Companies seeking to benefit from Nigeria’s new tax incentive regime will have to navigate a multi-layer approval process involving several government agencies and ultimately secure presidential approval before accessing the incentives designed to boost investment and industrial growth.
Officials and tax experts who spoke at a webinar organised by Forvis Mazars said the new framework is designed to tie incentives directly to investment performance while strengthening oversight and accountability in the administration of tax reliefs.
“The applications are subject to a multi-level approval process; then they get passed further to the presidency for final approval,” Oluwatobi Olafaji, tax manager at Forvis Mazars, said during the webinar.
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The process forms part of the Economic Development Tax Incentive (EDTI), introduced under the Nigeria Tax Act 2025 to replace the Pioneer Status Incentive (PSI), which policymakers say failed to generate sufficient economic benefits despite years of implementation.
