During the opening ceremony of the 18th Abuja International Trade Fair (AITF), a representative of the Dangote Group named Hashem Ahmed announced that their subsidiaries have paid a total of N474 billion in taxes to the federal government over the past three years.
Ahmed also highlighted that the AITF is an important event for national and international exhibitors to showcase their products, access new markets, build valuable business relationships, and stay up-to-date with emerging trends in Africa.
Additionally, Ahmed emphasized that the Dangote Group is not only the largest employer of labor in the private sector but also the largest taxpayer. The AITF will run from September 28 to October 9, 2023, at the Abuja Trade and Convention Center and Abuja Chamber of Commerce and Industry (ACCI) Open Ground.
“As you may know, apart from being the largest employer of labor in the private sector, the Dangote Group is also the largest taxpayer.
“In just three years, Dangote subsidiaries paid a staggering amount of N474 billion to the federal government. These are Dangote Sugar, Dangote Cement, and Dangote Salt, combined,” he said.
During a recent announcement, it was revealed that the Dangote Group will continue to support various programs such as empowerment and skill acquisition, Corporate Social Responsibility, sponsorship, and philanthropy.
These initiatives have already totaled billions of naira. The group is pleased with the new tax reform policy under the leadership of President Bola Ahmed Tunubu, as it is expected to expand the tax net and provide funding for infrastructure development.
According to Doris Uzoka-Anita, the Minister of Industry, Trade and Investment, small businesses and MSMEs often perceive taxes as intimidating due to their limited profit margins.
However, financing and taxation can be essential in driving a new economy in Nigeria, particularly for MSMEs. The minister emphasized the importance of accountability and ensuring that the government utilizes taxes to improve the local business environment.
75 Billion Naira Investment in the Manufacturing Sector
He 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 aim to provide small grants to micro-businesses in each of the federation’s 774 local governments.
“We have also set aside a fund of N75 billion that will be used to support up to 100,000 startups and MSMEs at single digital interest rates repayable within 36 months.
“Last week we launched the National Technology Export program (NATEP), in partnership with Microsoft, and earlier this year we launched the $600 million+ Investment in Digital and Creative Enterprises (iDICE) program, in partnership with the African Development Bank and other partners,” she added.
In his speech, ACCI President Al-Mujtaba Abubakar said that the 18th edition of the fair, whose theme is “Sustainable Financing and Taxation as Drivers of the New Economy”, will provide a platform for companies to interact with financial institutions and taxes and discuss current trends. and solutions and foster sustainable approaches for 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 meeting with extensive marketing opportunities and engaging activities.
“The Fair brings together various industries, facilitating exchanges between national and international actors and promoting interactions between companies and government agencies.
“This edition has foreign representations, trade missions, and international organizations that present their businesses, economic cooperation projects, and outstanding products and technologies,” he said.
He said the AITF has served as a trusted global trade destination that attracts more than 500,000 consumers and provides a platform for business relationships, business opportunities, and ideas.
“Other side events include; business networking, B2B, B2G, and B2C, special days, giveaways, virtual and physical games, 12 days of jollof rice, a free fashion show, free fashion masterclass, free business ethics and compliance training, and much more.
“We promote small businesses and have collaborated with Zenith Bank plc to offer free shops to women-owned businesses at the show. We also collaborated with the FCT Tax Agency for a plenary session on tax harmonization and double taxation,” she stated.