Testing : Why Invest in Nigeria? Testing : Why Invest in Nigeria?
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Why Invest in Nigeria?
Economic potential: It is true that economy of Nigeria has been affected a lot, still it has maintained quite impressive growth with over 10% in the 5-year period from 2010 to 2015. Even with a recent global recession, Nigeria is always thought of a nice investment venue for accruing profits: It is listed in N11 group of countries by Goldman Sachs - with every country aspiring to be world’s largest economy in 21st century.
Government incentives: The government of Nigeria is always trying its level best to boost private sector and investors. Along-with the current policies that have been drafted to provide strength to free market economy, various incentive based schemes have been launched, like the ‘Companies Income Tax Act’, that focusses to give a huge tax relief to major investors and industrialists.
Natural resources: Nigeria's vast treasure of natural resources is a major source of business growth. Apart from a huge oil industry, there are many resources in the country that are still to be used which include highly needed minerals such as coal, tin and iron ore. There is a vast opportunity in the country's agricultural arena that stands as a source of palm oil, coconut, cocoa and also groundnuts.
Nigeria: Why is it struggling to meet its tax targets?
The national authorities have given a warning that there could be a fiscal crisis in Nigeria in case tax collection ability is not improved further.
The government expenditure is constantly increasing and has got doubled along with a rise in debt servicing costs.
On the other hand, revenue collection has declined on an annual basis by approx. 45% since 2015. Apart from this, the country's national tax body, the Federal Inl