NACCIMA seeks bilateral relations with Lebanon

Sola Fadare, Lagos - updated: Tuesday 26-08-2008

Garba Bichi, Minister of State
for CommerceTHE Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the umbrella organization for chambers of commerce and the voice of Nigerian businesses has considered it timely to formally establish bi-lateral relations and mutual cooperation with the private sector in Lebanon.

The National President of the Association, Dr. Ignatius Adaji while leading a delegation of Organised Private Sector (OPS) from Nigeria to Lebanon said there is a discussion and execution of Memorandum of Understanding (MoU) with the Federation of Chambers of Commerce, Industry and Agriculture of Lebanon (FCCIA).

Adaji said the visit to the three main chambers in Lebanon have further enlightened the Nigerian delegation on the need for this cooperation agreement. He said “We have seen the various development projects embarked upon by the chambers which are geared at the growth and development of the private sector and the economy as a whole. We therefore, use this opportunity to emphasize our desire for various exchange programmes that could lead to technological transfer in the areas of agriculture, capacity building, and information technology development to mention just a few.”

He said the delegation take note of the incubation services and various support services provided by the Lebanon chambers. “We also invite more members from the Lebanesse community to come and invest in Nigeria. The Nigerian Government and NACCIMA are always ready to provide needed support and advice for genuine investors. Though Nigeria's relation with the Lebanesse dates back to several decades ago, we still look forward to more investments in the Nigerian economy. No doubt this cooperation would assist in the mutual development of our economies.”

In his response, the Chairman, Chambers of Commerce, Industry and Agriculture, Lebanon, Ghazi Kraytem during the signing of the bilateral agreement with the Federation of Lebanese Chambers and NACCIMA in Lebanon, said “We in Lebanon are proud of the exceptional success that this community has realized in all business activities it has undertaken. This human connection between Lebanon and Nigeria adds the excellent historical relations that tie our two counties political and economical. We therefore deem to be our duty and responsibility to maintain and develop all aspects to these privileged relations."

Ghazi Kraytem said over the past few years, the value of Lebanon imports from Nigeria has mostly remained under the one million dollar level, whereas Lebanon exports to Nigeria have traced a path of Steady growth, reached a peak of nearly $43 million last year. He said these figures should prompt the business communities in both countries to strive to develop bilateral trade in both directions and to the mutual benefit of both economies.

It is surely through the exchange of business visits and the organization of trade fairs in the countries that we get to explore together approaches to stimulate two ways trade flows.

LCCI, Lagos govt advocate efficient tax system

Sola Fadare, Lagos

Babatunde Fashola,
Lagos State governorTHE Lagos Chamber of Commerce and Industry (LCCI), has canvassed that various levels of government in the country should work towards administering different taxes in such a way that the business operators would not be worse off. Also, the Lagos state government says it is ready to tackle arbitrariness in tax administration in the state.

Welcoming guests to its quarterly business luncheon in Lagos last week, the president of LCCI, Asiwaju Solomon Kayode Onafowokan noted that tax regimes at all levels of government should be carried with human face and best practice, saying the private sector would like to be very clear and certain of its tax obligations. Onafowokan said further that the avalanche of taxes being paid by the business men and women in the country was so much that it could kill the businesses.

He said further that since the lion portion of the government revenue normally comes from the private sector, tax should be administered in such a way that the payers would be willing to pay without being coerced. He said “The reality is that the current burden of tax is heavy, especially when situated within the context of the high operating cost of businesses. Operators in the real sector of the economy are the worst hit. The situation poses a great risk to investment and job creation. Basic infrastructures which are taken for granted in other economies have virtually collapsed in the Nigerian economy.”

Commenting on multiple taxes, the chamber boss lamented that the manner of the distribution revenue generated among various tiers of government has made the fiscal federalism being purportedly practice in the country to be given a second look. This, according to him, will go a long way in addressing the evils of multiple taxes. “The trouble currently is that the revenue sharing formula is not consistent with the federal system of government which professes to be operating. These are issues which I expect the ongoing national tax policy review as well as the constitution review to address.” He averred.

Speaking at the forum, the special adviser to Lagos State governor on taxation and revenue, Mr. Ade Ipaye said one of the current tax policy objectives of their Lagos state government is to eliminate the incidence of illegal taxes and levies within the state. Ipaye said Lagos state government did not believe that taxes should be administered by the whims and caprices of the tax officials.

He noted that the issue of multiple tax is critical in Nigeria because “it is the consequence of federalism”, adding that in a third world country in which Nigeria has found itself, where cost of capital the cost of doing business are high, taxes are seen as an aggravating factor which leads inexorably to reduction of profit.

Ipaye disclosed that the state government has sent a Bill to the state House of Assembly for the enactment of approved levies for local government authorities in order to fight multiple taxes headlong. The Bill, according to him, will, specify, among others that no levy shall be collected by or on behalf of any local government council in Lagos state unless it is specified in the schedule.