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New Tax Laws: Incentive Schemes Must Spur Industrialisation — LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to design tax incentive schemes that will genuinely stimulate industrialisation and sustainable economic growth.

In a statement released on Thursday, the chamber stressed that while reforms in Nigeria’s tax system are necessary for boosting government revenue, they must also create a business-friendly environment that encourages local and foreign investments.

LCCI President, Gabriel Idahosa, noted that the manufacturing and industrial sectors continue to face daunting challenges such as high energy costs, poor infrastructure, multiple taxation, and limited access to credit. He emphasized that properly designed tax incentives could ease these burdens, enhance competitiveness, and spur large-scale job creation.

“The essence of tax reforms should not only be about revenue mobilisation but also about stimulating productive activities that can expand the tax base in the long run,” Idahosa said.

He called on policymakers to benchmark Nigeria’s incentive framework against global best practices, warning that poorly structured policies risk driving away investors rather than attracting them.

The LCCI further urged the government to prioritise transparency, accountability, and stakeholder engagement in implementing new tax measures, ensuring that incentives are targeted at sectors with the highest potential for industrialisation.