NCC says 30% reduction in income tax will increase foreign investments

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Professor Umar Garba Danbatta, The Executive Vice Chairman of the Nigerian Communications Commission (NCC) said the 30 percent reduction in company income tax will boost Foreign Direct Investment (FDI) in the telecoms sector.

Danbatta, who revealed this development during the 2018 ITU Telecom World Conference in South Africa, told investors the 30 percent was part of other incentives from the Nigerian government to create an enabling environment for investors.

According to the Executive Vice Chairman “there are other opportunities for investors in digital transmission system, including microwave satellite and optic fibre, such as submarine cable communications, digital exchanges for both wired and wireless lines, billing systems, data communication networks, broadband and integrated service digital network (ISDN)”.

He also said “indeed the NCC is intensely focused on bringing efficient, qualitative, and affordable ICT platforms within the reach of individuals and corporate bodies through the implementation of our 8 point agenda, the federal government’s Economic Recovery and Growth Plan (ERGP) and the ICT road map to drive synergies, which will expand opportunities for disruptive technology innovation and global competitiveness”.

To boost investment in Nigeria, the 8 point agenda unveiled by the NCC includes: to facilitate broadband connection, improve quality of service, optimise usage and benefits of spectrum, promote ICT innovation and investment opportunities and facilitate strategic collaboration and partnership.

The others include to protect and empower consumers, promote fair competition and inclusive growth, and to ensure regulatory excellence. Danbatta said “we have made it a deliberate policy to ensure availability, affordability and accessibility”.

The Secretary General of International Telecoms Union (ITU), Mr. Houlin Zhao, encouraged investors to take advantage of the opportunity offered by the country. Addressing the issue of security, Zhao said he had visited Nigeria and experienced the security of the country. He said the state of security was encouraging enough for investors.

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