FG, SEC, and NGX Collaborate on Capital Gains Tax Reform to Boost Investor Confidence

The Federal Government has launched the National Tax Policy Implementation Committee (NTPIC) to oversee the rollout of Nigeria’s new capital gains tax (CGT) provisions, signaling a commitment to transparency, investor protection, and market stability. The move comes amid growing calls for a balanced and data-driven approach to fiscal reforms that strengthens confidence among both domestic and foreign investors.

Extensive consultations with the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX) preceded the committee’s inauguration. These engagements highlighted the critical role of the capital market in sustaining liquidity, facilitating price discovery, and driving long-term capital formation. Policymakers emphasized that careful implementation is essential to prevent market disruption while encouraging deeper capital pools.

Chaired by tax and fiscal-policy expert Joseph Tegbe, the NTPIC is tasked with ensuring clear guidelines, broad stakeholder consultation, and a structured implementation framework. Tegbe emphasized that the government aims to enact policies that are “fair, transparent, and humane,” avoiding measures that could discourage investment or disrupt market activity.

NGX Group CEO Temi Popoola praised the government’s measured approach, noting that the group and SEC have consistently advocated for reforms that balance fiscal objectives with market competitiveness. Popoola stressed that protecting liquidity, sustaining participation, and executing reforms with precision are crucial for Nigeria’s attractiveness to global investors and long-term economic growth.

Analysts view the committee’s formation as a positive signal of evidence-based policymaking. Both the SEC and NGX Group have committed to ongoing collaboration with the NTPIC, ensuring that the CGT rollout supports investor confidence, encourages broader market participation, and aligns with Nigeria’s long-term capital market development goals.

source: Nairametrics