FIRS asks manufacturers to embrace e-invoicing
The Federal Inland Revenue Service (FIRS) has identified the implementation of the National E-Invoicing project as key to actualising a credit economy and fostering global competitiveness of products and services offered by manufacturers in Nigeria. This was disclosed yesterday at the stakeholders’ engagement with the manufacturing sector held in Lagos, ahead of the full implementation […]
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The Federal Inland Revenue Service (FIRS) has identified the implementation of the National E-Invoicing project as key to actualising a credit economy and fostering global competitiveness of products and services offered by manufacturers in Nigeria.
This was disclosed yesterday at the stakeholders’ engagement with the manufacturing sector held in Lagos, ahead of the full implementation of the National E-Invoicing project scheduled to go live on July 25, 2025.
Daily Trust reports that the implementation of the project would enable taxpayers onboarded on the Merchant Buyers Solution (MBS) interface to facilitate digital representation of transactions, effectively replacing traditional paper or electronic documents such as invoices, credit notes and debit notes.
Sodiq Arogundade, the agency’s Lead consultant, MBS project, during his presentation stressed that digital transformation has shaped global trade, stressing that e-invoicing would aid businesses’ existing automation process in a bid to ease their means of operation.
He highlighted the importance of e-invoicing, saying it would help to address the bottleneck of delayed payments, improve tax compliance and enable access to finances.
“That is very important for every country that has survived today in this global economic crisis, credit is a factor. Without credit, you are not going anywhere in the country. So this is a journey towards a credit economy.
“So you don’t need to first have the money for you to be able to continue to do that trade. You can get other people’s money to do the business. So you can raise an invoice, get the FIRS integrity on it, and then put it into the money market for factoring,” he said.