Lagos:<Text>
Stakeholders in the maritime and professional services sectors have stressed the need for effective implementation and strong inter-agency coordination for the success of the country’s ongoing tax and trade reforms. They spoke at the Lagos Chamber of Commerce and Industry (LCCI) Maritime and Professional Practice Group Summit in Lagos.
According to News Agency of Nigeria, the summit, themed ‘Nigeria Tax Law, Policies and Reforms: Impact on Maritime and Professional Practice Service Organisations,’ highlighted the importance of execution in achieving the desired outcomes of the tax reforms. The LCCI President, Mr. Leye Kupoluyi, represented by Vice President Mr. Ladi Smith, emphasized that initiatives like the National Single Window could significantly enhance port efficiency if executed properly. He noted that Nigeria’s tax-to-GDP ratio improved to 13.5 percent as of September 2025, indicating progress in revenue administration.
Despite these gai
ns, Mr. Kupoluyi pointed out that the maritime sector still faces high logistics costs due to overlapping levies and administrative hurdles. He stressed that the success of tax reforms and the National Single Window hinges on robust inter-agency coordination, digital integration, and disciplined execution to ensure efficiency gains result in reduced port costs and improved trade flows.
Mr. Abdullahi Salihu, Director of Shipping Development at the Nigerian Maritime Administration and Safety Agency (NIMASA), represented by Mr. Obayan Gbopemioluwa, highlighted the opportunities presented by the evolving fiscal environment. He emphasized the need for a future-ready tax strategy to enhance compliance and financial transparency, which would enable operators to attract foreign direct investment and compete more favorably.
Mr. Albert Folorunsho, Managing Consultant at Kreston Padebo, discussed the National E-Invoicing Regime introduced in July 2025, which requires large taxpayers t
o adopt the Electronic Fiscal System. He described this as a transformational shift and urged businesses to ensure compliance through system readiness assessments and professional guidance.
Additionally, Mr. Olukunle Ogunbamowo, Tax Partner at Deloitte, pointed out the opportunities presented by new tax laws for maritime companies, including targeted tax incentives and improved VAT recovery. He advised firms to invest in staff training, engage clients proactively, and participate in policy discussions to shape future tax frameworks.
The stakeholders collectively agreed that beyond policy design, the true impact of the reforms would be determined by the quality of implementation, institutional alignment, and the preparedness of industry players.
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