President Bola Tinubu has assured prospective investors of
his administration’s determination to adopt necessary fiscal and regulatory
measures toward the ease of doing business in Nigeria.
At the Nigeria-US Executive Business Roundtable, the
President said he recognised that investment capital is cowardly in nature.
He said that was the reason behind his bringing successful
Nigerian industrialists and public officials to share their experiences and
operational plans, respectively.
Tinubu said this was in addition to all he had done to boost
the confidence of the global investment community in Nigeria, by reforming the
fiscal, monetary, regulatory and tax policy environment.
“Nigeria is an opportunity that is impossible to replicate
or find elsewhere in any part of the world. We have brilliant young people who
both innovate and consume at a large scale.
‘’Our entrepreneurial spirit is a major part of what makes
our market totally unique, aside from demography.
‘’Nigerians build businesses and Nigerian businesses partner
with other businesses to conduct larger business.
‘’There is enough value to spread around. Be careful of what
you hear about Nigeria. You may be dissuaded out of a major opportunity that
others will take up.
‘’We are here for you. We will give you all the support you
need to succeed and succeed abundantly,” the President said.
On behalf of the U.S. Government, U.S. Deputy Treasury
Secretary Wally Adeyemo, told U.S. business leaders he came back from Nigeria
on an official visit that later became a fact-finding mission.
“In Lagos, I saw, first-hand, some of the major reforms you
implemented as the Governor of Lagos and the transformative effect on Nigeria’s
commercial capital.
‘’People have
attested to the fact that the reforms you have put in place as President are
quickly enhancing confidence.
‘’American business is paying attention to that and from
what we have seen for ourselves, Nigeria is proving to be a new frontier for
investment.
‘’We will encourage our companies from our end as those
reforms continue to deepen,” Adeyemo said.
The American Business Council President, Mr Sops Ideriah,
said that the extensive turnouts at the roundtable by American business chief
executives was impressive.
According to him, the turnouts served as a testament to the
degree to which confidence is rising in response to the actions and words of
the President.
He said that this was with respect to ease of doing
business, investment promotion, and his willingness to intervene to clear the
historical concerns of American business people about doing business in
Nigeria.
“Having all the stakeholders in the room, His Excellency,
the President of Nigeria being here, from government actors at the federal and
state level to ministers and tax authorities present, as well as private sector
industrialists in Nigeria.
‘’We are very positive about the potential of Nigeria and we
are just reinforcing to our colleagues the message about the economic
opportunities that exist there,” Ideriah said.
Acting Chairman of the Federal Inland Revenue Service
(FIRS), Mr Zacch Adedeji, assured the American captains of industry that the
nation’s apex tax authority would not focus on taxing the seed.
He said it would focus only on the proportionate taxation of
the fruit of fully formed industry, through efficient policy synergy with
Nigeria’s sub-national authorities.
“The President is a business enabler, not a handicapper.
Everything we do will be geared toward making your tax assessment and payment
processes as digitally efficient and transparent as possible.
‘’We are not after the seed, but the fruit and we will keep
to this commitment,” Adedeji said.
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