Business
Ayade Promises Tax Relief For Investors
The Cross River State Governor, Prof. Ben Ayade has promised that investors who come and invest in the State’s economy will be guaranteed tax relief. He stated this in Calabar during the opening of a summit on Niger Delta Agricultural and Industrial Development, a presidential initiative to showcase the agricultural and industrial potentials of States in the Niger Delta region.
According to the governor, the major focus of his administration has been on tax relief and he has granted a number of tax reliefs to a considerable number of people in the state particularly low income earners.
“The people who earn less than 80, 000 are granted tax relief because philosophically, an evolving economy that focuses on tax will fail. You can never tax your people to prosperity. Instead of taxing your people, you tax your brain,” he said.
Assuring potential investors of the safety of their investments, Professor Ayade said investors who come to the state should be assured that the state has policies that are hugely beneficial to investors. He advised investors to verify these claim from present investors in the state like Lafarge and GE. Larfarge he said has doubled its capacity from 2.5 million metric tons per annum to 5 million metric tons per annum due to the favorable tax policies of the state government.
According to him, he has invested substantially within and outside the state before he came into politics and so he understands the peculiar needs of investors. These needs, he said, had been addressed in the course of his administration and his efforts had ensured that Cross River State remains statistically the safest state in the country which is a comparative advantage over other states.
He commended the president for his support for his administration particularly the approval for the construction of the deep sea port and the super highway which will serve as an evacuation corridor for and asked investors to the state to take advantage of these projects. He disclosed that work on the Super Highway is ongoing and the construction work on the Bakassi seaport which will be the deepest seaport in Africa will commence in a fortnight.
Also speaking, the Minister of Niger Delta Affairs, Pastor Usani Usani disclosed that the Buhari administration places a premium on infrastructure and is making serious efforts to address infrastructural deficit in the country.
He disclosed that the ministry had set aside three billion naira for mobilizing the contractor that will handle the Akwa Ibom – Cross River Section of the East West Road.
He however explained that the delay in constructing the road was due to a faulty design which the Buhari administration inherited but has redressed it and the contractor will move to site shortly.
Friday Nwagbara, Calabar
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
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