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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