The Nigeria Revenue Service has urged content creators and other creative industry operators to register their businesses, obtain tax identification numbers and maintain proper financial records to benefit from available tax incentives and investment opportunities.

Officials of the agency made the call on Thursday, November 5, 2026, during a tax policy discussion at the ongoing Creative Africa Nexus Weekend 2026 in Lagos.

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The session focused on how Nigeria’s tax reforms could support creative entrepreneurs, improve tax compliance and attract investment into the sector.

Speaking during a panel discussion, an Assistant Director in the NRS Field Operation Monitoring Department, Simeon Onyegbula, said business registration and accurate record-keeping were essential requirements for accessing applicable tax reliefs.

He advised entrepreneurs to formalise their operations, obtain tax identification numbers and comply with relevant tax laws to benefit from available incentives.

Onyegbula also stressed the importance of keeping invoices, receipts, ledgers and other financial documents to support business expenses and establish actual taxable profits.

He warned that personal spending could not be classified as business expenditure, adding that deductions must meet legal requirements.

Another Assistant Director of Tax at the NRS, Kazeem Lawal, warned that content creators earning substantial income through social media and other digital platforms could limit their business opportunities by operating solely through personal bank accounts without proper financial records.

According to him, registering a business gives it a separate legal identity, improves credibility and makes it easier to secure corporate contracts, attract investors and build an enterprise capable of operating beyond its founder.

Lawal also clarified that small businesses were exempt from certain VAT collection responsibilities but could still be charged VAT on taxable purchases.

He added that taxpayers who were wrongly charged VAT could obtain refunds within 30 days without first undergoing an audit.

The Director of Government Business South Directorate at the NRS, Mustapha Akaje, outlined several tax incentives available to qualifying businesses and investments.

He said eligible investments in sectors such as the creative industry could attract a five per cent tax credit on capital expenditure of at least N250m.

Akaje also explained that companies with annual turnover not exceeding N100m and fixed assets below N250m could qualify for zero company income tax and exemption from the four per cent development levy.

Other incentives highlighted included provisions for qualifying startups, research and development activities, foreign-source income, overseas tax credits and export-oriented businesses operating in free trade zones.

He said qualifying free-zone operators must export at least 75 per cent of their products or services to benefit from the exemption discussed.

Akaje further noted that small businesses no longer required separate exemption certificates but were still expected to file returns to demonstrate their eligibility.

The NRS Executive Director of Finance and Corporate Services, Mohammed Abubakar, cautioned that relief from international double taxation was not automatic.

He explained that eligibility depended partly on applicable tax agreements between Nigeria and other countries, while the tax jurisdiction applicable to individuals could also depend on their residence.

Abubakar called for further engagement to make complex tax provisions easier for creative entrepreneurs to understand.

In his remarks, the NRS Executive Director of People, Stakeholders and Communication, Obinna Ihedioha, announced the establishment of an NRS Investment and Tax Advisory Hub and a Creative Economy Tax and Investment Initiative.

He said the platforms would provide guidance on business registration, tax incentives, investment opportunities and compliance while improving engagement between regulators and businesses.

Ihedioha cited the experience of a Lagos-based creative entrepreneur who feared penalties after earning income for two years without filing tax returns, describing uncertainty as a major obstacle to business formalisation.

“Uncertainty is a tax nobody collects, but everybody pays,” he said.

He maintained that entrepreneurs would be more encouraged to join the formal economy when registration offered practical benefits, including access to finance, markets, contracts and intellectual property protection.

The official added that the agency would work with investors, financial institutions and development partners to support tax education, business formalisation and investment facilitation.