October 01, (THEWILL) – Dangote Group, a Nigerian multinational industrial conglomerate, announced Thursday that its subsidiaries have paid N474 billion in tax to the federal government in three years.
A representative of the Dangote Group, Hashem Ahmed, disclosed this at the opening ceremony of the 18th Abuja International Trade Fair (AITF) on Thursday.
The AITF scheduled for between 28 September to 9 October 2023 at the Abuja Trade and Convention Centre and the open field of Abuja Chamber of Commerce and Industry (ACCI), is a prestigious multi-sectoral event in Nigeria.
It offers domestic and international exhibitors a platform to showcase new products, access untapped markets, forge valuable business relationships and stay ahead of emerging trends in Africa.
Delivering his company’s goodwill message at the event, Mr Ahmed said aside from being the highest employer of labour in the private sector, the Dangote Group is also the biggest taxpayer.
“As you may be aware that apart from being the highest employer of labour in the private sector, the Dangote Group is also the biggest taxpayer.
“In just three years, Dangote subsidiaries paid a staggering N474 billion to the Federal Government. These are Dangote Sugar, Dangote Cement and Dangote Salt, combined,” he said.
He explained that this corridor of sustained financial support by the Dangote Group is in addition to several empowerment/skill acquisition programmes, Corporate Social Responsibility programmes, sponsorship and philanthropic schemes, running into several billions of naira.
He said the group was also pleased that the new government under the leadership of President Bola Ahmed Tunubu is pursuing a tax reform policy that would help expand the tax net and provide the necessary financing for the development of the country’s infrastructures, which will serve as the bedrock for the much-touted industrial takeoff in Nigeria.
Also speaking, Doris Uzoka-Anita, Minister of Industry, Trade and Investment (FMITI), said for many small businesses and MSMEs the thought of taxation is a scary one.
The minister represented by the Director Commodity and Export, FMITI, Kaura Irimiya, said “The idea of paying tax from already tight profit margins is something that no business owner looks forward to. The issue in Nigeria however has always been one of accountability and ensuring that the government uses taxes received to improve the local business environment.
“Financing and taxation can play a crucial role in driving a new economy in Nigeria, especially for Micro, Small and Medium Sized Enterprises (MSMEs),” the minister said.
She noted that the government has announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.
“We intend to spend N75 billion by March 2024 to strengthen the manufacturing sector. We also intend to provide small grants to micro businesses in each of the 774 local governments of the federation.
“We have also earmarked a fund of N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.
“Last week we launched the National Technology Export (NATEP) programme, in partnership with Microsoft and earlier this year we launched the over $600 million Investment in Digital and Creative Enterprises (iDICE) program, in partnership with the African Development Bank and other partners,” she added.
In his address, the ACCI President, Al-Mujtaba Abubakar said the 18th edition of the fair, themed “Sustainable Financing and Taxation as Drivers of the New Economy” will provide a platform for businesses to engage with financial and tax institutions, discuss current trends and solutions and foster sustainable approaches to the African Continental Free Trade Area.
He explained that the fair will showcase innovative products and solutions in sectors such as fintech, tax collection, payment services, e-health, food processing and environmental safety.
“It offers a unique and inclusive business gathering with ample marketing opportunities and exciting activities.
“The Trade Fair brings together diverse industries, facilitating exchanges between national and international stakeholders and fostering interactions between businesses and government agencies.
“This edition features foreign representations, trade missions and international organisations presenting their businesses, economic cooperation projects and featured products and technologies,” he said.
He said the AITF has served as a trusted global trade destination attracting over 500,000 consumers and providing a platform for business relationships, trade opportunities and ideas.
“Other sideline events include; business networking, B2B, B2G, and B2C, special days, raffle draws, virtual and physical games, 12 days of jollof rice, a free fashion runway show, free fashion masterclass, free business compliance and ethic training and many more.
“We promote small businesses and have collaborated with Zenith Bank plc to provide free stores for women-owned businesses at the fair. We are also collaborating with the FCT Inland Revenue Service for a plenary session on tax harmonisation and double taxation,” he said.
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