Nigeria’s aquatic products have secured zero-tariff access to China’s market of about 1.4 billion consumers under a new protocol, as bilateral trade between both countries reaches $18 billion in the first half of 2026 (H1’26).

The development is expected to boost Nigerian exports and foreign exchange earnings, with Chinese Ambassador to Nigeria, Yu Dunhai, disclosing that Nigerian exports to China rose by 80 per cent in the first half of the year.

The Minister of Power, Joseph Tegbe, who received the Ambassador during a courtesy visit and reception following the signing of the Nigeria-China Aquatic Products Protocol, urged Nigerian exporters and businesses to move swiftly to take advantage of the new market-access opportunity.

In a statement the ministry said the protocol was concluded after nearly five years of negotiations and grants eligible Nigerian aquatic products zero-tariff access to the Chinese market.

Welcoming the Chinese Ambassador, Tegbe expressed appreciation for his continued support for the Nigeria-China Strategic Partnership and efforts to deepen trade and business relations between both countries.

The Minister noted that bilateral trade had reached $18 billion in the first half of 2026, compared with $28 billion recorded for the whole of 2025.

He said implementation of the aquatic products protocol would further strengthen economic ties and help fast-track other initiatives, including the Zero Tariff Agreement for African countries.

Tegbe therefore urged Nigerian exporters and businesses to move quickly to take advantage of the new market-access opportunity. Ambassador Yu reaffirmed the Chinese Embassy’s commitment to supporting implementation of the protocol and facilitating the entry of qualified Nigerian aquatic products into the Chinese market.

He described Tegbe’s appointment as a testament to his leadership, vision and pragmatism, while citing a 35 per cent increase in bilateral trade and an 80 per cent rise in Nigerian exports in the first half of 2026 as evidence of the significant potential for further cooperation.

The Ambassador also assured the Minister of the Chinese government’s support for Nigeria’s efforts to modernise and expand its power system.

By Emma Ujah, Abuja Bureau Chief

The Office of the Tax Ombud (OTO) is set to launch a Taxpayer’s Bill of Rights and Obligations in the coming weeks as part of efforts to deepen taxpayer awareness, promote fairness and strengthen trust in Nigeria’s tax administration.

The Tax Ombud and Chief Executive Officer of OTO, Mr. John Nwabueze, disclosed this, yesterday, at a stakeholders’ engagement in Abuja.

Nwabueze said the Bill would give taxpayers a clear understanding of their rights and responsibilities while setting out the standards of fairness, transparency and accountability they should expect from tax and revenue authorities.

According to him, the document would be made available through the OTO’s digital platforms and other public channels.

He said: “We believe this will strengthen taxpayer awareness, encourage voluntary compliance, prevent disputes and build greater trust across the tax ecosystem.”

‘We’ll ensure fairness in tax administration’

Describing the stakeholders’ engagement as a key component of the OTO’s taxpayer rights campaign, Nwabueze vowed that the office would work to ensure a fair, transparent and responsive tax system.

He said a simplified and equitable tax system was critical to building a new national consciousness and restoring public trust in tax administration.

“This is not simply about discussing taxation and revenue. It is about strengthening the relationship between the taxpayer and the institutions responsible for administering public revenue,” he said.

Nwabueze said OTO had commenced a structured public awareness and stakeholder sensitisation programme to improve understanding of its mandate, services and the rights available to taxpayers.

He explained that effective protection of taxpayers’ rights depended on citizens knowing those rights and understanding where and how to seek redress.

The Tax Ombud disclosed that Nigeria’s OTO was the third such institution established in Africa and the ninth globally, placing the country within a broader international development in modern tax administration.

By Peter Egwuatu

HBM Nigeria Plc, formerly Lafarge Africa Plc, recorded a 57 per cent increase in profit after tax (PAT) to N208 billion in the first half of 2026 (H1’26), from N132.677 billion recorded in the corresponding period of 2025.

The cement manufacturer, in its financial results released on the Nigerian Exchange Limited (NGX), also reported a 31 per cent increase in net sales during the period.

The growth was driven by an 11 per cent increase in sales volume, improved operational stability and greater distribution efficiency.

Operating profit rose by 51 per cent to N291 billion, compared with N192.270 billion in H1’25, while operating margin increased to 43 per cent from 37 per cent. Group Managing Director and Chief Executive Officer, HBM Nigeria, Mr Lolu Alade-Akinyemi, attributed the performance to disciplined cost management, operational efficiency and prudent financial management.

He said the company remained focused on improving supply reliability, strengthening its cost leadership position, driving innovation and accelerating sustainability initiatives.

Alade-Akinyemi disclosed that the company had commenced engineering design for its third production line at Calabar, a 3-million-tonne integrated cement facility. According to him, the project is progressing through the required development processes, with completion expected within 12 months after commencement of construction.

He said HBM Nigeria would continue to leverage the industrial and technical expertise of Huaxin Building Materials Ltd to improve efficiency and operational performance.

On the business outlook, Alade-Akinyemi said demand for cement remained positive, supported by infrastructure development, urbanisation and sustained activity in the construction sector. He said the company would focus on capturing further volume growth opportunities while maintaining cost discipline and operational excellence.

“With a resilient operating platform, a strong balance sheet and disciplined execution of strategic priorities, the company remains well positioned to create sustainable long-term value for shareholders and other stakeholders,” he said.