Nigeria’s Economy Will Recover From Recession In 2021 – Adesina

The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina on Thursday in Abuja predicted that Nigeria will recover from recession this year.

He added that the country’s economy will record a 1.5 percent growth rate in 2021, and 2 percent growth in 2022.

The AfDB boss spoke while making a presentation as the keynote speaker at the First National Tax Dialogue held virtually at the Conference Hall of the State House.

He warned that prolonged tax holidays could be harmful to the nation’s economy and therefore urged that taxes should be employed as instruments for promoting development by encouraging private sector companies to take up responsibilities in infrastructure and attracting Foreign Direct Investments.

Adesina added that youths should be given incentives to grow businesses with appropriate tax regimes, adding that Africa loses about 60 billion US dollars annually from taxes.

In her submission at the program, the Minister of Finance, Zainab Ahmed, noted that the government will improve its template for tax collection, especially in the face of dwindling revenues due to the coronavirus pandemic, describing 2021 as a year of recovery for the economy.

As earlier reported by Naija News, President Muhammadu Buhari while speaking virtually at the event, directed the Federal Inland Revenue Services (FIRS) and related government agencies to plug all revenue leakages by ensuring strict compliance of tax payments by foreign companies operating in Nigeria, urging deployment of more digital platforms and seamless connections.

The President ordered all government agencies to automate operations and ensure more synergy in advancing the interest of the nation in revenue generation.