The Federal Government of Nigeria said it has unveiled a series of initiatives to boost economic growth, including slashing corporate taxes, introducing single-digit interest rates, and injecting funds into local manufacturing.
This the minister of finance and coordinating minister of the economy, Wale Edun disclosed at a forum held in Lagos on Thursday. He emphasised that the government is committed to creating an enabling environment for the private sector through long-term low interest rates and 25-year mortgages, including manufacturing support.
According to him, the government aims to attract more businesses and investments, while single-digit interest rates will make borrowing more accessible and affordable for entrepreneurs and small businesses.
He explained that consumer credit schemes will facilitate the purchase of durable goods, thereby stimulating the manufacturing sector. He also outlined plans to reduce corporate income tax, aimed at freeing up capital for businesses and encouraging investments.
Edun said, the government will shift the tax burden to high-end consumption, increasing taxes on luxury goods while exempting essential items like food and pharmaceuticals from the value added tax (VAT). This, will drive local production, create jobs, and stimulate demand across key sectors such as agriculture, health, power, and oil and gas.
