Nigeria’s president, Muhammadu Buhari, thinks the country can play a significant role in the Global Supply Chain of advanced nations like the United States.
In remarks to business leaders, ambassadors, and international investors, among others, at the Nigeria International Economic Partnership Forum, which was held in conjunction with the United Nations General Assembly (UNGA) in New York, Buhari made the proclamation on Thursday.
In order to promote investment in Nigeria, the President consequently offered tax-free incentives.
At the Forum, he informed business leaders, ambassadors, foreign investors, and other guests that his administration had made it easier for businesses to invest financially by providing them with tax holidays lasting three to five years, tax-free business operations, and no quota restrictions on foreign workers in Nigeria’s free trade zones.
In addition, the administration has included provisions for capital allowances for industry, engineering, and agriculture as well as a five percent VAT-free regime and other incentives.
In attendance at the 77th United Nations General Assembly is President Buhari in New York.
The President of Nigeria pledged on Wednesday to leave a legacy of free, fair, and credible elections in his final speech to the UN General Assembly.
In his speech, the President advocated for the forgiveness of debt for emerging nations.
He drew the attention of international leaders to issues like the enormous load of debt servicing that developing countries are facing and pleaded with them to do something to lessen that burden.
Nigeria consequently begs its international allies to step up their support for our efforts. The ability to solve their budgetary situation has really been compromised by the multifaceted problems that most emerging nations face, he said.
“This also highlights the necessity for a global commitment to the development and extension of the debt service suspension plan to nations suffering fiscal and liquidity issues as well as outright cancellation for countries facing the most severe challenges.”
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