Why Nigeria’s Creative Industry Needs Tax Formalisation

A new report from LEADERSHIP Newspapers, published on Google News on the 11th of November, 2026, underscores the need for Nigeria’s creative industry to embrace tax formalisation. The report, titled ‘NRS: Why Nigeria’s Creative Industry Must Embrace Tax Formalisation’, argues that formalising tax payments could help the industry grow and attract more investment. According to the report, many creative sector businesses are informal, making it difficult for them to access loans, grants, and other forms of financial support. By formalising their tax payments, these businesses can improve their credibility and increase their chances of securing funding. The report also suggests that tax formalisation could help the government better understand the size and composition of the creative industry, enabling it to develop more effective policies and support mechanisms. This is particularly important given the industry’s potential to contribute significantly to Nigeria’s GDP and create jobs. The creative industry, which includes sectors such as music, film, and fashion, has seen rapid growth in recent years, but it still faces numerous challenges, including a lack of funding, piracy, and a lack of infrastructure. Formalising tax payments could help address some of these challenges and enable the industry to reach its full potential. The report comes at a critical time, as the government is currently developing a creative industry development plan aimed at promoting the sector’s growth and competitiveness. The plan is expected to be completed in 2027.