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
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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