The Kwara State Governor, Dr. Abdulfatah Ahmed, has suggested the granting of tax holidays to the manufacturing sector as part of strategies to reactivate the nation’s ailing industries.
Ahmed, who gave the suggestion during a visit to his office by a delegation of the Manufacturing Association of Nigeria, led by its National President, Chief Kola Jamodu, also said that high interest rates, poor national road network, irregular and inadequate power supply were critical challenges hindering sustainable industrial growth in the country.
According to Ahmed: “Granting tax holidays to genuine manufacturers would not only bring ailing industries back to life but provide employment to millions of idle hands, which have become devil’s workshop.”
The governor noted that unemployment, which he described as a major challenge in the country, was compounded by the high number of unemployable out of school population.
This, he said, painted a frightening picture for the country, especially in terms of national security.
Jamodu said multiple taxation was a disincentive to industrial stability and growth, calling on governments across the country to discourage the trend.
Jamodu called for a reversal of exportation of raw materials and importation of finished products, which has not helped the economy of the country.
“Nigeria must add value to its natural resources before export as this will also create employment opportunities for greater number of people in the country,” he emphasized.
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