The president, who was represented by Minister of Housing and Urban Development Ahmed Dangiwa and, in turn, by Dr. Edna Tobi, Special Assistant for International Cooperation and Partnership, highlighted the need for bold decisions to address Nigeria’s economic crisis, Vanguard Nigeria reports.

“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” Tinubu said. “It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”

The reforms, he added, aim to create a more investment-friendly environment, particularly in the real estate sector, while also boosting job creation and sustainable growth, reiterating his administration’s commitment to increasing government revenue through fair and transparent taxation .

Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji, represented by Chief Economic Adviser Prof. Mohammed Salisu, described Nigeria’s real estate sector as underutilised in terms of revenue generation.

Adedeji said the forthcoming Tax Administration Bill aims to streamline tax processes, enhance compliance, and reduce inefficiencies and overlapping tax obligations, calling on NIESV to support standardising valuation methods and to collaborate on implementing the reforms.

Bernard Shabangu, acting secretary of the Matsamo Community Property Association (CPA), is among those who have benefited from the program. Despite his ancestors' land being taken during the Apartheid era, he emphasizes the importance of collaboration.

“We felt that chasing away the whites who used to run this farm would be counterproductive,” Shabangu explained. Instead, the community partnered with experienced former landowners, ensuring both knowledge transfer and financial investment.

James Chance, the managing director of Tomahawk Farming Operations and a former landowner, initially feared for the future. “We were very worried, no one knew really what was going to happen. At one stage, I was even looking at growing bananas in Uganda because I didn’t know what the future held,” he said. However, instead of resisting the land claims, Chance and other farmers opted to cooperate, facilitating a smooth transition.

The partnership has yielded significant economic benefits. “From the start of the partnership with Tomahawk up to now, 350 million rand has been invested here,” Shabangu noted. “If we were a community asked to invest that amount, we might not have had the capital. But with this partnership, the investment has come, leading to stability in the community. People are receiving dividends, their children are being educated, and some are employed in the operation—it’s a win-win situation.”