Acting President Yemi Osinbajo has pledged to grant tax relief for willing investors in the creative sector of the economy.
The decision, he said, is to boost investor confidence in the industry and grow the Gross Domestic Product (GDP) from 1.42 per cent to five per cent.
Prof Osinbajo gave the assurance at a two-day Creative Nigeria Summit that focused on: Financing the Film, Television and Music Industries. The forum was held at Eko Hotels and Suites, Lagos.
Represented by the Minister of Finance, Mrs Kemi Adeosun, Osinbajo praised key sector players for the effort put into the industry at the international centre stage, saying the administration’s blueprint of economic recovery centered on streghtening the industry to maximise its potential.
“We have identified, after the economic recovery growth plan three critical issues including agriculture, youth enterprise and the creative industry. We are looking at a situation where we provide tax relief for those who invest and venture in the creative industries as being done in other countries.
“While we are looking for how to collect more tax, we are also trying to look at how we can provide incentives to people. We are creating a pulling and funding structure where certain taxes will be evitable for tax relief for those investing. We are trying to diversify our revenue sources and so your success is one of the stories we want to be able to tell about successful Nigerian diversification,” he said.
While the government may not consider direct funding, Osinbajo said enabling infrastructure, policy support in raising revenue streams, protection of intellectual property and support for hitch free licensing, and mechandising, among other needs, would be tackled.
Minister of Information and Culture, Lai Mohammed urged the industry executives to increase engagement with the government and present research based solutions to guide government’s intervention, saying the industry has the capacity to churn out one million jobs if critical challenges are addressed.
“We are determined to make the industry a major plank of government diversification efforts. Several MoU have been signed to allow the creative talent of our teeming youth blossom and create more jobs. But these jobs will not come unless we remove the obstacles hampering the growth of the industry. Th e conference is a practical steps towards removing the impediments. So, we want a situation where we are given an informed and evidence based research that will make us understand the industry better,” he said.
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