Wale Edun, Nigerian Minister for Finance and the coordinating Minister of the Economy , has indicated the likely review of the controversial Capital Gains Tax (CGT) component of the newly enacted Nigerian Tax Laws, ahead of the commencement of its implementation in January 2026.
According to the Hon. Minister, the CGT, component of a series of tax reform measures by the government, which have generated concerns from investors and brokers alike, would be looked into to allow “optimum results”.
“We have heard what you have said about capital gains tax. We are looking at it. We will listen. We will analyse. We will discuss and we will, at the end of it, decide, and hopefully we will decide what is best for Nigeria,” Edun said at the listing of the MOFI Real Estate Investment Fund on the Nigerian Exchange on Tuesday.
Under the incoming Tax regime, Nigeria is tripling capital gains tax for foreign equity investors from 10 percent, a move analysts say is likely the reason for the bearish trend in the capital market, the market has in last few days, the market has shed about 8 percent of the market capitalisation in one week.
The new position of the government as enunciated by the Hon. Minister for a likely review is expected to usher in a turnaround for the market and allay fears that have seen the market in red recently.
