Nigeria Gives Tax Holiday To Exporters
The Nigerian government has announced a seven-year tax holiday for exporters
in a bid to encourage local manufacturers to enter the export market. The incentive
forms part of a package of measures adopted by President Olusegun Obasanjo to
broaden and diversify Nigeria's revenue base, move the economy away from its
monolithic nature, and reduce its over-dependence on oil wealth. Earnings from
petroleum provide Nigeria with more than 90% of its foreign exchange and account
for 28% of the gross domestic product. Suraj Yakubu, the chief operations officer of the state-run Nigerian Investment
Promotion Commission, said the move aimed to encourage an export-driven economy
Nigeria wanted to end its dependence on imports and to support companies that
would earn foreign exchange for the country through exports. Yakubu said that
an Investment, Climate Improvement and External Relations Department had been
set up to co-ordinate the activities of export firms. He also said that 15 foreign
missions had been set up to popularise Made in Nigeria products and to attract
investors. The Nigerian government had also initiated a matchmaking programme
to bring together Nigerian and foreign companies. .
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