The private sector hold the key to the quick recovery of Nigeria’s economy from recession, President Muhammadu Buhari has said.
Speaking on Thursday at the 44th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Abuja, Buhari urged the private sector to work with the Federal Government as part of measures to take the Nigeria out of recession.
Also speaking at the event, President of the Dangote Group, Aliko Dangote advised the Federal Government to expand the tax net rather than increasing tax rate as currently being advised.
Dangote said:“The crux of our problem is therefore the depth and quality of diversification. To be impactful, diversification in Nigeria has to occur across several fronts.
“There is export diversification, which involves creating multiple streams of foreign exchange income by exporting a variety of value added products (as well as services).
“Next is fiscal diversification to shore up the contribution of non-oil revenue to total government revenue by increasing tax receipts. The emphasis should however be on expanding the tax base rather than increasing the tax rate.
“Diversification is no longer an option, it has now become the only hope. Diversifying the Nigerian economy can sometimes be misconstrued to mean neglecting the oil and gas sector. On the contrary, the oil and gas sector needs to be deepened and expanded to enable us unlock the full benefits in the hydrocarbon value chain.”
On his part, Minister of Industry, Trade and Investment Dr OkechukwuEnalamah said the government will continue to partner MAN in order to get the economy out of recession.
MAN President, Dr Udemba Jacobs commended Dangote for his contribution to the manufacturing sector.
He said:“The Dangote Group which started as a small trading firm in 1977 is today a multi trillion naira conglomerate with its operations spanning across many Africans countries.”