Tinubu Administration highlights incentives to boost manufacturing under new tax laws

The federal government, through the Presidential Committee on Fiscal Policy and Tax Reforms, has highlighted some of the incentives in the new tax laws aimed at boosting the manufacturing sector in Nigeria.

Speaking at a stakeholders engagement with the Manufacturers Association of Nigeria (MAN) themed, “From Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers”, Chairman of the Presidential Committee, Taiwo Oyedele, acknowledged that manufacturers grappled with multiple taxation, high tax burdens and VAT compliance challenges under the old tax regime concerning.

“Today, you can manufacture in Nigeria and imported alternatives will still land cheaper, even after freight, insurance, and duties, which means that even in our own market, we are struggling to compete.

“We want our businesses to compete first locally, then within the region, especially under the African Continental Free Trade Area (AfCFTA). Otherwise, businesses will be setting up in Ghana, Benin Republic and be sending their products to Nigeria,” he said.

Oyedele noted that manufacturers faced disproportionately higher effective tax rates due to a mix of legal and illegal levies imposed by state and non-state actors.

His words: “We were taxing capital. We were taxing investments. We have one of the highest tax burdens on corporate profits in the world here in Nigeria. Manufacturers, more than any other sector, had to deal with a multiplicity of taxes everywhere they turned, and even legal taxes were being collected illegally. This was not working for us, and it wasn’t going to work.”

“Taxing poverty and multiple levies distorted the system. These reforms aim to fix that and support manufacturing.” 

He said the tax reforms were designed to make Nigeria’s tax system fairer and simpler, particularly for productive sectors such as manufacturing, to make them more competitive both domestically and globally.

“Manufacturers stand to gain from expanded input VAT claims on assets and services, revised income bands, higher exemption thresholds, and a range of reliefs and allowances aimed at reducing effective tax burdens.

“The reforms also introduce mechanisms such as a tax ombudsman and withholding tax exemptions targeted at manufacturers and small businesses, measures intended to ease compliance pressures and resolve disputes more efficiently. For smaller producers and MSMEs within manufacturing value chains, these changes could reduce cash flow constraints and improve business sustainability.

Ardo  Zubairu 
National Secretary 
TInubu Re- Election Project 2027 . Office Phones: 
08033305195
08098885195
07033454053

Follow this link to join  https://chat.whatsapp.com/GGyI5S8pxi78dcZ3fKciGB

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