Nigeria will simplify its tax laws and improve electricity supply this year to ensure that businesses are competitive, President Bola Tinubu said in his New Year’s speech.
He said that fiscal and tax policies will be codified and simplified to ensure the business environment does not destroy value, and “every obstacle that impedes business competitiveness in Nigeria” will be addressed.
Tinubu also said that a deal signed with German firm Siemens Energy AG last month will speed up the delivery of power projects that will deliver reliable electricity to homes and businesses. “My administration recognizes that no meaningful economic transformation can happen without a steady electricity supply,” he said.
The changes will add to other reforms Tinubu has instituted since becoming Nigeria’s president in May, such as ending costly fuel subsidies and relaxing the country’s complex exchange-rate regime. Policies which he said have laid the groundwork for economic recovery
