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Nigeria grants tax exemption to tourism investors

Nigeria has granted a three-year tax exemption and export incentives to intending tourism investors. The Minister of Information and Culture, Alhaji Lai Mohammed, said on Wednesday at the fourth edition of the Tourism Investors Forum and Exhibition (NTIFE).
Mohammed, who was represented by the permanent secretary, Grace Isu-Gekpe, said the incentives would ensure that the sector met the country’s development expectations in line with the National Tourism policy of Nigeria and existing fiscal incentive regime for investment.

©Rodney Jackson via 123RF

"The government, in its efforts at ensuring that tourism meets the country’s development expectations, has provided some actual and potentials incentives. "Tax exemption for up to three years, export incentives, land at a concessionary rate, import/export incentives and work permit to foreigners with specialised skill among others," said Mohammed.

The minister stressed the role the sector played in improving the economy through harnessing the vast potentials in it, which he said would serve as a catalyst for diversifying the nation’s economy and job creation. He said that "programs and policies to fully harness the country’s vast tourism potentials over the next one and half decades are anchored in the National Tourism Development Master Plan."

According to Mohammed, the lack of accurate statistics on arrivals and receptions were major challenges confronting the tourism sector, hence the ministry with the support of the United Nations World Tourism Organisations (UNWTO) would implement a Tourism Master Plan.

He explained that the UNWTO, as a follow-up to it, sought the support of some donor agencies to assist Nigeria with funds for the execution of the project on the strengthening of National Tourism Statistical System and the Development of a Tourism Satellite Account (TSA).

"In furtherance to that, the ministry is finalising plans to inaugurate the Core team/a National Consultative Forum that will work on the recommendations of the UNWTO post technical mission project document." Mohammed, therefore, stressed the need for a public-private partnership to develop tourists' attractions and the sector, particularly in areas that have been mapped out in the Tourism Master Plan for the development of the country.

The original article first appeared on Hallmarknews.
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About the author

Alain St Ange has been working in the tourism industry since 2009. He has served as the director of marketing for Seychelles by President and Minister of Tourism James Michel, as CEO of the Seychelles Tourism Board, president of the Indian Ocean Vanilla Islands Regional Organisation, and as Minister of Tourism and Culture which he resigned from on 28 December 2016 in order to pursue a candidacy as Secretary General of the World Tourism Organisation.