CBN Survey: Multiple Taxation Still Weighs on Nigerian Businesses Despite Economic Reforms
A new CBN survey says multiple taxation remains a major obstacle for Nigerian businesses, with firms citing overlapping levies, high financing costs and inflation as key constraints on growth.
By GLEBM News Desk
A new survey by the Central Bank of Nigeria (CBN) has identified multiple taxation as one of the biggest challenges facing businesses, despite ongoing government reforms aimed at improving the country’s investment climate.
The findings indicate that many firms continue to grapple with overlapping taxes, levies and regulatory charges imposed at different levels of government, increasing operating costs and limiting business expansion.
The survey suggests that while recent economic reforms have begun to improve macroeconomic stability, the benefits have yet to fully translate into a more predictable and cost-effective operating environment for businesses.
According to the report, many companies continue to face pressure from high financing costs, inflation and multiple tax obligations, factors that have collectively reduced profitability and constrained investment decisions.
Business leaders have consistently argued that simplifying Nigeria’s tax system would encourage greater private investment, improve compliance and allow enterprises to channel more resources into expansion and job creation rather than meeting overlapping fiscal obligations.
The CBN survey also highlights the need for stronger coordination among federal, state and local authorities to reduce duplicated taxes and streamline the country’s regulatory framework.
Industry analysts say a more predictable tax regime would improve investor confidence, particularly for small and medium-sized enterprises (SMEs), which account for a significant share of employment and economic activity.
The report comes as the Federal Government continues implementing economic reforms designed to stabilise public finances, improve revenue generation and strengthen the business environment.
Economists note that addressing multiple taxation could complement broader reforms by lowering the cost of doing business, increasing productivity and supporting long-term economic growth.
Stakeholders have therefore urged policymakers to accelerate efforts to harmonise tax administration while ensuring businesses operate within a transparent and predictable fiscal environment that promotes competitiveness and attracts new investment.
