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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