The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals:
- reviving the export expansion grant scheme due to the tax credit’s provision to exporters;
- providing funds for the extension of the existing, and development of new, export processing zones and special economic zones;
- improving the investment climate by simplifying and hastening the process of obtaining business approvals;
- replacing joint venture cash calls in the oil and gas industry with a new funding mechanism;
- growing public-private partnerships for the development and delivery of critical infrastructure;
- promoting import substitution by creating a manufacturing hub, which focuses the optimization and utilization of local content and
- Defending small and medium-sized enterprises by incentivizing local manufacturers.
