ACCI Warns FG Against Tax Policies That Could Hurt Businesses as Nigeria Pursues $1 Trillion Economy

As Nigeria intensifies efforts to build a $1 trillion economy, the Abuja Chamber of Commerce and Industry (ACCI) has cautioned the Federal Government against implementing tax reforms that could place additional pressure on businesses and discourage investment. The chamber stressed that while tax reforms are necessary for economic growth, policies must be carefully designed to support enterprises rather than weaken them.

Speaking during a press conference ahead of the 21st Abuja International Trade Fair (AITF), ACCI First Deputy President, Adesoji Adesugba, described the country’s new tax reforms as a step in the right direction. However, he noted that government must strike a balance between increasing revenue and creating an environment where businesses can thrive. According to him, excessive tax burdens could undermine private sector growth at a time when Nigeria is relying heavily on businesses to drive economic expansion.

Adesugba emphasized that achieving the government’s ambitious $1 trillion economy target will require stronger collaboration with the private sector. He argued that businesses should not only be consulted after policies are introduced but should be actively involved from the planning stage. He noted that sustainable economic growth cannot be achieved without the participation of entrepreneurs, investors, and industry leaders who serve as the backbone of the economy.

The ACCI official also called for improved access to affordable financing for small and medium-sized enterprises (SMEs), highlighting the challenges businesses face due to high borrowing costs. He questioned how Nigerian companies could compete with global counterparts when interest rates remain significantly higher than those in countries such as China. Lower financing costs, he said, would help local businesses expand, create jobs, and contribute more effectively to national development.

Beyond taxation and finance, Adesugba urged African countries to remove non-tariff barriers that continue to hinder trade under the African Continental Free Trade Area (AfCFTA). Meanwhile, the ACCI announced that the 2026 Abuja International Trade Fair will take place from September 25 to October 6, bringing together over 500 exhibitors and an estimated 100,000 visitors. Organizers say the event will focus on trade promotion, innovation, policy advocacy, and investment opportunities while reinforcing Nigeria’s position as a key player in regional economic growth.

source: The cable