Concerns have been raised by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture regarding the negative impact of arbitrary taxation on businesses and the national economy.
During the 45th Trade Fair organized by the Kano Chamber of Commerce, Industry, Mines, and Agriculture, the President of NACCIMA, Dele Oye, highlighted that excessive taxes can impede innovation, discourage investment, and jeopardize the sustainability of businesses.
Oye emphasized the need for all levels of government in Nigeria, especially state and local authorities, to carefully consider the long-term consequences of high taxation on enterprises. He urged for collaborative efforts to establish a business-friendly environment that promotes entrepreneurship and economic growth.
Furthermore, a call was made for a review of certain sections of the 2024 Tax Bill that negatively affect businesses, particularly those operating in free trade zones. The Federal Government was urged to adopt a more cooperative and sustainable approach to tax policies to avoid destabilizing key sectors of the economy.
Regarding free trade zones, Oye appealed to the President to seek input from genuine private sector representatives and organized private sector groups in Nigeria before implementing significant economic policies.
The NACCIMA president stressed the importance of non-oil exports for achieving economic prosperity, emphasizing the necessity of diversifying export products and creating market access for local producers in global markets through strategic policies and programs.
He suggested establishing trade offices in key export destinations, forming partnerships with international trade organizations, and organizing trade missions and export-focused events to showcase Nigerian products and build connections with foreign buyers.
To support export-oriented enterprises, Oye proposed offering incentives to banks to increase lending, aiding businesses in scaling up operations to meet international demands. He also emphasized the significance of obtaining international certifications and enhancing quality control measures at exit ports to ensure compliance with global standards and consumer satisfaction.