The Nigeria Revenue Service (NRS) has unveiled fresh initiatives and tax incentives aimed at stimulating business growth, attracting investment and unlocking opportunities in Nigeria’s creative economy.

The initiatives, comprising an Investment and Tax Advisory Hub and a Creative Economy Tax and Investment Initiative, are designed to provide practical guidance to entrepreneurs and investors on tax compliance, available incentives and business formalisation.

The announcement was made during a tax policy dialogue organised by the NRS at the ongoing Creative Africa Nexus Weekend (CANEX WKND) 2026 in Lagos.

The engagement brought together tax officials, policymakers, investors and creative industry stakeholders to examine how Nigeria’s evolving tax framework could support businesses, particularly those operating within the creative and cultural industries.

Speaking on the initiative, Obinna Ihedioha, Executive Director, People, Stakeholders and Communication at the NRS, said the two platforms would provide opportunities for closer engagement between the tax authority and operators in the creative economy.

explained that the Investment and Tax Advisory Hub would offer practical guidance to businesses seeking clarity on tax obligations, incentives and investment opportunities.

According to him, the Creative Economy Tax and Investment Initiative would further deepen collaboration between the NRS and industry stakeholders, helping businesses navigate the tax environment and harness available opportunities.

Ihedioha said the Service recognised the enormous potential of the creative economy to contribute to Nigeria’s gross domestic product and the wider African economy.

He assured stakeholders that the NRS would continue to explore policy initiatives and, where necessary, legislative adjustments to address the peculiar needs of the sector.

Earlier, Mustapha Akaje, NRS Director, Government Business South Directorate, Abuja, outlined some of the incentives available to businesses under the Nigeria Tax Act 2025 and other relevant legislation.

He said the incentives were designed to stimulate investment, encourage enterprise development, create employment and promote economic growth.

According to him, qualifying investors in designated sectors, including the creative and cultural industries, could benefit from a five per cent tax credit on eligible capital expenditure, subject to stipulated conditions, including a minimum investment threshold of N250 million.

He also highlighted incentives available to small businesses, explaining that companies with annual turnover of N100 million or less and fixed assets below N250 million could qualify for zero company income tax and exemption from the four per cent development levy, subject to applicable conditions.

Other incentives, he said, include reliefs for qualifying start-ups, research and development expenditure and eligible investments under the Nigeria Startup Act 2022.

Akaje further identified incentives available to businesses operating in export processing and free trade zones, noting that qualifying enterprises could enjoy company income tax exemptions where they met prescribed export requirements.

He explained that the incentives were intended to encourage investment, boost foreign exchange earnings and expand employment opportunities.

On cross-border business activities, Akaje said eligible taxpayers could also benefit from provisions designed to minimise double taxation, including recognition of qualifying taxes paid in other jurisdictions as credits against corresponding Nigerian tax liabilities, subject to applicable agreements and conditions.

He added that the various incentives were not automatic, stressing that businesses must satisfy the relevant statutory requirements to qualify.

Beyond the incentives, NRS officials urged entrepreneurs, particularly content creators and other players in the creative industry, to formalise their businesses and maintain proper financial records to maximise available opportunities.

Speaking on business formalisation, Kazeem Lawal, Assistant Director (Tax), NRS, said many creative entrepreneurs were commercially successful but risked limiting their growth potential by operating without formal business structures.

He noted that some creators generated substantial income from digital platforms, brand partnerships and other commercial engagements but continued to channel business transactions through personal accounts without maintaining adequate records.

According to him, formalisation provides a pathway to business growth and sustainability by giving enterprises a distinct corporate identity and improving their credibility.

He said formalised businesses were better positioned to attract investors, secure strategic partnerships and enter into commercial agreements with local and international corporate organisations.

“Formalisation is about moving from being a successful creator to building a sustainable business that can outlive the creator,” he said.