Nigeria, The Sleeping Giant Of Africa.
“…Ghana has abolished VAT on real estate sales.
Ghana has abolished VAT on financial services.
Ghana has abolished capital gains tax on sales of shares on the stock exchange.
Ghana has abolished import duty on spare parts.
Ghana has abolished the 1% import levy.
Ghana has abolished VAT on domestic airline tickets.
Ghana has reduced very significantly VAT on small traders from 17.5% to 3%.
Ghana is going to abolish all import duty on raw materials and machineries imported into Ghana.
Ghana is embarking on a massive industrialisation drive called One District, One Factory. And there are 216 districts in Ghana, there is now a focus on production.
Now, Ghana has two major advantages: power issues sorted out and a peaceful democracy. Ghana with a population of 28m generates 4,577MW as at 2017. Nigeria with a population of 200m generates 5,000MW. Meanwhile, Ghana is building 2 power plants- a 400MW LNG-fired plant and a 600MW plant being built by Siemens.
Ok. What are the implications for Nigeria? We don’t need soothsayers to predict how factories/companies will shut down in Nigeria and move to Ghana. Nigeria will just become a mere trading post for these companies because of our population while Ghana becomes the economic hub of West Africa. Our homes will be flooded with goods made in Ghana.
Other countries are thinking, Rwanda has taken our shine, Ethiopia has put on its thinking cap, Ghana has started an upward trajectory. Nigeria sits with its giant feet of clay…”
Written by; Bayo Adeyinka.
Source; People’s trust, T.P forum group.
Image source; equinor.