Economist tasks FG on tax incentives to attract more investments
An economist, Mr Kennedy Eze, has urged the Federal Government to provide tax incentives so as to attract more investments into Nigeria.
In an interview on Sunday, in Abuja, Eze said that a lot of global players could not play in Africa because African countries increased their taxes.
“When you increase your tax you discourage investments because when I find out that the tax I will pay will be so high just like when the price to buy a product is high, the ability to buy will be reduced.
“But, when the price is low you can buy more of that product. So, that is the problem in Africa because tax is discouraging investments in Africa.
“Government needs to implement selective taxation, looking at sectors that should have reduced tax, sectors to be tax free and sectors that you have a tax regime.
“This is because when there are certain areas that are tax free, you find out that it is easy for investors to come in.
“I own a company in Singapore and for two years my company paid no tax, and we were able to employ Singaporeans but here the government concentrates much on what do I get from the business.
“The business is going to die and at the end, you are not getting much.
“Let the government not look at what do I get, the government should first look at how do I make the environment enabling for these investors,” Eze said
Eze, who is the Conference Director, 2021 Advance Africa Entrepreneurship, Business Owners and Executives International Conference and Exhibition scheduled for Nov. 22, in Abuja, said that the conference aims to provide a platform for the business community to exchange ideas.
“No fewer than 10,750 participants are expected to attend the conference, where the business community, government and institutional stakeholders will engage for exchange of ideas,” he added.
The event with the theme, ‘Empowering business and building a virile nation through entrepreneurship,’ is supported by the Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency (SMEDAN).
Eze said that SMEs, entrepreneurs, business owners and executives in Nigeria and the African business community would have direct links with government policy makers and policy regulators at the event that would also “examine how businesses affect the Nigerian populace.”
“In every society there are three key players—the people, business players and the regulators.
“The essence of this programme of bringing these groups together is to inter change, to discuss and find ways of moving the economy and ensuring the business environment improves,” Eze said.
He noted that the programme would be essential to promoting SMEs in the country.
