• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets

Current tax regime is stifling investment -CPPE

Chris Ugwu by Chris Ugwu
December 28, 2022
in Markets, Stock Market, Tax
CPPE, Muda Yusuf

Dr, Muda Yusuf. Director/CEO CPPE

Share on FacebookShare on TwitterShare on Linkedin

The Centre for the Promotion of Private Enterprise (CPPE) has claimed that the current tax regime in Nigeria is stifling investment.

Dr, Muda Yusuf, Director of the CPPE, stated this while presenting the organisation’s economic and business environment review for 2022 and setting an agenda for policymakers for 2023.

Need for accommodating taxation: He noted that an economy that desires job creation, economic inclusion, investment growth and poverty reduction, should have an accommodating tax regime for investors.

RelatedStories

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 

Israel-Iran war poses risks to Nigerian investments, interest rates – CPPE 

June 17, 2025
Dr. Muda Yusuf, CPPE

CPPE rejects raw materials bill, warns it could harm Nigeria’s exporters, manufacturers 

April 21, 2025
  • “Corporate tax in Nigeria is 30%. But effective corporate tax is much more than that. There is a tertiary education tax of 2.5% of the profit; a NITDA Levy of 1% of the profit; a NASENI Levy of 0.25% of the profit; Police Trust Fund Levy of 0.005% of the profit. 
  • “This brings effective corporate tax to about 34%. This rate is one of the highest in the world. The average corporate tax rate for Africa is 27.6%; the Asian average is 19.52%; European Union is 19.74% and the global average is 23.37%. Meanwhile, new taxes are still being proposed by the National Assembly. These include a Tertiary Health Tax of 1% of the profit; and an NYSC levy of 1% of the profit. There are numerous other taxes imposed on businesses by the states and local governments,” he said. 

Taxes crippling investment: Yusuf noted that the multitude of taxes is a crippling investment in the Nigerian economy adding that there is a need for an urgent review.

According to him, the current tax regime conflicts with the National Tax Policy which prescribes that there should be less emphasis on direct taxation to incentivise investment.

  • “Meanwhile, investors are grappling with numerous macroeconomic, structural and regulatory headwinds. They incur huge expenditures on stuff which the government should normally provide – electricity, security, water, waste management, human capital etc. These are implicit taxes, as they were. There are also numerous state and local government taxes which businesses have to pay,’’ he said.

To unlock growth and investment in 2023, Yusuf said the government must undertake some urgent reforms.

Petroleum Industry Act: He stated that the enactment of the Petroleum Industry Act [PIA] was a major step towards the reform of the oil-gas sector.

  • “It promises to transform the sector through the creation of a legal and regulatory framework that would inspire much higher levels of investors’ confidence. But we need to see a greater commitment to the implementation of the PIA. The deregulation of the petroleum downstream sector is a major economic reform imperative. This is inevitable if we must unlock investment in the sector and put an end to the perennial fuel scarcity and the monopolistic structure of the sector,” he said. 

Needed Power sector reforms: Yusuf said there is a need to also consolidate the power sector reform, adding that an enabling environment must be created to sustain current private sector investment in the sector and attract new private capital to the electricity sector. He said:

  • “Urgent reforms are vital concerning electricity tariff, metering and deepening of the energy mix. We need robust incentives [fiscal and monetary] to boost private investment in renewable energy.
  • “We should reform the budget and appropriation processes to prioritise infrastructure financing and human capital development. This would boost the productivity and competitiveness of the economy. Adoption of these reform initiatives would guarantee progression towards fiscal consolidation, reduction in fiscal deficit, diminishing need for borrowing and abating debt service burden.”

 

 


Follow us for Breaking News and Market Intelligence.
Tags: Centre for the Promotion of Private EnterpriseCPPEDr Muda Yusuf
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

Related Posts

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 
Economy

Israel-Iran war poses risks to Nigerian investments, interest rates – CPPE 

June 17, 2025
Dr. Muda Yusuf, CPPE
Business News

CPPE rejects raw materials bill, warns it could harm Nigeria’s exporters, manufacturers 

April 21, 2025
Discos
Energy

Experts, consumers differ on NERC’s N628 million fine on DisCos over estimated billing breach 

April 18, 2025
Insurance Sector: Nigeria’s galloping inflation to drive claim costs 
Economy

Nigeria’s inflation rate may further decelerate in 2025 – Expert

March 18, 2025
CBN, forex
Economy

CPPE commends CBN’s decision to pause rate hikes, calls for future reductions 

February 21, 2025
Dr. Muda Yusuf, CPPE
Economy

Drastic reduction in inflation figures not equal to lower prices in Nigeria – Expert warns 

February 19, 2025
Next Post
Lionel Messi’s Qatar hotel room to be converted into museum

Lionel Messi’s Qatar hotel room to be converted into museum

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Trump confirms U.S. strikes on 3 Iranian nuclear sites, declares ‘spectacular military success’
  • Data gaps limiting access to credit in Nigeria—Sofri MD 
  • Nigeria’s first female fighter pilot, Kafayat Sanni wins top honours at Ghana’s military college

Follow us on social media:

Recent News

Trump halts tariff hikes on most trade partners, raises China duties to 125% 

Trump confirms U.S. strikes on 3 Iranian nuclear sites, declares ‘spectacular military success’

June 22, 2025
Data gaps limiting access to credit in Nigeria—Sofri MD 

Data gaps limiting access to credit in Nigeria—Sofri MD 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics