As part of efforts to reduce the high importation of raw materials and other manufacturing inputs into the country, the Federal Government is set to introduce tax incentives for manufacturers that use locally sourced materials.
This was made known by the Minister of Innovation, Science and Technology, Chief Uche Nnaji at the Nigeria Manufacturing and Equipment and Nigerian Raw Materials Expo, held in Lagos.
Chief Nnaji said the government has approved the plan to grant Raw Materials Research and Development Council, RMRDC, the authority to implement significant tax incentives, designed to reward manufacturers and innovators, using locally sourced inputs in their production processes.
He said the move would further attract private-sector investment and stimulate technology-driven manufacturing.
The Minister explained that under the proposed incentives, the compliant firms in agro processing, pharmaceuticals, polymers, fabric, green technology, would get tax credits, duty reliefs, investment allowances, and excise waivers.
Writing by Martina Ogbonna