Monday, September 26, 2022

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Buhari touts Nigeria’s supply chain potential to US

President Muhammadu Buhari believes Nigeria can be a major international supply chain partner to global economies like the United States.

Buhari made the declaration on Thursday while speaking to captains of industry, ambassadors, and foreign investors among others at the Nigeria International Economic Partnership Forum which was held on the sidelines of the United Nations General Assembly (UNGA) in New York.

Consequently, the President announced tax-free incentives to encourage investment in Nigeria.

He told captains of industry, ambassadors, foreign investors, and others at the Forum that his administration had facilitated fiscal investment including three to five years of tax holidays for enterprises in pioneer industries, tax-free operations, and no restrictions on expatriate quotas in Nigeria’s free trade zones.

The administration has also made provisions for capital allowances for agriculture, manufacturing, and engineering as well as a VAT-free regime of five percent, among other incentives.

President Buhari is in New York for the 77th United Nations General Assembly.

In his last address to the UN General Assembly as Nigeria’s President on Wednesday, the President promised to leave a legacy of free, fair, and credible election.

“Nigeria, therefore, implores our global partners to do more to complement our endeavours. Indeed the multi-faceted challenges facing most developing countries have placed the ability to address their fiscal place,” he said.

“This equally calls for the need to address the burden of unsustainable external debts by a global commitment to the expansion and extension of the debt service suspension initiative to countries facing fiscal and liquidity challenges as well as outright cancellation for countries facing the most severe challenges.”

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