust statistical standards in national development planning, noting that the NBS would ensure the credibility and reliability of the survey results.
“NBS is pleased to provide technical oversight, sampling expertise, and quality assurance to ensure that the survey adheres to global best practices,” he said.
“Reliable data is fundamental to effective policy formulation and sustainable development, particularly in a sector as critical as energy,” Adeniran stated.
Under the terms of the MoU, both agencies will collaborate to assess energy access at the household, community, enterprise, and public institution levels using the Multi-Tier Framework.
The survey will also examine household energy affordability, expenditure patterns, and willingness to pay for both grid-connected and off-grid solutions, while analysing access to and usage of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions.
The REA will serve as a key implementation and policy partner, providing sector expertise, stakeholder engagement, public awareness, and alignment with Nigeria’s rural electrification priorities.
Meanwhile, the NBS will be responsible for regulatory approvals, sampling frames, methodological validation, technical supervision, and capacity building for enumerators to ensure data quality and credibility.
The World Bank, through its Energy Sector Management Assistance Programme, will fund and provide technical oversight for the survey, while engaging a qualified survey firm to handle field data collection, analysis, and reporting.
It explained, “Under the MoU, the Parties will work together to: Assess energy access at household, community, enterprise, and public institution levels using the Multi-Tier Framework; Examine household energy affordability, expenditure patterns, and willingness to pay for grid and off-grid solutions;
“Analyse access to and usage of off-grid technologies, including solar home systems, mini-grids, and clean cooking solutions.
“REA will serve as a key implementation and policy partner, providing sectoral expertise, stakeholder engagement, public awareness, and alignment with Nigeria’s rural electrification priorities.
“NBS will provide regulatory approval, sampling frames, methodological validation, technical supervision, and capacity building for enumerators, ensuring data quality and credibility.”
The MoU is expected to remain in force for 18 months, with data generated from the exercise projected to support national energy planning, improve programme targeting, guide private sector investments, and accelerate Nigeria’s transition towards universal access to electricity and clean cooking solutions.
The collaboration comes against the backdrop of Nigeria’s long-standing electricity access gap, particularly in rural and underserved communities, where millions of households still lack reliable power despite ongoing reforms and investment initiatives.
The availability of credible, up-to-date energy data remains a critical constraint to effective planning and sustainable investment in the sector.
The partnership, therefore, signals the Federal Government’s renewed push to strengthen inter-agency collaboration, improve the availability of reliable energy statistics, and advance inclusive and sustainable electrification nationwide.
Business
BREAKING: Naira Drops Again as New Rate Emerges
The Nigerian local currency, the naira, dropped against the US dollar across Nigerian foreign exchange markets as international payments began to pick up. The naira rate suggests foreign payments surpassed US dollar volume supplied after data showed FX inflows has been on the decline.Cryptocurrency exchange comparison
Daily FX update released by the Central Bank of Nigeria (CBN) revealed that the naira on Wednesday weakened by 37 kobo against the US dollar to close at N1,420.04/$ at the official window.
The spot rate depreciation was driven by inadequate supply to meet the market demand as the naira traded within the range of N1,421.00-N1,419.00 per dollar during the session.
In the parallel market, the spot rate dipped to N1485 per dollar, reflecting a sustained surge in US dollar at the informal currency market.
Meanwhile, the External Reserve added $40.26 million to the previous day’s balance, bringing total reserves to $45.78 trillion, supported by inflows across sources amidst uncertainties around oil price projections for 2026.
Global oil prices rose on Wednesday for a fifth straight session on fears of Iranian supply disruptions due to a potential U.S. attack on Iran and possible retaliation against U.S. regional interests. Brent crude climbed 59 cents, or 0.90%, to $66.06 per barrel, while U.S. West Texas Intermediate (WTI) rose by 70 cents, or 1.15%, to $61.63.
Similarly, Gold surged to a record high, as geopolitical and economic uncertainties drove investors toward safe-haven assets, while expectations of Federal Reserve rate cuts added further momentum.
Spot gold price rose 86bps to $4,627.42/oz, while U.S. gold futures followed, edging up 76bps to $4,634.20/oz. Analysts at AIICO Capital expect market to trade mixed, with precious metals remaining supported by Fed rate-cut expectations, while oil prices trade cautiously amid mixed supply dynamics and lingering geopolitical concerns.
Business
BREAKING: Tinubu’s Government Introduces New Tax On Bank Transfers, Other; Details Emerge
Nigerians will begin paying a 7.5 per cent Value Added Tax (VAT) on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a new government-backed regulatory directive.
SaharaReporters obtained a notice sent to customers on Wednesday afternoon by Moniepoint, informing users of the impending implementation of the VAT regime on certain electronic banking charges.
According to the notice, the development is tied to a directive from tax authorities mandating financial institutions to begin VAT collection and remittance.
“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” the notice stated.
It added, “From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS) (formerly known as the Federal Inland Revenue Service).”
The company disclosed that the tax will apply to “certain banking services,” including “electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.”
However, Moniepoint clarified that not all banking-related transactions would attract the tax, noting that “services that DO NOT attract VAT include: interest on deposits and savings.”
The firm also distanced itself from responsibility for the new charges, stressing that “this is not a price increase by Moniepoint.”
“Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service (NRS),” the notice read.
It further explained that the tax authority had issued a clear timeline for compliance across the financial sector.
“The NRS has communicated a deadline for 19th January 2026 for all financial institutions (commercial banks, microfinance banks and electronic money transfer operators) to start collecting and remitting VAT,” the statement said.
Moniepoint also emphasised that the VAT would be limited strictly to service charges, stating that “VAT applies only to banking or service fees, not interest.”
Customers were also informed that the deductions would be clearly itemised, as “VAT charge will appear separately on your transaction reports and statements.”
The new VAT enforcement is expected to affect millions of Nigerians who rely daily on mobile banking platforms and USSD services for financial transactions.
Business
How manufacturing sector can grow in 2026 — Experts
Nigeria’s manufacturing sector stands at a critical crossroads as industry stakeholders project improved performance in 2026, following a modest recovery in the second half of 2025. While recent gains have raised expectations of a stronger growth trajectory, experts caution that the sector’s ability to transition from recovery to sustained expansion will depend largely on policy consistency and effective implementation of ongoing economic reforms.
The cautiously optimistic outlook is anchored on continued macroeconomic stability, improved execution of incentives under the new tax laws scheduled to take effect from January 1, favourable oil price dynamics, rising foreign capital inflows, stable energy costs, and the timely implementation of key industrial and fiscal policies aimed at strengthening domestic production.
Effective execution of new tax laws and incentives critical – MAN
In his projection, Director of Research and Economic Policy Division, Manufacturers Association of Nigeria (MAN), Dr Oluwasegun Osidipe, said the sector is expected to record 3.1 percent real growth and a contribution of 10.2 percent to the real gross domestic product (GDP) in the coming year.
He however hinged the expected improved performance on the effective execution of incentives under the new tax laws.
On the requisite conditions to achieve the improved outlook, Osidipe said: “The naira is projected to appreciate further to N1,300–N1,400/$, driven by global oil price recovery, stronger external reserves, robust export earnings, increased foreign investments and remittance inflows.
“Headline inflation will decelerate further to 14%, supported by easing food prices, stable energy prices and appreciation of the naira.
“The Central Bank of Nigeria (CBN) is anticipated to implement further cuts in the benchmark interest rate to about 23%, in line with the disinflationary trend and to stimulate credit expansion and output growth.
“Further reduction in lending rates and completion of the bank recapitalisation exercise will enhance credit availability to manufacturers, strengthening investment and capacity utilisation.
“Real growth is projected to reach 3.1 percent while contribution to real GDP is expected to rise to 10.2 percent. These gains, however, hinge on the effective execution of incentives under the new tax laws, the operationalisation of the National Single Window (NSW) Project and the purposeful implementation of the Nigeria Industrial Policy in close alignment with the “Nigeria First” Policy framework,” he stated.
According to him, manufacturers had over the years struggled under multiple taxation, which hindered growth.
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