The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised concerns regarding federal tax reforms.
The Nigeria Tax Bill 2024 proposes minimum tax rates and removing tax exemptions for Free Trade Zones (FTZs) nationwide.
NACCIMA warns these changes could cost Nigeria over $200 billion in foreign investments and threaten 600,000 jobs.
Dele Oye, NACCIMA’s president, criticized the reforms for undermining Nigeria’s industrialization goals and foreign investment attraction efforts.
Established under the 1992 Nigeria Export Processing Zones Act, FTZs provide tax incentives, fostering investments and economic growth.
The proposed amendments could reduce investor confidence, prompting businesses to relocate to Ghana, Angola, and similar favorable markets.
Oye stressed that crucial stakeholders, including FTZ associations and companies, were not consulted before announcing these reforms.
He emphasized sustaining current tax incentives is essential for economic growth, considering substantial revenue generated from FTZs.
NACCIMA urged the National Assembly to reconsider reforms, protecting Nigeria’s competitiveness within the global investment landscape.
They recommended delaying amendments, allowing investors adequate time to adapt and stabilize operations under new business conditions.
