Tax Reforms: Stakeholders highlight opportunities at 2026 economic summit

Stakeholders on Saturday converged in Lagos to review Nigeria’s evolving tax framework and explore emerging investment opportunities arising from recent fiscal reforms at the 2026 Economic Summit organised by the Redeemed Christian Church of God (RCCG) Lagos Province 35.

The summit, themed “Economic Outlook 2026: Navigating Tax Reforms and Investment Opportunities,” was held at RCCG Christ Church, Redemption Crescent, Gbagada, and featured in-depth discussions on tax management and compliance, entrepreneurship, artificial intelligence, economic growth, productivity enhancement, and investment prospects in the coming year.

Policymakers, economists, tax professionals, and business leaders participated in the forum, which focused on positioning individuals and organisations to leverage opportunities within Nigeria’s changing economic and fiscal landscape.

Delivering the keynote address, the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, said the Federal Government’s ongoing tax and industrial reforms were part of coordinated efforts to strengthen investor confidence and drive private sector-led economic growth.

He disclosed that the Federal Executive Council’s approval of a new Nigerian Industrial Policy in December represented a major milestone in aligning national policy with investment priorities. 

According to him, the digitisation of government services, improved regulatory coordination, and upgraded logistics infrastructure are already reshaping Nigeria’s business environment.

Enoh noted that while reforms often require time to yield tangible results, they remain critical for long-term economic stability and sustainable growth. 

He added that ongoing reforms in taxation, manufacturing, exports, and investment promotion are gradually restoring investor confidence, citing improved credit ratings and upward revisions of Nigeria’s growth projections by international institutions as early indicators of progress.

Convener of the summit, Pastor Ben Akabueze, urged Nigerians to shift focus from complaints to the opportunities embedded in the new tax regime.

He stressed that the reforms are already in effect and called on citizens and businesses to position themselves strategically to benefit from the evolving economic framework, noting that periods of transition often reward those who adapt early and strategically.

Providing further insight, Emeka Obiagwu, Pastor-in-Charge of the Rose of Sharon Parish and Chairman of the Lagos Province 35 Empowerment Committee, explained that the economic summit is an annual initiative aimed at helping Nigerians understand government policies and identify opportunities arising from them.

He said the 2026 edition focused on tax reforms following the passage of the Tax Reform Act of 2025, which transformed the Federal Inland Revenue Service into the Nigerian Revenue Commission and significantly altered the country’s tax landscape.

According to him, the reforms introduced wide-ranging exemptions for small and medium-scale enterprises, including reliefs from company income tax and value added tax, while also expanding the scope of capital gains tax to previously untaxed transactions.

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Obiagwu noted that while the reforms are robust, they come with clear expectations around compliance and transparency, adding that government now places greater emphasis on progressive taxation, where higher earners contribute more, and on honest disclosure by taxpayers.

Renowned economist and Chief Executive Officer of Financial Derivatives Company Ltd, Bismarck Rewane, placed Nigeria’s tax reforms within a broader global and historical context, stressing that sound taxation must be fair, predictable, progressive and easy to administer.

He explained that while Nigeria continues to face challenges in areas such as income per capita, investment inflows and productivity, simplifying the tax system and eliminating multiple taxation could improve the investment climate if revenues are efficiently utilised.

Rewane cautioned against equating higher revenue with economic growth, noting that growth ultimately depends on how government deploys its resources. He projected a mixed but cautiously optimistic outlook for 2026, with expectations of moderated inflation, gradual easing of monetary policy, fluctuating oil prices and improved capital market performance, alongside fiscal and exchange rate pressures that would require careful management.

Other speakers, including Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, and Elizabeth Olaghere, Tax Partner at KPMG West Africa, emphasised the importance of policy clarity, tax compliance and targeted incentives in supporting private sector growth and attracting sustainable investments.

The panel session, moderated by Ini John-Mekwa, Senior Business Correspondent with Channels Television, reinforced the need for effective tax management, productivity enhancement and strategic investment planning as Nigeria approaches 2026.

Speakers agreed that although reforms are rarely perfect at inception, the current tax changes present tangible opportunities across manufacturing, agro-processing, logistics, energy, digital infrastructure and small business development, provided citizens, businesses and government work collaboratively.

Beyond its spiritual mandate, RCCG Lagos Province 35 noted that it organises year-round economic development programmes, skill acquisition training initiatives and business masterclasses aimed at equipping individuals and entrepreneurs with practical knowledge to thrive within Nigeria’s evolving economic environment.