Rivers State offers tax relief for first-time investors

Rivers State government has recently announced a series of tax incentives and security measures aimed at attracting first-time investors in key sectors such as tourism, housing, agriculture, and ICT skills development. The State's Commissioner for Information and Communication, Austin Tam-George, detailed these initiatives in a recent interview with CNBC Africa. The government's strategy is to diversify the state's economy away from its reliance on oil and gas by targeting investors interested in these growing sectors. One of the significant moves that the government is making is to offer tax rebates, tax holidays, and tax relief to first-time investors. These incentives will be provided on a case-by-case basis depending on the level of involvement and job creation potential of each company. In addition to the tax incentives, the government is also focusing on providing easy access to land for investors, recognizing that land can be a major collateral for many businesses. To streamline this process, the government has implemented a policy to expedite the approval of certificates of occupancy for investors, ensuring they have swift access to land for their projects. While tax incentives are common in attracting investors, Rivers State is also prioritizing security as a key factor in encouraging investment. Commissioner Tam-George highlighted the state government's efforts to improve security by providing financial and logistical support to the police and security forces. The state has seen a significant decrease in kidnapping cases in recent months, indicating progress in enhancing security measures. Additionally, traditional leaders are actively engaged in collaborating with authorities to address crime and ensure a safe environment for businesses and residents. Beyond traditional security measures, Rivers State has also implemented a successful amnesty program that has incentivized 22,000 young individuals, including former militants, to embrace vocational training and support. This comprehensive approach to security involves various stakeholders, including civil society organizations and community members, emphasizing that security is a collective responsibility. By creating a conducive environment for investment through tax incentives, quick access to land, and robust security measures, Rivers State aims to attract more investors and drive economic growth in key sectors. The government's proactive stance on fostering a business-friendly climate underscores its commitment to promoting sustainable development and prosperity in the state.