FG Moves to Review Tax Laws to Woo Investors
The Federal Government is making moves to review the country’s tax laws as part of efforts to attract investors and create an enabling environment for businesses to thrive. The Minister of Communications, Adebayo Shittu, who said this during the Indo-Africa ICT Expo with the theme, ‘Digital transformation’ in Lagos on Tuesday, also urged Indian investors to explore the business opportunities in Nigeria.
“Efforts are on in the National Assembly of Nigeria to review the tax laws to make Nigeria investor-friendly,” he stated.
The Minister added that partnerships and collaboration in the area of Information and Communication Technology between countries with similar growth experiences were welcome, especially now that the ICT and Telecoms export services had been identified as the pillars of accelerated development in all aspects of Nigeria’s strive to improve lives and service delivery.
With the current efforts of the Federal Government at substantially reforming and commercialising the sector, he said that there was no limit to how far nations could go in developing their socio economic conditions.
The Minister noted that the Federal Government and the Indian Government would forge closer relationship in order to accelerate the ICT growth in the country as well as boost the two countries’ economies.
Shittu said, “I am aware that India regards Nigeria as one of its most important partners in sub-Saharan Africa. It is also necessary to highlight the fact that India has a comparative advantage in the ICT sector, which I believe Nigeria can benefit hugely from. “With the existence of several high profile ICT companies from India, Nigeria entrepreneurs and start-ups can tap into the abundance of technological knowledge to boost their business knowhow.”
His Ministry, he noted, would continue to adapt to changes that innovation in technology brings. “We are fully committed to key into the astronomical growth of the technology industry and to harness its full potential and we welcome any partnerships that ensure that this happens,” he stated.
The High Commissioner of India, Nagabhushana Reddy, stated that his home Government signed a Memorandum of Understanding with its Nigerian counterpart to identify areas of investment opportunities in the ICT sector. According to him, bilateral trade, which commenced between both countries 60 years ago, has grown by 80 per cent recently.
He also said that Indian exports to Nigeria increased by 25 per cent and that his country had invested over $10Bn in the growth of the Nigerian economy.