The Lagos Chamber of Commerce and Industry has emphasized the need for effective implementation of the newly enacted Nigeria Tax Reform Act 2025 to spur industrialization in the country.

According to LCCI President Gabriel Idahosa, the Act offers a bold opportunity to strengthen the social contract between the government and citizens through enhanced revenue mobilization, improved public services, and a more competitive business climate.

“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,” Idahosa said.

He highlighted key questions that need attention, including how the newly introduced Investment and Export Incentive Schemes can be administered transparently to promote industrialization and prevent abuse.

Idahosa also emphasized the need for efficient dispute-resolution processes through the Tax Appeal Tribunal to prevent tax disagreements from crippling businesses.

“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,” Idahosa added.

He stressed that taxation works best when taxpayers see visible value and that tangible improvements in infrastructure, public services, and governance must match the provisions of the Act.

The LCCI president urged policymakers to ensure that the Act’s new Investment and Export Incentive Schemes are administered transparently to spur genuine industrial growth rather than create avenues for abuse.