FG, investors sync position on tax reforms as 2026 transition nears

By Progress Godfrey, Abuja

The Federal Ministry of Industry, Trade, and Investment (FMITI) has held a virtual Stakeholders’ Dialogue to prepare businesses for Nigeria’s new tax and fiscal system, set to commence on January 1, 2026, with the aim of boosting transparency, private-sector growth, and investment confidence.

The Minister, Dr. Jumoke Oduwole, in her opening remark, stated that government remains focused on fiscal discipline and regulatory reforms, highlighting job creation, infrastructure expansion, and ease of doing business as key priorities.

Oduwole described this as a phase of fiscal clarity and investment readiness even as she urged businesses to engage with the reforms to ensure a smooth transition.

She stressed the ministry’s commitment to a predictable and simplified regulatory environment that strengthens domestic industries.

Permanent Secretary of the Ministry, Ambassador Nura Abba Rimi, urged that all stakeholders work together for a transparent and predictable fiscal system, saying the dialogue reflected a shared goal that creates a policy framework to attract investment and support business growth.

Represented by Mr. Mohamed Naziru, Rimi said, “I appreciate your presence and your commitment to contributing to a policy environment that supports sustainable industrialisation, trade expansion, and inclusive economic growth.

“Today’s dialogue underscores our shared recognition that Nigerian economic aspirations require a modern, transparent, and predictable policy framework, one that supports competitive investments, attracts investment, and enables businesses of all sizes to thrive,” he said.

He reaffirmed the ministry’s focus on cutting costs, supporting innovation, and strengthening the industrial sector.

Speaking on the Special Economic Zones, Managing Director and Chief Executive Officer of the Nigerian Export Processing Zones Authority (NEPZA), Dr. Olufemi Ogunyemi, who was represented by Mrs Halima Kamba, emphasised that the consultation was timely for investors preparing their 2026 business plans.

He acknowledged investors’ need for clarity under fiscal reforms and encouraged an open outlook, while noting that currency volatility had affected planning, forcing businesses to shut down.

“It is normal for investors to wonder how new policies may affect their business models. However, I encourage all of us to approach those reforms with an open mind. The central goal of the new fiscal regime is to bring greater stability to our economy.

“We all know how currency volatility has affected planning, increased costs, and in some cases forced businesses to close. To correct this, government must align monetary, fiscal, trade, and investment policies, stabilising the economy, and improving transparency.

“Our message today to you is simple and sincere: Your incentives remain secure, and your investments are protected. Our operating environment will become more predictable and efficient,”

He assured that government is firmly aligned on ensuring that special economic zones remain a cornerstone of Nigeria’s industrial and export strategy. “Nigeria is open for business and NEPZA will continue to stand with you through this pandemic.”

Providing an overview of the new framework, Head of the Fiscal and Tax Reform Implementation Division at the Federal Inland Revenue Service (FIRS) and Special Adviser on Tax Policy, Mr. Olufemi Olarinde, outlined ongoing efforts to deliver a modern and transparent tax system.

He said the reforms will automate compliance, support exporters, and protect incentives, as the FIRS will provide guidance, circulars, and dedicated support for MSMEs, exporters, and digital businesses.

He also added that the National Revenue System will automate credit recognition and reduce manual intervention. According to him, transitional safeguards will preserve incentives until 2038, and a unified taxpayer portal will ensure clarity and ease of compliance, even as support desks for businesses will provide responsive guidance.

Stakeholders therefore agreed to work closely with the government to ensure smooth implementation.

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