The Nigerian government has introduced key economic reforms aimed at stimulating growth by reducing corporate taxes, offering single-digit interest rates, and funding local manufacturing.
Speaking at Access Bank’s 2024 Corporate Customer Forum, Finance Minister Wale Edun highlighted plans to shift the tax burden to luxury goods while supporting essential industries like agriculture and manufacturing.
The government also aims to lower production costs, boost output, and create jobs through long-term mortgages and credit schemes.
Africa’s richest man, Aliko Dangote, praised the government’s efforts but called for stronger local investments to reduce reliance on imports and support domestic industries.
He emphasized the importance of protecting small and medium-sized enterprises (SMEs) from unfair competition with foreign manufacturers and urged continued efforts to create a circular economy that benefits all sectors.
Additionally, economic experts, including Bismarck Rewane, projected a 3.5% growth in Nigeria’s economy by 2026, reaching $400 billion.
Despite these positive forecasts, challenges such as rising electricity and telecom tariffs, a depreciated naira, and inflation remain concerns.
However, government policies are expected to stabilize the foreign exchange market and reduce non-performing loans.