Pan-Atlantic University Holds 25th Inaugural Lecture on Nigeria’s Informal Economy and 2025 Tax Reforms

Professor Olusegun Vincent

LAGOS, NIGERIA - Pan-Atlantic University has held its 25th Inaugural Lecture, with Professor Olusegun Vincent examining Nigeria’s informal economy and the potential impact of the 2025 Tax Reforms.

The lecture, titled “Deconstructing Nigeria’s Informal Economy: Tax Haven or Emerging Enterprise Ecosystem? Interrogating the Promise of the 2025 Tax Reforms,” was delivered at the Honeywell Group Auditorium of Lagos Business School.

Professor Vincent, of the School of Management and Social Sciences (SMSS), challenged the conventional perception of Nigeria’s informal economy as simply a reservoir of tax evasion. He described it instead as a complex and diverse ecosystem that includes survivalist enterprises, micro and small businesses, entrepreneurs, traders and, in some cases, sophisticated actors who deliberately operate informally.

Professor Vincent calls for better understanding of informal economy

During the lecture, Professor Vincent argued that policymakers need to understand the nature, drivers and dynamics of informality before developing effective policies.

He identified different forms of informality, including necessity-driven, structural and voluntary informality, stressing that these distinctions are important when designing interventions and tax policies.

He also cautioned against treating the informal economy and small and medium-sized enterprises (SMEs) as interchangeable concepts, arguing that the confusion has contributed to policy misdirection.

According to Professor Vincent, sustainable domestic revenue mobilisation requires more than simply expanding the tax net. He said effective approaches should encourage appropriate formalisation, support enterprise development, improve voluntary tax compliance and strategically integrate the informal sector into the formal economy.

What does the 2025 Tax Reform mean for Nigeria’s informal economy?

The lecture examined whether Nigeria’s 2025 Tax Reforms will primarily approach the informal economy as a “tax haven” to be captured or as an emerging enterprise ecosystem to be nurtured and constructively engaged.

Professor Vincent's analysis placed the informal economy at the centre of discussions around domestic revenue mobilisation, enterprise development, formalisation and tax compliance.

Vice-Chancellor highlights Professor Vincent’s academic career

In her formal introduction, Pan-Atlantic University Vice-Chancellor, Professor Enase Okonedo, described Professor Vincent as a scholar whose career combines academic excellence with extensive professional and public-sector experience.

His areas of expertise include accounting, taxation, finance, corporate governance and sustainability.

Professor Vincent is a Fellow of the Institute of Chartered Accountants of Nigeria. He holds a first-class degree from the University of Derby, postgraduate qualifications from the University of Ibadan and the University of Greenwich, and a PhD in Finance from Brunel University London.

Before joining Pan-Atlantic University, he had distinguished careers in professional practice and banking and served as head of the Economic Intelligence Unit in the Lagos State Ministry of Economic Planning and Budget.

He joined Pan-Atlantic University a decade ago and subsequently rose to the rank of Professor. He has taught at undergraduate and postgraduate levels, published in high-impact journals, supervised doctoral students and served for seven years as Director of Academic Planning.

During his tenure as Director of Academic Planning, all university programmes achieved successful accreditation.

Pan-Atlantic University highlights national relevance of scholarship

The inaugural lecture brought together principal officers of the university, faculty members, students, alumni, industry leaders and members of the public.

The event highlighted Pan-Atlantic University’s commitment to rigorous scholarship focused on pressing national challenges, particularly issues relating to Nigeria’s economy, taxation and enterprise development.

Frequently Asked Questions

Who delivered Pan-Atlantic University’s 25th Inaugural Lecture?

Professor Olusegun Vincent of the School of Management and Social Sciences delivered the university’s 25th Inaugural Lecture.

What was the topic of the inaugural lecture?

The lecture examined Nigeria’s informal economy and the potential implications of the 2025 Tax Reforms.

Where was the lecture held?

The lecture was held at the Honeywell Group Auditorium, Lagos Business School, Lagos, Nigeria.

What did Professor Vincent say about Nigeria’s informal economy?

He argued that Nigeria’s informal economy is a complex and heterogeneous ecosystem rather than simply a reservoir of tax evasion.

What approach did Professor Vincent advocate for domestic revenue mobilisation?

He argued that sustainable domestic revenue mobilisation should go beyond expanding the tax net by encouraging appropriate formalisation, supporting enterprise development, improving voluntary compliance and strategically integrating the informal sector into the formal economy.

About Pan-Atlantic University

Pan-Atlantic University is a private, nonprofit institution located in Lagos, Nigeria. The university is committed to developing competent, ethical professionals equipped to serve society with integrity.