Business
FG Approves RMRDC’s Tax Incentive Scheme to Boost Research and Local Raw Materials Development
By Joel Ajayi
The Raw Materials Research and Development Council (RMRDC) has secured the Federal Government’s approval to implement a new tax incentive regime aimed at boosting research and the development of local raw materials in Nigeria.
This was disclosed by the Director-General of RMRDC, Prof. Nnayelugo Ike-Muonso, during the media briefing on Friday in Abuja.
According to Prof. Ike-Muonso, the approval marks a significant milestone in the council’s efforts to promote indigenous research and innovation, and reduce Nigeria’s dependence on imported raw materials. He said the incentive scheme is designed to encourage private sector investment in research and development, particularly in sectors critical to Nigeria’s industrialization.
“This tax incentive framework will catalyze innovation by rewarding companies that invest in the development and utilization of local raw materials. It is a strategic step toward achieving sustainable industrial growth and self-reliance,” he said.
The RMRDC boss noted that industries participating in the programme would benefit from tax rebates, deductions, and other fiscal incentives, provided they commit to measurable R&D activities and adopt locally sourced inputs in their production processes.
He added that the council had engaged relevant stakeholders, including the Federal Inland Revenue Service (FIRS), the Ministry of Finance, and private sector players, to ensure smooth implementation and compliance.
“This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes economic diversification and industrial growth through science, technology, and innovation,” he emphasized.
Prof. Ike-Muonso also revealed that the RMRDC would roll out a nationwide sensitization campaign to educate manufacturers, investors, and research institutions on how to access and benefit from the incentives.
Stakeholders have welcomed the move as a timely intervention that could significantly enhance Nigeria’s capacity to process and add value to its abundant raw materials, drive job creation, and strengthen the nation’s industrial base.
Business
TAJBank Meets CBN Recapitalization Requirement Ahead of 2026 Deadline
Joel Ajayi
TAJBank has announced that it has successfully met the Central Bank of Nigeria’s (CBN) new minimum capital requirement, achieving the milestone well ahead of the March 2026 deadline.
The bank described the achievement as a significant vote of confidence from its shareholders and a reflection of the strong leadership and commitment of its Board and Management, as well as the continued trust of its growing customer base.
By surpassing the CBN’s recapitalization threshold, TAJBank said it is now better positioned to strengthen its balance sheet, deepen financial inclusion, and support large-scale economic growth across Nigeria. The bank noted that the enhanced capital base will also enable it to deliver more innovative, resilient, and customer-focused financial solutions in line with its non-interest banking model.
TAJBank reaffirmed that despite entering a new phase of strengthened financial resilience, its core values and commitment to ethical banking, customer satisfaction, and national development remain unchanged.
The bank expressed appreciation to its customers and stakeholders for their loyalty and support, describing the recapitalization success as a shared achievement and a strong foundation for sustained growth in the years ahead
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