By Yinka Kolawole
The Lagos Chamber of Commerce and Industry (LCCI) has voiced the desire of the organised private sector (OPS) in Nigeria on how the incentives schemes in the newly enacted tax laws could be used to spur industrialisation in the country.
President of LCCI, Gabriel Idahosa, made the declaration yesterday in Lagos, in his opening remarks at the Private Sector Stakeholders’ Forum on Emerging Tax Matters hosted by the chamber.
He stated: “The Nigeria Tax Reform Act 2025, with its sweeping provisions on digital taxation, unified filing systems, and incentives for green and export-oriented industries, offers a bold opportunity to strengthen that social contract. Yet bold legislation alone is not enough; effective and collaborative implementation will determine whether we unlock the inclusive prosperity we all seek.
“This forum provides a critical platform for such collaboration. We must interrogate how the new Act will operate, ensuring its laudable objectives translate into predictable, transparent, and business-friendly outcomes.
“Key questions demand our attention: How can the newly introduced Investment and Export Incentive Schemes under the Act be administered transparently to spur industrialisation rather than create avenues for abuse? And how do we institutionalise efficient dispute-resolution processes via the Tax Appeal Tribunal, so that tax disagreements do not cripple enterprise?
“The Organised Private Sector is ready to engage constructively. LCCI acknowledges the significant progress already achieved by the Federal Inland Revenue Service and the Lagos State Internal Revenue Service, especially in digitalising compliance, unifying Tax Identification Numbers, and promoting greater transparency in revenue reporting. “These initiatives align well with the 2025 Act’s emphasis on technology-driven administration. But as commerce becomes more digital, cross-border, and innovation-intensive, the tax environment must remain adaptive. The private sector’s experience at the frontlines of production and trade offers practical insights into how the Act can be implemented with minimal friction and maximum growth impact.”
Idahosa noted that taxation works best when taxpayers see visible value. The 2025 Act includes provisions for enhanced accountability on how revenues are deployed, but tangible improvements must match those provisions in infrastructure, public services, and governance.
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