Nigeria will boost incentives for foreign investors in an attempt to address a decline in capital coming into the country as part of the government’s plans to revive the economy. The administration in Abuja will introduce measures to eliminate double taxation and allow speedy remittances of foreign money, Doris Uzoka-Anite, the minister of industry, trade and investment, said in an interview late Saturday in Riyadh.
Since taking office in May, President Bola Tinubu has instituted reforms to revive Africa’s biggest economy from almost a decade of decline. They include scrapping a $10 billion annual fuel subsidy and liberalising the foreign-exchange market, which led to a more than 40% devaluation in the naira. In September, it entered into several agreements with India that could see companies set up auto and steel factories in Africa’s top oil producer.