Nigeria has been urged to deploy its tax policy being implemented on various sectors of the economy as an incentive to boost foreign direct investment (FDIs) into the country rather than using same as a disincentive to investors. United States Senator, Edward Markey, gave the advice during a chat with New Telegraph on the side-line of his visit to Nigeria recently to campaign for the need for Nigeria to be a major force to reckon with in digital revolution in Africa.
Markey, the ranking Democratic Party member on African and Global Health Policy Sub-committee of the Senate Foreign Relations Committee, who spoke in Lagos, said a country such as Nigeria, which is still facing infrastructure deficit, should design its tax policy to encourage industry expansion.
He said that government does not need to stifle businesses through imposition of multiple taxes but create a relaxed atmosphere for investors such that as businesses expand and add value to the economy, they are also able to pay more taxes.
“Already, what investors and businesses do is to take risks. So, tax policy of government must encourage and not discourage the entrepreneurs to take businesses and investment risks,” he said.
Markey, in his earlier address at the Co-Creation Hub, at Yaba area of Lagos, where he addressed stakeholders from the Nigerian digital ecosystem, maintained that “Nigeria should be at the forefront of digital revolution in Africa” but stressed that “without access to the Internet, that will be difficult to achieve.”
He said that he heard from Nigerian’s technology leaders and young entrepreneurs on August 13 regarding their success and challenges and offered remarks on his efforts to expand Internet access and digital literacy to enhance economic development, education and good governance in developing countries.
He said his delegation to Nigeria, comprising Karen Bass, ranking DP member of the Africa and Global Health Global Human Rights and International Subcommittee of the House Foreign Affairs Committee and Carolyn Maloney, both members of the US House of Representatives, had earlier visited Vice President, Prof. Yemi Osinbajo, on August 13.
The meeting with the VP, according to Markey, was to discuss how public-private partnerships in the areas of technology and infrastructure could promote economic growth and development.
In his August 13 remarks to an audience of prominent technology leaders in business, civil society, government and especially young entrepreneurs, Markey said he had emphasised that Internet connectivity and successful economic development are inextricably linked in the 21st century’s global economy. “It will be the entrepreneurial and creative attitude of the people in Nigeria and across the African continent that will be the key to overcoming challenges to connectivity,” Markey said. “You all embody the vibrant spirit that is the heart of the Internet.
You will be digital ambassadors in bringing more connectivity to this great country and the region.” Markey had introduced proposed legislation in the US Congress entitled: “Driving Innovation and Growth in Internet Technology and Launching Universal Access to the Global Economy (DIGITAL AGE) Act.”
He said the proposed Act was aimed at promoting public- private partnerships, and expanding Internet access with policy tools encouraging improved support for investors, strengthened and shared infrastructure, better spectrum allocation and creation of public Internet access facilities and affordable devices.
Markey added that he would be willing to work collaboratively with Nigeria in looking at areas where there are challenges to Internet infrastructure deployment and providing solutions to such problems in order for Nigeria to take its rightful place in the largest back continent.
Source: NEW TELEGRAPH