Investor Presentaiton
Free Trade Zones & Nigeria Tax Regime
Counting the Cost - Nigeria
Tax incentives-without them firms might not have come, but now that they
have come...
Personal income taxes (PIT) payable by employees of approved enterprises -
incentives apply to firms, not employees. Cf. Korea - flat 17% PIT for foreign
CEOs and executives of foreign companies; exemption from obligatory
employment of veterans, disabled and the elderly.
Employment of locals: concerns about Lekki EPZ ($267 million investment in
1st Phase, proposed 15 sq. km coverage & total investment of $5 billion). “...as
with other announced Chinese projects in Africa, whether or not Nigeria will ever see a...
FTZ in Lagos where 300,000 Nigerians are employed is a matter of speculation, if not
skepticism. ... According to a Nigerian report, 'Chinese companies are notorious for their
tendency to bring in their own workers as opposed to hiring locally. This policy does not in
any way address issues of unemployment in the host nations. Safety standards within
their industries are another area of concern.""
OGEFZ - instability in Niger Delta a major inhibitor to goal of being service
hub to entire Gulf of Guinea. Cf. with Equatorial Guinea's Bioko - likelihood
of overshadowing Onne as a major oil and gas hub. In tandem with unfortunate
trend whereby Angola is now leading African oil producer.
Infrastructure is always a major issue - MTN siting W&C African Regional HQ
in Ghana, although has more subscribers in Nigeria than in entire region
combined; ETI (Ecobank) doing same for its Shared Services Center. Cf.
Singapore's HQ Programme – incentive packages commensurate with scale and
value of HQ operations.
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