FG Vows to Ensure Growth of Local Businesses

By Dipo Olowookere

Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has assured investment that federal government will provide an enabling environment for businesses to thrive in the country.

Mrs Ahmed gave this assurance when she inspected the reconstruction of Apapa-Oshodi-Oworonshoki-Ojota road in Lagos State by Dangote Group owned by Mr Aliko Dangote.

During the tour, Mr Dangote presented the company’s investment and expansion masterplan and appreciated the Minister and the President Muhammadu Buhari administration for incentivizing investment in Nigeria.

Mrs Ahmed reiterated the importance of investment in Nigerian industries and partnerships with government towards supporting the economy, exports, infrastructure development, job creation, entrepreneurial & skill acquisition and foreign exchange reserves.

She further affirmed the federal government’s commitment towards making Nigeria investment friendly for investors while ensuring the growth and development of locally owned businesses.

She emphasized on the need for good quality infrastructure after being informed that reinforced concrete roads like the one inspected could last up to 100 years.

The Minister called on investors to take on Public-Private Partnership (PPP) opportunities through the Federal Government Road Infrastructure Tax Credit Scheme.

Recall that on January 25, 2019, President Buhari signed Executive Order #007 on the ‘Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme’ with the Minister as Chair of the Management Committee.

The scheme enables the federal government leverage on private sector funding for the construction or refurbishment of eligible road infrastructure projects across the country. The President approved the construction and rehabilitation of 19 roads and bridges of 794.4km across 11 States.

Participants like Mr Dangote finance these projects through the utilization of tax expenditures, refundable by way of tax credits approved by the Minister and issued by the Federal Inland Revenue Service (FIRS). Dangote Cement PLC received Tax Credit Certificates alongside NLNG during the 1st batch that was issued by FIRS in October, 2019.