A fresh push for sweeping legislative reforms has emerged as the Nigeria Economic Summit Group (NESG) urged the National Assembly to revisit key economic laws to better align Nigeria’s regulatory framework with current business realities and investor expectations.

The call followed the unveiling of a policy brief in Abuja outlining priority legislative actions required to create a more enabling environment for businesses. The report, developed by the Ernest Shonekan Centre for Legislative Reforms and Economic Development, highlights critical gaps in existing statutes and proposes targeted amendments across multiple sectors.

Presenting the findings, lead consultant Shola Omoju identified the Nigeria Tax Act 2015, the Petroleum Industry Act (PIA), and the Electricity Act 2023 as top priorities for review. Other laws flagged include the Nigerian Oil and Gas Content Development Act 2010, Environmental Impact Assessment Act, Gas Flaring Prohibition and Punishment (Amendment) Bill, and the Banks and Other Financial Institutions Act.

On taxation, the group stressed the need to harmonise the definition of small businesses with provisions in the Companies and Allied Matters Act (CAMA), noting the critical role of small and medium enterprises in driving GDP growth, employment, and exports. It also proposed amendments to allow businesses to deduct foreign currency expenses using official exchange rates from the Central Bank of Nigeria or other approved channels.

NESG further cautioned that provisions introducing digital fiscal tools could impose additional compliance, data privacy, and cybersecurity burdens particularly on micro, small and medium enterprises (MSMEs) if not carefully implemented.

In the power sector, the group called for stronger collaboration between state governments and distribution companies under the Electricity Act. It emphasised the need for state-level legal frameworks that encourage investment, address operational inefficiencies such as energy theft and poor metering, and improve revenue collection. It also urged targeted interventions to make metering more affordable in low-income and rural communities.

On the petroleum front, NESG argued that while the PIA marked a major milestone in reforming the oil and gas sector, gaps remain that must be addressed to fully optimise the industry’s potential and sustain investor confidence.

The recommendations come against the backdrop of Nigeria’s broader economic reform agenda, anchored on tax reforms, the PIA, and the Electricity Act frameworks designed to modernise fiscal governance, deepen sectoral efficiency, and attract capital inflows. However, analysts have raised concerns about overlaps and inconsistencies across these laws, which could create uncertainty for investors if left unresolved.

Industry stakeholders echoed cautious support for the proposed amendments. Executive Director of PowerUp Nigeria, Adetayo Adegbemle, noted that clarity on the scope of the reforms would be critical, while OGSPAN President, Colman Obasi, described the laws as evolving frameworks that should be refined over time, stressing that effective implementation remains as important as legislative changes.