…Lists 10 areas for accelerated economic growth
By Providence Adeyinka
Nigeria holds as much as $900 billion worth of dead capital locked up in residential real estate and agricultural land, including federal government’s abandoned properties estimated at N230 billion, said PWC Nigeria.
Dead capital refers to unregistered real property, and is considered lost value because the landholder is unable to transfer or leverage the property to borrow or access capital.
Meanwhile the company has listed ten priority areas for policy makers and businesses necessary to accelerate the country’s economic growth.
Partner and Chief Economist, PwC Nigeria, Andrew Nevin disclosed this while speaking at an executive roundtable on the Finance Act 2020 and Economic Outlook for 2021.
By Lydia Ngwakwe
Lagos, Jan. 29, 2021 Mr Francis Anatogu, Executive Secretary, National Action Committee on African Continental Free Trade Area (AFCFTA), has urged Nigeria to make itself Africa’s premier choice in a number of products and services, if it is considering growing its exports.
Anatogu gave tha advice at an SME talk with the topic, “African Continental Free Trade Area: Unlocking the Benefits to SMEs “, organised virtually, by Wema Bank Plc, on Friday.
According to him, there are huge opportunities in the African market that the country can take advantage of.
He said if the country could take just 10 per cent of the market, it would double its current oil export to the world.
Nume Ekeghe and Dike Onwuamaeze
Tax experts have advised the federal government to tighten regulations around transfer pricing in order to stem the loss of revenue through tax evasion by multinationals operating in Nigeria.
The experts spoke to THISDAY against the backdrop of the revelation by the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, that over $178 billion (about N5.4 trillion) was evaded by multinationals doing business in the country between 2007 and 2017.
Nami, at a workshop on the effective audit of multinational corporations for domestic revenue mobilisation in Nigeria had stated that many “rich multinational corporations do not pay the right taxes due from them, let alone pay their taxes voluntarily.”