FG Plans Tax Incentives for MSMEs, Automotive Industry
The ministry OF Industry, Trade and Investment is facilitating the delivery of tax and regulatory incentives for Micro, Small and Medium Enterprises with priority on the agriculture, construction and automotive industries.
Minister of Industry, Trade and Investment, Niyi Adebayo, made this known while speaking at a private equity summit in Lagos.
He said the Federal Government through the Nigerian Investment Promotion Commission was modernizing bilateral investment agreements with a purpose to benefit MSME
He stated that most recent agreements targeted countries that aligned with the Federal Government’s ambition of building local production capacity.
“The Federal Government seeks to localize at least 40 per cent of its expenditure on stipulated goods and services to facilitate local markets access for Nigeria-made products.
“The government also seeks a comprehensive approach in mobilizing capital, incentivizing priority sectors and expanding market access for local producers,” he said.
Adebayo said the government would further enhance the ease of doing business and support the growth of the MSMEs.
This, he said, would present a compelling case for global investors when viewed against the backdrop of the country’s capacity for growth
The Founder of Counsel, Udo Udoma and Ben Osagie, Senator Udo Udoma, organizer of the event stressed the need for private sector’s participation in the development of the country’s economy.
Udoma said that government must engage private sector to ensure economic expansion, noting that government could not do it alone.
He said there was a need for the government to create an enabling environment to encourage the growth of private equity in Nigeria.