The Federal Government of Nigeria has announced plans to boost economic growth through key initiatives, including reduced corporate taxes, single-digit interest rates, and funding for local manufacturing.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, revealed these plans at Access Bank’s 2024 Corporate Customer Forum in Lagos.
Key Initiatives:
- Reduced Corporate Taxes: Freeing up capital for businesses and encouraging investment
- Single-Digit Interest Rates: Supporting economic growth and development
- Funding Local Manufacturing: Stimulating the manufacturing sector and creating jobs
- Long-Term Low-Interest Mortgages: Supporting the private sector
- Consumer Credit Schemes: Facilitating the purchase of durable goods
Aliko Dangote, Africa’s richest man, praised the government’s efforts but emphasized the need for stronger domestic investments. “No domestic investment, no foreign investment,” he said, highlighting the importance of supporting local industries to create jobs and reduce reliance on imports.
Supporting Small and Medium-Scale Enterprises (SMEs)
The government has also introduced initiatives to support SMEs, including:
- N50,000 Grants: For small businesses
- 9% Loans: For larger SMEs
Edun acknowledged the crucial role SMEs play in Nigeria’s economy and reiterated the government’s commitment to reducing production costs and boosting output to fight inflation.
These initiatives are part of the government’s economic strategy, developed in consultation with key stakeholders, including the Manufacturers Association of Nigeria (MAN), the Nigerian Economic Summit Group (NESG), and state governments
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