PORT HARCOURT – Mr Chikere Ogbonda, an industrialist in Port Harcourt, on Friday said that tax cut was imperative for improved industrial production and job creation in Nigeria.
Ogbonda made the observation in an interview with the News Agency of Nigeria (NAN) in Port Harcourt on Friday while speaking on the need to promote industrialisation.
He said that imposition of heavy taxes on private industries and firms had reduced the ability of investors to expand their business in the country.
‘’Some private companies pay as much as N500, 000 tax monthly to government. This is quite unacceptable now that government is preaching transformation.
‘’Entrepreneurs ought to be given level playing ground, friendly and soft conditions for them to grow which will be to the advantage of the country,’’ the industrialist said.
Ogbonda said that one of the biggest challenges facing investment was taxation, especially the exploitative ones.
He urged government at all levels to reconsider the taxes imposed on private companies to make the country’s transformation agenda a reality.
The industrialist urged government to encourage production of goods and services to reduce poverty through job creation.
According to him, if an investor spends less on taxation, he will certainly make more profits to make more investments.
He, however, commended the Federal Government for its efforts in promoting Public-Private Partnership (PPP) on projects execution.
The industrialist expressed confidence in the willingness of investors to collaborate with government at all levels to rescue Nigeria from economic distress. (NAN)