The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to ensure that the new tax laws and incentive frameworks are designed to stimulate industrial growth rather than stifle businesses.
In a statement issued on Thursday by its Director-General, Dr. Chinyere Almona, the Chamber noted that while tax reforms are necessary to broaden revenue sources, they must be structured in a way that supports productivity, attracts investment, and strengthens Nigeria’s industrial base.
“The whole essence of incentives in any economy is to encourage enterprise, innovation, and competitiveness. If incentive schemes are not tied to measurable industrial outcomes, they risk becoming mere giveaways without real impact on the economy,” Almona stated.
She stressed that the manufacturing sector, already burdened by high energy costs, infrastructure deficits, and rising inflation, requires deliberate government support. According to her, properly designed tax incentives could help local industries expand production, create jobs, and reduce Nigeria’s dependence on imports.
The LCCI also urged the government to adopt a transparent and sector-specific incentive policy, targeting industries with high growth potential such as agro-processing, renewable energy, and technology.
“Tax laws must not be seen merely as tools for revenue collection. They should serve as strategic instruments to reposition the economy for inclusive growth,” the Chamber added.
Economic experts have echoed LCCI’s concerns, warning that poorly structured tax regimes could discourage investment, trigger capital flight, and undermine Nigeria’s quest for sustainable industrialization.
The Federal Government is currently reviewing several aspects of its tax policies as part of ongoing reforms aimed at improving fiscal stability, plugging leakages, and boosting non-oil revenue.
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