The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has linked current economic reforms by the present administration, especially the tax reforms, to the improving performance of the nation’s investment market.
Oyedele made this remark on Monday at the 3rd Prof. Uche Uwaleke Capital Market Colloquium 2026, with the theme “Future-in Abuja,
The tax expert noted that as of mid-February 2026, the Nigerian Stock Exchange (NGX) showed exceptional performance with the All-Share Index (ASI) recording a robust 25.3% return in just the first seven weeks of the year with market capitalisation surging to all-time high of over N125 trillion as of 20 February this year.
Oyedele recalled that the nation’s tax system prior to the reforms was fragmented, complex, and costly to comply with, discouraging investment and limiting the market’s ability to allocate capital efficiently and maintained that the reforms were designed to build confidence in the economy, stimulate inclusive growth, and foster a truly investment-friendly environment.
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He clarified: “To address this problem, the tax reform provides a unified, transparent, and predictable framework where businesses can plan, investors can price risk properly, and capital can flow productively.
“This is complemented by the crucial monetary policy reforms to ensure exchange rate stability, FX liquidity, and transparency.
“Confidence continues to grow from both foreign and domestic investors, driven by the structural reforms and strong performance in key sectors like energy, industrial and financial services”, Oyedele added.
On how the tax reform is impacting on the capital market improved performance, he explained that the newly enacted tax laws were designed to deepen the capital markets by recognizing them not merely as trading platforms but as a vital engine of national development.
He listed some other benefits of the fical reforms as structural in terms of elimination of “Tax Drag” through which investors can rebalance portfolios without losing money to CGT; Increased Velocity & Liquidity, which encourages more frequent trading and capital rotation to enhance market liquidity; More Patient Capital that incentivizes keeping capital within the Nigerian ecosystem rather than divesting to offshore assets; and Stronger Linkage, as a stronger connection is built between savings and productive investment, meaning the capital market is better able to fund factories, infrastructure, innovation, and jobs.
On the capital market outlook, Oyedele projected: “The outlook is promising, particularly as interest rates are expected to moderate following declining inflation numbers, and with the recent increase in regulatory headroom for pension investment in stocks.
“This presents a more attractive investment opportunity for Nigerians compared to virtual assets where tens of billions of dollars is being invested especially by young Nigerians.
“By ensuring policy consistency and deepening our reforms, the capital market will finance our developmental aspirations.”
Earlier in his paper presentation, Professor of Capital Market at the Nasarawa State University Keffi, Uche Uwaleke, who is the organizer of the colloquium, said the promise of the African Continental Free Trade Area (AfCTA) represented one of the boldest economic integration initiatives of our time.
However, he pointed out that integration was not an event but a process and like all processes, it must be deliberately designed to endure, adding that to future-proof Africa-wide integration means to ensure that the structures built today remain relevant tomorrow.
Uwaleke clarified: “It means acknowledging that the world is changing at an unprecedented pace- technologically, economically, geopolitically- and that Africa must not merely react to these changes but anticipate them.
“No economy integrates on paper alone. Trade agreements without roads, railways, ports, energy systems, and digital connectivity are aspirations without arteries.
“For Africa to trade efficiently within itself, goods must move seamlessly across borders. Power must be reliable. Broadband must be accessible.
“Logistics must be efficient. The infrastructure we build must not only meet present demands but anticipate future scale. It must support industrialization, enable regional value chains, and facilitate digital commerce.
“But infrastructure today is no longer confined to concrete and steel. It includes fibre-optic cables, data centres, smart grids, and technology-enabled public services.
“It includes the invisible digital highways upon which modern economies now travel. As Africa integrates, we must ensure interoperability of systems, harmonization of standards, and coordinated investments that prevent fragmentation”, the expert stressed.
