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“Multiple taxation hinders establishment of industries” – Adewumi

By on August 9, 2014

Multiple taxation in Nigeria has been identified as a major problem militating against the establishment of industries by local investors in the country.

This development has been the reason why thousands of graduates have been roaming the streets jobless.

The Managing Director/Chief Executive Officer(CEO) of Ideal Foremost Nigeria Limited, Adekola Adewumi made the observation while receiving a Golden Award from members of the Ondo State Creative Arts Movement (OSCAM) in Akure, the Ondo State Capital.

According to him, several enterprises have been finding it difficult to strive in the sector, while some of them that could not find their feet are planning to quit.

Adekola said “some policies of the government have been unfavourable to investors and one of them is multiple taxation. It is even better in Ondo State, if you go to States like Delta and Rivers, you will see how they are finding it difficult to cope with the taxes.

“With these challenges how are you expecting the local investors to invest in the country and if industries are not being established how are you expecting the youths, particularly the graduates to get job? I think government at all levels must have a rethink of mind on this issue of multiple taxation.

He urged the government to continue to support local investors through loans with little interest and encourage the masses in consumption of their products.

OSCAM President, Bamidele Usman said the association bestowed the honour on Adewumi due to his contribution to the promotion and projection of Nigerian youth in area of employment and empowerment.