By Micah Jonah
January 19, 2026
The Lagos Chamber of Commerce and Industry (LCCI) has hailed the Federal Government’s new tax reforms as a major step toward enhancing Nigeria’s business environment and investment climate. The commendation came during the 2026 Economic Outlook, where the Presidential Committee on Fiscal Policy and Tax Reforms outlined the implications of the new tax system for businesses and investors.
Participants applauded the reforms for tackling long-standing fiscal barriers and creating an environment conducive to business growth and job creation. Among the key provisions highlighted as enablers of competitiveness, poverty reduction, and sustainable development are:
Tax exemptions for low-income earners and small businesses
Reduction of Company Income Tax from 30% to 25%
Expanded VAT input credits for businesses
Removal of VAT on basic consumption items
Economic development incentives for priority sectors
The LCCI also urged the government to provide clear transition rules and sustained stakeholder engagement to ensure smooth implementation of the reforms and address concerns from the business community.
