Section 166 Nigeria Tax Act 2025

Section 166 of the Nigeria Tax Act 2025 is about Priority sectors. It provides as follows:

(1) The sectors listed in the Tenth Schedule to this Act are classified as priority sectors for the purposes of economic development tax incentives.

(2) The period of incentives for any priority sector shall be as provided in the Tenth Schedule to this Act.

(3) The President may direct an amendment to the list contained in the Tenth Schedule to this Act, where, in his opinion –
(a) any sector is not operating on a scale suitable to the economic requirements of Nigeria, or there are favourable prospects of further development;
(b) it is expedient in the public interest to encourage the development or
establishment of a sector in Nigeria for the purpose of –

(i) generating employment,
(ii) attracting foreign direct investment inflow, or
(iii) economic diversification;

(c) any sector, product or service within a sector, is considered to have been sufficiently developed to necessitate its removal from the list contained in Tenth Schedule to this Act.

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