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To reduce corporate taxes, provide 25-year mortgages ...
No domestic investment, no foreign investment – Dangote The Federal Government of Nigeria has unveiled key initiatives aimed at driving economic growth by reducing corporate taxes, offering single-digit interest rates, and funding local manufacturing. Wale Edun, minister of finance and coordinating minister of the economy, disclosed this on Thursday at Access Bank’s 2024 ‘Corporate Customer Forum’ held in Lagos. He emphasised that the government is committed to creating an enabling environment for the private sector through long-term low interest rates and 25-year mortgages, including manufacturing support.
Edun explained that consumer credit schemes will facilitate the purchase of durable goods, thereby stimulating the manufacturing sector. He also outlined plans to reduce corporate income tax, aimed at freeing up capital for businesses and encouraging investments. According to him, the government will shift the tax burden to high-end consumption, increasing taxes on luxury goods while exempting essential items like food and pharmaceuticals from the value added tax (VAT).
This, according to Edun, will drive local production, create jobs, and stimulate demand across key sectors such as agriculture, health, power, and oil and gas. Read also: Here are 10 sectors that paid most taxes in Q2 Aliko Dangote, Africa’s richest man, praised the government’s efforts but stressed the need for stronger domestic investm.