http://www.vanguardngr.com/wp-content/uploads/2015/05/TAX-aa.jpg By Franklin Alli
CHEMICAL and Non-Metallic Products Employer’s Federation, CANMPEF, has called on the Federal Government to increase tax holidays for investors in order to create many multiplier effects in the nation’s economy.
According to CANMPEF, the measure would culminate in the creation of many multiplier effects, especially new investments and jobs creation.
President of CANMPEF, Chief Devakumar Edwin, who made the call in Lagos during the 38th annual general meeting of the association with over 93 member companies across food and beverages, cement, sugar and steel in attendance, said: “Government should take a firm position in protecting local industries through appropriate policies and incentives. For instance, in Senegal, if you are investing in a new plant, the government will give you 10 years tax holiday, but in Nigeria, government gives you three years.”
According to him, in spite of the challenges in the operating environment, some of the companies were able to weather the storm and continue with their operations. He urged the government to continue to support genuine manufacturers with the right fiscal and monetary policy and incentives.
Also speaking, Dr. Biodun Adedipe, Chief Consultant of Biodun Adedipe Associates Limited, a firm of Financial and Management Consultants, also stressed the need for government to introduce deliberate policies that can further boost the sector to produce locally.
Adedipe, who was the guest speaker, disclosed that the manufacturing sector contributed 23.21 per cent to the nation’s Gross Domestic Product, GDP, in the first quarter of 2017.
He stated: “Where the sector was today in terms of contribution to GDP is where it was in the 80s, and there is need to scale up; if government can take up deliberate policies that can further boost the sector to produce locally, its GDP contribution can rise to 40 percent.
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