The Edo State Governor, Mr. Godwin Obaseki, has said local companies looking to invest should be given more incentives to do so, including a non-punitive tax regime to encourage investments and boost the nation’s economic growth.
The Governor made the case while receiving the management team of Guinness Nigeria Plc., led by the Chairman, Babatunde Savage, who paid a courtesy visit to the governor, at the Government House in Benin City, the Edo State capital.
According to Obaseki, local companies willing to invest and contribute to the economic growth of the country should be giving incentives such as a non-punitive tax regime.
He said the state government will continue to encourage local investors, noting that “such measure will attract other investors to locate their businesses in the state.”
He noted that “Without strong local investors, we cannot attract international investors”. He assured that he would take the campaign for a non-punitive tax regime to the federal government to attract more companies that will create jobs for the nation’s teeming unemployed youths.
Obaseki lauded Guinness Nigeria Plc for growing its investment in the state with the introduction of the company’s newest beer brand, Royal Kingdom Premium Lager Beer, noting that it is the beer for Edo people.
He commended the company for complementing the drive by the state government to create employment opportunities, “We commend Guinness for the direct and indirect jobs it has continued to create in the state. Local companies like Guinness Nigeria Plc. have continued to contribute to the overall development of the state.”
Earlier, the Chairman, Guinness Nigeria Plc, Mr. Babatunde Savage, expressed his company’s appreciation to the governor for supporting their operations in the state, noting, “Through the support of the state government, the company has been able to expand its business in the state.
“The company’s new product: Royal Kingdom Premium Lager Beer, has its materials sourced locally. This was a deliberate choice to empower people in the state,” said Savage.
Tax Holidays and other incentives will do the magic. But the problem in Nigeria is that government only collect taxation and do not provide the needed tools for other firms to thrive.