Foreign Investors Frustrated with Nigeria's New Tax Reforms, Seek Clarity from Taiwo Oyedele

Foreign investors are disappointed and uneasy following a virtual call with Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform in Nigeria. The call aimed to clarify the contentious new Capital Gains Tax (CGT) provisions in Nigeria's tax reform law, but left investors questioning the economic philosophy behind the reforms.

Despite Oyedele's attempts to assure investors that the new regime is not punitive, concerns remain about Nigeria's competitive and fair policies. Razia Khan, Chief Economist for Africa at Standard Chartered, highlighted policy inconsistencies during the call, further fueling investor skepticism.