Examines Nigeria’s Informal Economy and the Promise of the 2025 Tax Reforms
Lagos, Nigeria - 6 September 2026
Pan-Atlantic University marked a significant academic milestone with its 25th Inaugural
Lecture, delivered by Professor Olusegun Vincent of School of Management and Social
Sciences (SMSS) at the Honeywell Group Auditorium, Lagos Business School.
In her formal introduction, the Vice-Chancellor, Professor Enase Okonedo, described
Professor Vincent as a scholar whose career uniquely combines academic excellence with
extensive professional and public-sector experience in accounting, taxation, finance,
corporate governance and sustainability. 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. After distinguished service in professional practice,
banking and 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 rose to
the rank of Professor. He has taught across undergraduate and postgraduate programmes,
published in high-impact journals, supervised doctoral students, and served for seven years
as Director of Academic Planning, during which all university programmes achieved
successful accreditation.
Delivering his lecture titled “Deconstructing Nigeria’s Informal Economy: Tax Haven or
Emerging Enterprise Ecosystem? Interrogating the Promise of the 2025 Tax Reforms,”
Professor Vincent challenged the conventional view of the informal economy as merely a
reservoir of tax evasion. He argued that it is a complex and heterogeneous ecosystem
comprising survivalist enterprises, micro and small businesses, entrepreneurs, traders and, in
some cases, sophisticated actors who deliberately remain informal. He stressed that
policymakers must first understand the nature, drivers and dynamics of informality,
distinguishing necessity-driven, structural and voluntary forms, before designing effective
strategies.
Professor Vincent cautioned against treating the informal economy and SMEs as
interchangeable concepts, noting that this conceptual confusion has led to policy
misdirection. He contended that sustainable domestic revenue mobilisation requires more
than simply expanding the tax net; it demands approaches that encourage appropriate
formalisation, support enterprise development, improve voluntary compliance, and
strategically integrate the informal sector into the formal economy. The lecture interrogated
whether the 2025 Tax Reforms will treat the informal economy primarily as a tax haven to be
captured or as an emerging enterprise ecosystem to be nurtured and constructively
engaged. The event, attended by principal officers of the University, faculty, students, alumni, industry
leaders and members of the public, underscored Pan-Atlantic University’s commitment to
rigorous scholarship that addresses pressing national challenges.
About Pan-Atlantic University
Pan-Atlantic University is a private, nonprofit institution located in Lagos, Nigeria,
committed to forming competent and ethical professionals equipped to serve society
with integrity.
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