International investors have expressed disappointment after a virtual call with Taiwo Oyedele, head of the Presidential Committee on Fiscal Policy and Tax Reforms, over Nigeria’s new Capital Gains Tax (CGT) policy.
The meeting, organised by Standard Chartered, was meant to clarify the reforms but left many uneasy. Some investors described Oyedele’s tone as “ideological,” saying his comments seemed unfriendly to markets.
Oyedele explained that the new CGT is progressive and aligns with practices in the U.S., U.K., and South Africa, replacing the old flat 10% rate. However, several participants said the policy could hurt Nigeria’s competitiveness and investor confidence.
Others criticised the lack of clarity between how OMO holders and equity investors will be taxed. “If they want CGT, they should apply it uniformly,” one fund manager said.
Still, some analysts believe the reform could attract longer-term investment and reduce speculative inflows.
