The Federal Government of Nigeria (FGN), through the Ministry of Aviation and Aerospace Development, has unveiled plans to concession five major international airports: Nnamdi Azikiwe International Airport (Abuja), Murtala Muhammed International Airport (Lagos), Port Harcourt International Airport, Aminu Kano International Airport, and Akanu Ibiam International Airport (Enugu).

At the recently concluded World Investor Week 2024, the Ministry of Finance Incorporated (MOFI) unveiled its plans to embrace tokenization, marking a shift in Nigeria’s capital market.

In August 2024, the Supreme Court of Nigeria introduced the Supreme Court Rules 2024 (the “New Rules”), replacing the 1985 Rules.

The Federal Government of Nigeria (FGN) has rolled out two fiscal measures to ease economic pressure and stabilize energy costs: the Value Added Tax (VAT) Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil and Gas Production.

Arbitration is crucial for resolving cross-border disputes, especially for businesses involved in international investments.

The Securities and Exchange Commission (SEC) has announced plans to relax crowdfunding regulations, aiming to provide greater access to capital for Micro, Small, and Medium Enterprises (MSMEs).

The Financial Reporting Council of Nigeria (FRCN) recently released its 2024 Corporate Governance Guidelines for Micro, Small, and Medium Enterprises (the “Guidelines”). These Guidelines aim to improve the governance framework for Micro, Small, and Medium Enterprises (MSMEs), enhancing their sustainability, access to capital, and overall contribution to Nigeria’s economy.

On September 2, 2024, the Chairman of the Presidential Committee on Fiscal Policy proposed a tax exemption plan to the Federal Government of Nigeria. The proposal includes removing taxes, such as Value Added Tax (VAT), on essential goods and services, including food, public transportation, housing and other necessities, aiming to alleviate the financial burden on citizens. 

On August 23, 2024, the Court of Appeal in Kano State delivered a significant judgment in Mohammed & Ors v. Mohammed & Anor (2024) LPELR-62831(CA), addressing the complex interplay of Islamic Personal Law and estate administration in Nigeria.  

The Federal Government of Nigeria is set to receive a $1.7 billion loan from the World Bank, with approval anticipated as of September 26, 2024. This loan is expected to be channeled into three key sectors of the economy: strengthening primary healthcare, enhancing human capital development, and promoting sustainable agricultural and industrial growth.