Nigeria: LCCI Urges Transparent Incentive Schemes in New Tax Laws to Drive Industrialisation

The Lagos Chamber of Commerce and Industry (LCCI) has called for transparent implementation of incentive schemes under the Nigeria Tax Reform Act 2025, stressing that the reforms must translate into industrial growth and inclusive prosperity.

Speaking at a stakeholders’ forum, the Chamber noted that the new law—introducing digital taxation, unified filing systems, and incentives for green and export-oriented industries—offers a bold opportunity to strengthen Nigeria’s economic framework. However, it warned that legislative intent must be matched with effective execution.

“The Act’s Investment and Export Incentive Schemes must be administered transparently to spur industrialisation rather than create avenues for abuse,” LCCI stated. “Equally important is institutionalising efficient dispute-resolution mechanisms through the Tax Appeal Tribunal, so tax disagreements do not cripple enterprise.”

The Chamber acknowledged progress made by the Federal Inland Revenue Service (FIRS) and the Lagos State Internal Revenue Service (LIRS), particularly in digitalising compliance, unifying Tax Identification Numbers, and promoting transparency in revenue reporting. These initiatives, it said, align with the Act’s emphasis on technology-driven administration.

“As commerce becomes increasingly digital and cross-border, the tax environment must remain adaptive,” LCCI emphasised. “The private sector’s frontline experience in production and trade offers valuable insights into how the Act can be implemented with minimal friction and maximum impact.”

The Chamber also highlighted the importance of ensuring taxpayers see tangible value from their contributions. While the Act includes provisions for enhanced accountability in revenue utilisation, LCCI stressed that visible improvements in infrastructure, public services, and governance are necessary to build trust and sustain compliance.