This report offers a comprehensive review of Nigeria’s current economic and political developments, with a focus on the reforms and structural shifts shaping the nation’s future. It highlights issues of governance, financial regulation, investment climate, and socio-economic growth, while situating Nigeria within broader global trends. The analysis provides stakeholders with critical insights into the opportunities and challenges that define this new era for the country.

The document outlines key updates from FMDQ’s new framework, focusing on regulatory changes, compliance requirements, and structural adjustments affecting financial market operations. It serves as a concise reference guide for stakeholders, highlighting implications for market participants and providing practical insights for alignment with the updated standards.

President Bola Tinubu signed four tax reform bills into law on June 26, 2025, aimed at creating a unified and transparent tax system in Nigeria. The laws, effective January 1, 2026, include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill. Key reforms include merging tax statutes, aligning federal, state, and local tax operations, and replacing the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS). Businesses are advised to update systems, review strategies, and stay informed about the transition. Greychapel Legal offers support for compliance and restructuring.

Open banking is a banking system that allows customers to authorize regulated financial institutions to access their personal financial data, including account balances, transaction histories, and spending patterns through standardized Application Programming Interfaces (APIs). This system recognises customers as rightful owners of their financial data and grants them the right to authorise service providers to access this data for tailored financial services and products. Open Banking promotes financial transparency, foster innovation, and improve customer experience by enabling seamless and secure data sharing across banks and other financial institutions .

An acquisition occurs when one company purchases most or all of another company’s shares or assets, gaining control of its operations. Unlike mergers, acquisitions do not necessarily create a new entity; the acquired company may continue operating as a subsidiary or be fully integrated into the acquiring firm. In the upstream sector, investments are structured as either share acquisitions or asset acquisitions, with the choice depending on the needs of the parties involved.

The Impact Board provides a transparent avenue for raising capital for sustainable projects aligned with the SDGs and the Paris Agreement. It supports the listing of Green Bonds, Social Bonds, Sustainability Bonds, Blue Bonds, Climate Bonds, and Gender Bonds, attracting foreign and multilateral investments to advance Nigeria’s climate and development goals. The Impact Board aims to not only benefit issuers and investors but also support Nigeria’s progress in achieving Nationally Determined Contributions (NDCs) on climate change.