- FG Targets Economy Growth Through Export Incentives
The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, says the Federal Government is planning to enhance economic growth by granting tax breaks and export incentives.
According to him, a key Trade Facilitation Agreement signed by Nigeria and over 100 other countries with the World Trade Organisation is expected to provide the nation’s manufacturing industry with a major boost.
Enelamah spoke in an interview with Oxford Business Group, a research and consultancy firm.
While describing the TFA as a milestone, the minister said the agreement should ease the overall cost of doing business in Nigeria.
He described issues around ease of doing business as one of the three main obstacles facing manufacturers in the country.
He said, “The biggest challenge is definitely infrastructure, in one form or another. In addition, manufacturers need more access to sustainable, affordable and reliable power – that’s our first priority as a government and as a ministry.
“Each of these areas represents an opportunity to take the country higher and to fulfill our potential.”
According to a statement by the OBG, the full interview with the minister will appear in a document tagged, ‘The Report: Nigeria 2017’
Enelamah said that creating an attractive environment for manufacturers through measures such as tax breaks, export incentives and finance was high on the government’s agenda in line with its broader aim of increasing local production.
He said, “Producers need assurance that if they produce locally, their products will enter the local value chain, and we have created the conditions for that.
“We are also working to avoid dumping, as entrepreneurs that are producing high-quality products cannot compete with imports that are cheaper and of lower quality.”
The minister added, “We want to improve the supply of foreign currency through funding programmes that will bring billions of dollars into the economy.