The Federal Government on Wednesday disclosed that foreign tourism investors willing to invest in the country would enjoy sundry fiscal incentives, including a three-year tax exemption and import/export concessions.
The Minister of Information and Culture, Mr. Lai Mohammed, made the during the fourth edition of the Tourism Investors Forum and Exhibition (NTIFE) held in Abuja.
Mohammed, who was represented at the event by the Permanent Secretary in the ministry, Mrs Grace Isu-Gekpe, explained that the incentives would ensure that the sector met the country’s development expectations in line with the National Tourism Policy of Nigeria and other existing fiscal incentives regime for investment.
He said: “The government, in its efforts at ensuring that tourism meets the country’s development expectations, has provided some actual and potentials incentives.
“Tax exemption for up to three years, export incentives, land at concessionary rate, import/export incentives and work permit to foreigners with specialized skill among others”, the minister added.
The minister, while speaking on the roles the Tourism Sector is playing in improving the economy through harnessing the vast potential in it, pointed out that if properly harnessed, the sector would serve as a catalyst for diversifying the nation’s economy and job creation.
He pointed out that the programmes and policies to fully harness the country’s vast tourism potential over the next one and half decades were enunciated in the National Tourism Development Master Plan.’’
The minister listed lack of accurate statistics on arrivals and receptions as some of the major challenges constraining the sector’s growth, adding that the ministry with the support of the United Nations World Tourism Organisations (UNWTO) will implement a Tourism Master Plan to optimize its opportunities for national development.
He explained that the UNWTO, as a follow-up to the collaboration on the Master Plan solicited the support of some donor agencies to assist Nigeria with funds for the execution of the project on the strengthening of National Tourism Statistical System and the Development of a Tourism Satellite Account (TSA).
Mohammed confirmed that in furtherance to that, the ministry was now finalising plans to inaugurate the Core team/a National Consultative Forum that will work on the recommendations of the UNWTO post technical mission project document.
As a result of the various initiatives of government to open the sector for development, he stressed the need for a public-private partnership, particularly in areas that have been mapped out in the Tourism Master Plan for the development of the country.
