{"id":2648,"date":"2023-11-13T12:33:22","date_gmt":"2023-11-13T12:33:22","guid":{"rendered":"https:\/\/kharisglobalgroup.com\/?p=2648"},"modified":"2023-11-13T12:33:22","modified_gmt":"2023-11-13T12:33:22","slug":"nigeria-plans-to-attract-foreign-investments-with-tax-incentives","status":"publish","type":"post","link":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/nigeria-plans-to-attract-foreign-investments-with-tax-incentives\/","title":{"rendered":"Nigeria plans to attract foreign investments with tax incentives"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"281\" height=\"180\" src=\"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-content\/uploads\/2023\/11\/images.jpg\" alt=\"\" class=\"wp-image-2649\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">To revitalize the economy, Nigeria intends to enhance incentives for foreign investors to counter a decline in capital inflow into the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The administration plans to implement measures aimed at eliminating double taxation and facilitating swift remittances of foreign funds, according to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, in a recent interview.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<em>We have the free-trade zones where they can situate their businesses, export and import their raw materials without any taxes,<\/em>\u201d she said. She called it a \u201c<em>strong incentive\u201d for foreign direct investment, which plunged 52% to $698 million in the six years through 2021<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since assuming office in May, President Bola Tinubu has initiated reforms to rejuvenate Africa&#8217;s largest economy, which had been in a state of decline for almost a decade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These reforms include the elimination of a $10 billion annual fuel subsidy and the liberalization of the foreign exchange market, resulting in a devaluation of the naira by over 40%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Bloomberg, Nigeria has undertaken a review of its bilateral agreements with various countries to attract investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In September, the country entered into several agreements with India, paving the way for the establishment of auto and steel factories in Africa&#8217;s leading oil-producing nation. According to Uzoka-Anite, investors from India are beginning to materialize their commitments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key is to show investors their money will be protected, she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The minister was in Saudi Arabia as part of a Nigerian delegation meeting officials in the Gulf country after the two established a business council and joint chamber of commerce, industry, mines and agriculture. \u201c<em>We\u2019re very keen on making sure that the investments happen very quickly,\u201d<\/em>\u00a0she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source: Business Insider Africa <\/p>\n","protected":false},"excerpt":{"rendered":"<p>To revitalize the economy, Nigeria intends to enhance incentives for foreign investors to counter a decline in capital inflow into the country. The administration plans to implement measures aimed at eliminating double taxation and facilitating swift remittances of foreign funds, according to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, in a recent interview. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/posts\/2648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/comments?post=2648"}],"version-history":[{"count":0,"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/posts\/2648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/media\/2649"}],"wp:attachment":[{"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/media?parent=2648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/categories?post=2648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpd2.hapaweb.com\/kharisglobal\/wp-json\/wp\/v2\/tags?post=2648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}