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Nigeria to Attract Foreign Investments With Tax Incentives, Media Says

© AP Photo / Sunday AlambaNigerian currency
Nigerian currency - Sputnik Africa, 1920, 13.11.2023
Nigeria is seeking foreign investments to accelerate the country's economic growth as President Bola Tinubu implements reforms aimed at eliminating the government's costly fuel subsidy and liberalizing the foreign exchange market.
Nigeria will encourage foreign investments in the country to revive its economy by increasing tax incentives for foreign investors, media reported, citing Nigeria's Minister of Industry, Trade and Investment, Doris Uzoka-Anite.

"We have the free-trade zones where they can situate their businesses, export and import their raw materials without any taxes," the minister noted, calling it a "strong incentive."

Uzoka-Anite added that measures would be taken by the government to eliminate double taxation and facilitate fast remittances of foreign money, the media said.
Moreover, according to the minister, among the country's other measures to attract foreign investments is the conclusion of bilateral agreements with India, which allowed the latter to establish automobile and steel factories in the West African state, the reports noted.
October 17, 2023. Chairman of the People's Republic of China (PRC) Xi Jinping at the continuation of the meeting of heads of delegations participating in the III International Forum “One Belt, One Road” in Beijing. - Sputnik Africa, 1920, 20.10.2023
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The official also emphasized the importance of demonstrating to investors that their money is safe and secure within the state.

"We're very keen on making sure that the investments happen very quickly," says Doris Uzoka-Anite

It was earlier reported that an immediate inflow of investments from Saudi Arabia is expected in Nigeria following the establishment of a business council aimed at channeling funds into key sectors in the West African country.
In May, Tinubu declared plans to revitalize Nigeria's economy after a decade of stagnation and launched a series of reforms, including the removal of costly fuel subsidies and the liberalization of the foreign exchange market, which resulted in a substantial increase in cost of living.