Global competitiveness: Over 30 taxes choke industries in Nigeria as FG plans 18 more

Manufacturers have lamented that the multiplicity of taxes, levies and fees have continued to hamper the competitiveness of the Nigerian manufacturing sector in the global space.

Against the backdrop of the advent of the Africa Continental Free Trade Area (AfCFTA), this even puts Nigerian manufacturers at a disadvantage with their African counterparts, with the nation’s corporate tax rate at over 30 per cent well above the global average at 23.37 per cent and African average at 27.6 per cent.

The Manufacturers Association of Nigeria (MAN), the umbrella body of manufacturers in the country, lamented that the nation’s manufacturing sector is groaning under a multiplicity of taxes and levies, noting that over 30 of such different taxes, levies and fees are being charged by various government agencies.