Nigeria Revenue Service urges content creators to formalize businesses

The Nigeria Revenue Service (NRS) has called on content creators and creative industry operators to formalize their businesses to access tax incentives and investment opportunities. During a tax policy discussion at the Creative Africa Nexus Weekend 2026 in Lagos, officials emphasized the importance of obtaining Tax Identification Numbers (TINs) and maintaining accurate financial records.

Simeon Onyegbula, an Assistant Director at the NRS, stated that business registration and proper record-keeping, such as maintaining invoices and ledgers, are essential for accessing tax reliefs. He cautioned that personal expenditures cannot be treated as business costs for tax deduction purposes.

Kazeem Lawal, an Assistant Director of Tax at the NRS, warned that creators earning significant income through digital platforms risk limiting their commercial potential by using personal bank accounts instead of formal business accounts. He noted that formalization provides a separate legal identity, which improves credibility and helps entrepreneurs secure corporate contracts and attract investors.