By Rukayat Moisemhe
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.
The summit had the theme: “Nigeria Tax Law, Policies and Reforms: Impact on Maritime and Professional Practice Service Organisations.”
The LCCI President, Mr Leye Kupoluyi, said while the tax reforms signalled progress in revenue administration and trade facilitation, their success would depend largely on execution.
Kupoluyi, who was represented by the Vice President of LCCI, Mr Ladi Smith, said initiatives such as the National Single Window could significantly improve port efficiency if properly implemented.
He noted that Nigeria’s fiscal position was gradually improving, with the tax-to-Gross Domestic Product ratio rising to 13.5 per cent as at September 2025, up from less than 10 per cent.
This, he said, reflected progress in revenue administration and compliance reforms.
He, however, stated that in spite of the gains, the maritime sector continued to face high logistics costs driven by overlapping levies and administrative bottlenecks.
“The success of both tax reforms and the National Single Window will depend on strong inter-agency coordination, digital integration, and disciplined execution to ensure that efficiency gains translate into measurable reductions in port costs and improved trade flows.
“Global experience shows that reforms succeed more on execution quality than on legislation alone,” he said.
Mr Abdullahi Salihu, Director, Shipping Development, Nigerian Maritime Administration and Safety Agency (NIMASA), said the evolving fiscal environment presented opportunities for the shipping industry.
Salihu, represented by Mr Obayan Gbopemioluwa, Technical Adviser, NIMASA, said increased digital transparency would enable operators to compete more favourably and attract foreign direct investment.
He stressed the need for a future-ready tax strategy to ensure proactive compliance and strengthen financial transparency among operators.
“Operators must position themselves to tap into the opportunities created by these reforms while mitigating immediate compliance burdens.
“Truly, a modernised, predictable tax regime offers a lot of promise to the industry, and for Nigeria, a step forward for the nation, edging us ever closer to the fulfilment of our economic potentials within the marine and blue economy,” he said.
The Managing Consultant, Kreston Padebo, Mr Albert Folorunsho, said the introduction of the National E-Invoicing Regime in July 2025 marked a significant shift in tax administration.
Folorunsho, represented by Mr Killian Khanoba, Senior Partner, said the policy mandated large taxpayers with annual turnover of N5 billion and above to adopt the Electronic Fiscal System.
He described the initiative as a transformational shift, urging businesses to conduct system readiness assessments, engage professional advisers and train their finance and IT teams to ensure compliance.
Also, Mr Olukunle Ogunbamowo, Tax Partner at Deloitte, said the new tax laws presented opportunities for maritime companies, including targeted tax incentives, digitisation advantages and improved Value Added Tax (VAT) recovery.
Ogunbamowo said professional service firms could leverage opportunities in technology solutions, strategic partnerships, training, thought leadership and regulatory advocacy.
He advised firms to invest in staff training, engage clients proactively and participate in policy discussions to help shape future tax frameworks.
“It is critical for companies to assess and understand the impact of the tax reforms on their operations and strategic direction,” he said.
The stakeholders agreed that beyond policy design, the real impact of the reforms would be determined by the quality of implementation, institutional alignment and preparedness of industry players.(NAN)
Edited by Chinyere Joel-Nwokeoma
