FEMI MAKINDE
A former Governor of Cross River State, Donald Duke, says multiple taxations, lack of access to credit facilities and erratic power supply are discouraging investment in the country.
Duke stated this in an interview with journalists after he delivered a paper as the guest speaker at the 10th anniversary and award ceremony of the Ife Business School on Friday in Osogbo, the Osun State capital.
He expressed concern with the way officials of the federal, state and local governments usually invaded business premises and harassed operators to pay various taxes and rates.
He insisted that such an approach to collect tax was discouraging investors from investing in manufacturing.
He said Nigeria should take advantage of its huge population of about 200 million people to woo foreign investors.
The former governor said lack of necessary factors was one of the things that made importation of finished products attractive than producing same products locally.
Duke said, “Taxation is a major handicap to investment because if you are to invest here, you will pay corporate tax to the Federal Government, the state government will return to collect the PAYE, land dues and the local government will come for their own.
“This makes your cost of production expensive and therefore, it is easier for importers to import goods very cheaply from foreign countries.
“We need to clarify all these. The way tax authorities from different tiers of government are harassing people makes it unattractive for businessmen to come here.”
Also, the Founder of Ife Business School, Dr. Makinwa Adereti, advised the government to urgently address the problem of unemployment. He said the government must urgently create jobs and ensure that wealth was spread through the promotion of entrepreneurship.
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