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CITN tasks FG on foreign investment

 The Chartered Institute of Taxation  of Nigeria (CITN) has urged the federal Government to make the local business environment more attractive to foreign investors.

The President of the institute, Mr Kunle Quadri, made the plea while speaking to the News Agency of Nigeria in Lagos  He also called on the government to ensure full implementation of the oil and gas reforms.

“A robust indigenous capacity to exploit the nation’s hydrocarbon resources has become of strategic, security and economic importance,” he said.

Quadri spoke against the backdrop of the dispute between the government and multinational oil firms over the fiscal terms proposed in the Petroleum Industry Bill (PIB).

“All I am saying is that let us continue to enforce the policy as we have it now until it becomes law. Even if it becomes law, let us monitor it to ensure full implementation. Local content may be a failure if those of us already in the business are not encouraged to meet industrial demand and standard,” he said.

Enabling environment is what local and foreign investors are looking for to come in.  The enabling environment is the gap that government needs to close and not worrying about the multinational companies’’ pullout threat. Investors are interested in Nigeria, but a lot of things including energy, power, infrastructure, security issues pose hindrances,” he added.

 Quadri also urged government to boost indigenous capacity building in the upstream sector.
He said the recent threat by multinational oil firms to pull out over new fiscal regimes was a warning signal. Quadri said service providers in the industry were also at risk and urged government to stimulate activities by bridging investment gaps.


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