Nigeria’s recent tax reforms are positioning the country as a rising contributor to the global economy, with the International Monetary Fund (IMF) projecting that Nigeria will account for 1.5 per cent of global Gross Domestic Product (GDP) by 2026. Engr. Abdullahi Hashim, CEO of Cubical Vertex Solutions Limited, emphasized that these reforms are reshaping international perceptions of Nigeria’s economic potential.
Speaking to journalists in Abuja, Hashim, a Harvard University alumnus and respected engineer, explained that the IMF projection reflects growing global confidence in Nigeria’s economic direction, provided the reforms are properly implemented. He attributed the forecast directly to the country’s new tax laws, which signal efforts to address long-standing structural weaknesses in the economy.
Beyond global recognition, Hashim highlighted potential domestic benefits, including increased employment opportunities and foreign direct investment. “If truly implemented, the system is supposed to provide the country with employment, which will boost foreign direct investment because it shows that Nigeria is doing well,” he noted, while cautioning that poor implementation could undermine these gains.
Hashim also warned against adopting foreign laws without adapting them to Nigeria’s unique social and cultural realities. With more than 500 languages and over 50 ethnic groups, he argued that laws imported wholesale often fail due to a lack of contextualization, leading to implementation challenges despite good intentions.
Finally, Hashim urged Nigerian leaders to focus on people-centered governance rather than narrow political interests. By leveraging the country’s domestic expertise, including globally trained professionals, and prioritizing effective policy implementation, he believes Nigeria can achieve sustainable economic growth and strengthen its position on the global stage.
source: leadership