The Roundtable brought together senior government officials, diplomats, and private sector leaders to strengthen bilateral relations and advance shared priorities with a strong focus on translating dialogue into actionable economic outcomes.

Bilateral trade between Nigeria and South Africa is strengthening, with total volume reaching over USD$ 2.16 billion in early 2026, driven heavily by Nigerian crude oil exports to South Africa.

In her welcome address, Onyinye Ikenna-Emeka, the chief marketing officer of MTN Nigeria, speaking on behalf of Dr. Karl Toriola, the chief executive officer, described the Roundtable as central to Africa’s economic future.

“The Economic Diplomacy Roundtable is not just a corporate event; it reflects the essence of our purpose on the continent and the systems we must build to enable Africa’s growth. Partnerships between Nigeria and South Africa must move beyond dialogue to building infrastructure, payment systems, and digital platforms that make trade and investment seamless,” she said.

Nompilo Morafo, group chief sustainability and corporate affairs officer, said the company 30-year presence across Africa has provided valuable insights into the continent’s economic realities and opportunities, explaining that Nigeria and South Africa together account for nearly half of sub-Saharan Africa’s GDP, making their partnership essential to the success of the AfCFTA.

“When these economies trade freely, the AfCFTA becomes real. When payment systems between Lagos and Johannesburg work, financial inclusion accelerates across the continent,” she added. “Our true calling is not just to provide digital and financial services, but to enable dignity, hope, and opportunity for millions of Africans,” Morafo said.

Highlighting Lagos State’s economic significance, Folashade Ambrose‑Medebem, the commissioner for Trade and Investment, represented by Adeyemi Adeyinka, noted that Lagos accounts for about 30 percent of Nigeria’s GDP and attracted approximately ₦4.1 trillion in investments and $1.2 billion in digital infrastructure in 2023.

Emphasising the importance of stronger bilateral cooperation, he said:

“Lagos remains open to partnerships that drive trade, investment, and innovation, as we continue to position the state as a leading economic hub in Africa.”

Aisha Rimi, the executive secretary and chief executive officer of the Nigerian Investment Promotion Commission (NIPC), underscored ongoing efforts to create a stable and enabling environment for investors.

She stated:

“Nigeria remains committed to creating a stable and enabling environment that attracts investment, strengthens investor confidence, and supports sustainable economic growth. Our focus is to ensure that investors not only come into Nigeria but are able to grow, scale, and connect across African markets.”

From the South African perspective, Kgothatso Xulu, the acting consul general of South Africa in Lagos, highlighted the scale of opportunity between both countries and stressed the importance of collaboration in expanding intra-African trade.

She said:

“There is a significant opportunity to expand intra-African trade, and partnerships like this are critical to removing barriers and strengthening economic integration. Nigeria and South Africa have a responsibility to lead by example in building stronger, more connected African economies.”

Reinforcing the need for concrete outcomes, Calvin Phume, director for Africa Bilateral Economic Relations at South Africa’s Department of Trade, Industry and Competition, emphasised the enduring significance of the Nigeria–South Africa partnership.

“The South Africa–Nigeria partnership is of enduring political and economic significance, not only to our two countries but to the African continent. The focus now must be on implementation, turning policy commitments into real trade, investment, and infrastructure outcomes.”

Discussions at the Roundtable highlighted progress under the AfCFTA, ongoing policy reforms, and the urgent need to strengthen infrastructure systems, improve trade corridors, and address barriers affecting cross-border business.

Stakeholders agreed that stronger collaboration between Nigeria and South Africa will be critical to unlocking industrial growth, investment flows, and regional value chains, while committing to translating discussions into actionable outcomes that support Africa’s economic integration agenda.

According to the NIPC report, these 12 companies were given tax holidays for an initial period of three years. They include Fouani Nigeria Limited; Neway Power Technology Company Limited; Starich Recycle Technologies Company Limited; Gerawa Rice Mills Limited; Shafa Energy Limited; Mafa Rice Mills Limited; A. A Rano Nigeria Limited (haulage); and A.A Rano Nigeria Limited (Natural gas supplier).

Others are Basma Agric Processing Limited; Flex Films Africa PVT Limited; Addmie Nutrition Limited; and Dufil Prima Foods Plc.

NIPC is charged with the responsibility of granting tax holidays to eligible companies. Meanwhile, the body also made an average of N1 billion annually, according to an analysis of its internally generated revenue between 2020 and 2023. The fees also represent a major source of revenue for the commission.

Tax incentives have been a contentious issue due to the high amount of revenue lost to waivers granted every year. Economic experts stressed the role of tax waivers in driving economic growth but questioned the transparency and objective rate of the Federal Government in granting tax waivers.

The pioneer status is an incentive offered by the Federal Government, which exempts companies from paying income tax for a certain period. This tax exemption can be full or partial.

Offered under the Industrial Development Income Tax Act with tax reliefs for three years, the incentive is generally regarded as an industrial measure aimed at stimulating investments in the economy.

The products or companies eligible for this pioneer status are those that do not already exist in the country. The report also stated that the companies had invested N125.74 billion in its operations and production.

In addition, NIPC said it also approved in principle nine other companies, which will join the beneficiary companies after fulfilling certain conditions.

NIPC added that 18 new PSI applications were received in the first quarter of this year, while eight firms applied for an extension of their tax holiday, but only two were granted extensions.

Meanwhile, a further breakdown showed that the commission earned N3.1 billion in 2020, dropped to N1.92 billion in 2021 before increasing to N2.1 billion in 2022 and N2.11 billion in 2023.

The Chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele, has said that the government will not stop the lamentation of waivers granted to companies until the new tax reforms are passed into law.

He added that the new law would not reverse the tax holiday being enjoyed by the companies as it contradicted the committee’s intention to attract investments.

“The rules we have drafted concerning whatever exemption you get at the time our laws are enacted will respect it, if it is three years, you would enjoy the tax holiday. We are talking about the country; three to five years is not the end of the world.

“If we reverse anything that has been granted, that’s a contradiction to what we stand for. Whether we agree to the process is a different conversation but anyone that gets pioneer status would be allowed to run the course of that tax holidays but once our laws are enacted, you won’t be able to get fresh ones.”

President Muhammadu Buhari on Tuesday approved the appointment, according to a statement by Garba Shehu, the Senior Special Assistant to the President on Media and Publicity.

She holds a Bachelor of Science degree in Economics from Ahmadu Bello University and an MBA in Finance and Banking. She is trained locally and internationally in all core aspects of her career, as well as in leadership, strategy, general management, risk management and corporate governance.

Saratu Umar is a technocrat, reformer, strategist, economist, investment promotion expert, export development specialist, with experience in banking and finance, investment and consulting segments of the public and private sectors of Nigeria.

In the short period of her service as Executive Secretary, she transformed the NIPC into a world-class investment agency and minimized revenue leakages, saving the country N500 billion, for which she received a commendation from the Revenue Mobilization Allocation and Fiscal Commission, RMFC.

The appointment is with immediate effect.

During  the year, FintechNGR ‘s work was driven by the need to work with the members and the fintech ecosystem as a whole to leverage the spate of opportunities that came with the ‘new normal’ and translate that into encompassing growth and progress for the entire industry through  activities, projects and programmes listed below: 

Nigeria Fintech Census Mapping Report –This is a report targeted at providing crucial data on fintechs in Nigeria to aid players in the space in making informed decisions and drive comprehensive growth, done in partnership with Ernst & Young was launched in the second quarter.

Membership Growth & Ecosystem Development –FintechNGR saw over 24% growth in membership, with Facebook and Fairmoney joining the Association as strategic members.

Some of the members like OPay, Flutterwave also gained Unicorn status in 2021.  

In terms of ecosystem representation, FintechNGR was part of various Government and Regulators’ committees set up by African Continental Free Trade Area (AfCFTA), the Nigerian Communications Commission (NCC), the National Information Technology Development Agency (NITDA), and played a major consultative role in the evolution and launch of eNaira by the Central Bank of Nigeria (CBN) and deepening knowledge on Central Bank Digital Currency(CBDC) by various presentations and organisation of training for various organs of the government.

Some of the regulatory contributions made by the Association include: setting up internal working committees that help with thoughts on engaging Regulators across various issues such as the Crypto transaction bans, account freezing, startup bills, and the NITDA bill.

Establishment of FACT – Led by the Fintech Association of Nigeria (FintechNGR) which serves as the secretariat, Fintech Alliance Coordinating Team, FACT, was established in the second quarter to provide a more collaborative approach to policies and regulatory interventions by Fintech stakeholders with Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), Financial Services Innovators (FSI), Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), and, Innovation Support Network – Hubs, (ISN Hubs), as founding members.

DigiStuds Project – The Digital Academy Project aimed at equipping 500,000 students of public tertiary institutions in Nigeria with  relevant digital skills in a bid to serve as a bridge to provide the industry with  innovative individuals, ready to take on the fast-changing world of technology and organisations that require such talents, as well as produce  digital entrepreneurs and startups during the process was formally launched and graduated its maiden cohort of 200 students across Nigerian public universities. 

Reguvators Forum –A Forum of regulators and players in the fintech space to bridge the gap and drive engagement on salient matters pertinent to balancing innovation and regulation and co-create solutions to challenges facing the ecosystem formally took off and held every quarter of the year.

The Forum had representatives from CBN, SEC, NITDA, NAICOM, NCC, NFIU, NDIC, and NIPC.

Events –The 5th edition of the flagship event, Nigeria Fintech Week, organised by FintechNGR and Fintech Associates Limited with the theme “Sustainability and Ecosystem Building” held between October 25 and 29, 2021.

NFW21 had over 8000 participants spread across online and physical attendance from 20 countries, with 72+ Speakers, featuring tech talks such as #CapTech, emerging tech, #Femtech, regulatory engagements, and an Ecosystem Hour with global partners. 

The Intercontinental Webinar themed “Central Bank Digital Currency, CBDC & Cross Border Payment: Interoperability, Technology & Regulation” and supported by Sterling Bank also held, with speakers such as John Rolle, Governor, Central Bank of The Bahamas, Serey Chea, Assistant Governor, National Bank of Cambodia, Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, Abubakar Suleiman, CEO, Sterling Bank. It also organised webinars on topics like Startup Funding, Cyber Alertness and the New Normal, Business & Financial Recovery Post-COVID, Agriculture & Insurance, with speakers from across different industries- AFEX, NGX, Future Africa, Interswitch, Deloitte and more. 

It is also important to note that FintechNGR partnered with the Singapore Fintech Festival, SFF, to host the well-attended World Fintech Festival in Nigeria on the 13th November 2021.  

In addition, the association’s Social Meet tagged “The Making of Indigenous Unicorns” and the Annual General Meeting, AGM, held in Q1 & Q3 respectively.

Asides from the Intercontinental webinar, there were also four other webinars during the year.

The Association participated in more than 50 events organised by partners across the globe.

Training – The Association deepen digital education across the divides such as Digital 201, a digital insurance training, held in partnership with Nigerian Insurers Association, NIA, training on Anti-Money laundering, Non-Fungible tokens, NFTs and DigiWomen, a digital empowerment training for women in career and business, held in partnership with WIMBIZ, supported by Sterling Bank.

Looking Forward to 2022

Various initiatives are in the pipeline aimed at maximizing FintechNGR’s impacts and breaking new horizons in 2022 as can be seen in its 2022 calendar here.

Your organisation can also be part of the moving train!

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