Experts Advocate Tax Incentives for Agriculture Sector

 

Experts have advocated for tax incentives in the agricultural sector, stating that it will help unlock the sector's potential.

The experts in taxation expressed their views at Blakey's National Tax Conference held on Thursday in Lagos, with the theme "Agricultural Revolution: The Tax Incentive Edge."

In his lecture titled "Agricultural Revolution in Nigeria," Mr. Charles Fakrogha described agriculture as the cornerstone of Nigeria's economy. Despite its significant role, the sector faces numerous challenges. According to him, if the structure and accessibility of tax incentives are improved, it will enable farmers and stakeholders to contribute more effectively to food security and economic growth in Nigeria.

Mr. Fakrogha highlighted the positive impacts of tax incentives on the sector, including improved productivity, increased investment in infrastructure, job creation, food security, and enhanced competitiveness.

In his lecture titled "The Catalyst of Change: Agriculture Revolution in Nigeria," Chief Blakey Okwudili Ijezie, FCA, outlined the challenges facing the sector, such as security issues, market access, limited technology adoption, access to irrigation, low tractor density, and poor road infrastructure.

Chief Ijezie, who is also the convener of the conference, observed that the agricultural revolution in Nigeria represents a transformative phase aimed at enhancing food security, boosting economic growth, and improving livelihoods.

He explained that by reducing tax burdens, farmers and stakeholders would be empowered to invest more in their operations, leading to increased productivity and competitiveness.

Chief Ijezie emphasized that catalysts for change—such as policy reforms, technological advancement, and private sector engagement—play crucial roles in driving the revolution, enabling the sector to overcome challenges and seize opportunities for development.

Contributing to the discussion, the Chairman of the occasion, Engr. George Irechukwu, FCA, stated that taxation plays a critical role in shaping both global and local economies.

In his paper titled "Activating Agricultural Revolution in Nigeria Through Tax Incentives: Unlocking the Potential for Economic Growth and Food Security," Mr. Tony Chinwe opined that tax incentives can drive agricultural growth with effective implementation.


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