FG Set to Unveil Initiatives to Boost Economy’s Growth

By Nume Ekeghe and Ugo Aliogo 

The Minister of Trade and Investment, Dr. Okechukwu Enelamah, at the weekend disclosed the resolve of President Muhammadu Buhari to reposition the economy in 2018, with the planned launch of key growth initiatives next month.

Enelamah, who disclosed in Lagos at the launch of Andersen Tax, a global independent tax firm in Nigeria, noted that the move was geared towards attracting investments through Public-Private Partnership for the development of the economy.

He explained that government was interested in the collaboration because of its drive for investment, and implementation around infrastructure and industry, further adding that “this is the best way to implement the Economic, Recovery and Growth Plan (ERGP).”

The minister further stated that the growth model, which the federal government adopted, was used by Malaysia in restructuring their economy, adding that if the government is able to implement the ERGP which involves restoring growth, investing in people and building the economy, jobcreation would be fast-tracked.

Enelamah added: “You aware that government has an ongoinginitiative, which is the Voluntary Asset Income Declaration Scheme (VAIDS). The key is to create this social contract so that the people will be happy to pay their taxes and government will put these taxes to work.

“Paying taxes revolves around digitalisation. We also connect it to the ease of doing business because the more we put the taxes to work, the better we improve businesses. There are so many initiatives government wants to roll out.

“We are doing things which revolve around making it easy for people to do business. We have created a web porter where people can complain, share other information they have and do business.

“At the middle of March, federal government will be launching some key initiatives to in order to successfully attract investments in public and private partnership collaboration for the economy. We are interested in this collaboration particularly when it comes to investment, implementation around infrastructure and industry. This is really the best way to implement the ERGP.

“This is a model that was used by Malaysia to improve their economy. If we are able to do what the ERGP says by restoring growth, investing in our people, and building our economy, you will agree with me that the jobs will come. If you look at our tax to GDP ratio when compared with other countries, you will realise that we are poorly.

“The enabling environment and the ease of doing business initiatives are very important to this government. There is need for Nigerians to be tax complaint in order to support government efforts to revive the economy. There is connection between sustainable growth and payment of taxes.

“What is important to this administration is the enabling environment and the ease of doing business initiative. Last year, this government passed into law, the Credit Reporting Act and Collateral Registry Act. The Acts aim at affording small and medium scale businesses enterprises the opportunity of accessing loan facilities by providing/using movable assets as securities.”

Earlier in his remark, the Managing Director Andersen Tax Nigeria, Olaleye Adebiyi, said the company had built a solid track record over the years, establishing its footprints in Europe, Latin, Africa and Asia, stating that the company had been launched in Egypt and on April 1, it would be launched in Kenya.

He added that before the end of the second quarter of 2018 the company would also expand its footprint to South Africa and before the end of the third quarter, it would be launched in the United Kingdom,saying “we are working to ensure that clients can be served seamlessly in all locations across the world. We want to be a catalyst for the improvement of the tax system in Nigeria.”