Outlook for Nigeria's non-oil revenues

As Nigeria seeks to enhance its revenue streams beyond oil, experts are weighing in on the strategies needed to drive economic growth in 2017. Taiwo Oyedele, Partner and Head of Tax Regulatory Services at PwC, recently discussed the outlook for Nigeria's non-oil revenues in an interview with CNBC Africa. Oyedele highlighted the need for a focused approach to maximize non-oil revenue and drive economic prosperity in the country. Reflecting on the performance of non-oil revenues in previous years, Oyedele emphasized the importance of addressing key tax areas such as VAT, customs, company income tax, and stamp duties. He pointed out that Nigeria's non-oil revenue collection has fallen short of expectations and stressed the necessity of plugging tax loopholes and combating corruption to boost revenue generation. Oyedele also underscored the significance of expanding the tax base and implementing sensible fiscal policies to stimulate economic activity and create job opportunities. By prioritizing strategic tax reforms and enhancing revenue collection, Nigeria can lay the foundation for sustainable economic growth and development. Oyedele's insights shed light on the critical role of non-oil revenue in driving Nigeria's economic diversification agenda and fostering a conducive environment for investment and business growth.