#GEJAchievements in Economy: Building Local Capacity As a large and important country in Africa, we have the objective of producing most of our goods domestically so we can be more self-reliant and reduce our dependence on imports. As in other emerging and advanced economies – such as South Korea, Malaysia and China – fiscal policy incentives can serve as one of the instruments to support our industrial policy. These policy measures are also partly intended to serve as incentives to support our private sector given some of the regulatory challenges faced in the domestic business environment. These policies include reduced import duty rates or waivers for equipment and materials for the hospitality, power and aviation sectors; for agricultural machinery; for solid mineral equipment; for gas-using equipment; for the steel sector; for specific manufacturing sub-sectors (e.g. for imports of completely-knocked down parts) and for automobiles and tyres. There are also additional programs such as the Export Expansion Grants (EEG) Scheme designed to promote Nigeria’s non-oil exports. We see these sectors as strategic areas which can stimulate growth, support diversification of the Nigerian economy, and create jobs for Nigerians. In the past, waivers were granted to individual businesses in an approach that resulted in rent-seeking behaviours and an uneven playing field for other businesses. It was precisely the need to stop such a discretionary approach that led to reforms by the Economic Management Team under the leadership of President Goodluck Ebele Jonathan. A sector-wide waiver policy was introduced to provide specific incentives for some strategic, job-creating sectors. Under this regime, all businesses in a sector have access to the same incentives. #GEJAchievements Compare Nigeriab4GEJ
Posted on: Tue, 20 Jan 2015 07:25:27 +0000
Trending Topics
Recently Viewed Topics
© 2015