Tax Break Blitz: Benue State Lures Investors with Tax Holiday

The Benue State Government has announced its intention to provide tax holidays to investors as part of its strategy to rejuvenate and attract more business investments into the state.

This initiative was revealed by Dr. Raymond Asemakaha, the Managing Director of Benue Investment and Property Company Limited, during a meeting with representatives from Nigerian Brewery in Makurdi.

Key Announcements

– Tax Holidays: Aimed at incentivizing investors to boost economic activity in the state.
– Business-Friendly Environment: Introduction of a one-stop shop to streamline business operations and enhance the ease of doing business in the state.

Nigerian Brewery’s Plant in Benue

The brewery had previously relocated its operations from Benue to Kaduna due to what it described as an ‘unfriendly business environment’. However, with the new incentives and improved business conditions, the state government is urging the company to resume production at its Makurdi/Gboko road plant within the next 90 days.

Dr. Asemakaha emphasized the state’s readiness to support businesses with abundant local resources and a skilled workforce. He highlighted:
– Raw Materials: The state is rich in resources like sorghum, which is vital for brewery operations.
– Workforce: Availability of labor to support the company’s needs.

“The state has introduced easy ways of doing business with a one-stop shop, and so with tax holidays, it is important for you to quickly return to production,” Dr. Asemakaha stated. He expressed disappointment that Nigerian Brewery had not previously taken advantage of the state’s agricultural potential for backward integration.

Joy Egolum, the Corporate Affairs Manager for the East and Middle Belt at Nigerian Brewery, acknowledged the state’s efforts and expressed the company’s willingness to consider the incentives. She noted the logistical challenges of resuming operations swiftly, citing the time required for routine maintenance and production setup.

“We will come back to you very soon; we don’t need 90 days, but anyone who runs a production line will agree with me that even doing maintenance takes a longer time. So it’s not possible for us to do production within that time frame, but we understand how passionate you are, and we will get a response before the 90 days and proceed from there,” Egolum assured.

The Benue State Government is proactively seeking to attract and retain business investments by offering tax holidays and improving the ease of doing business. The recent discussions with Nigerian Brewery highlight the state’s commitment to creating a supportive environment for businesses to thrive, leveraging local resources and labor to enhance economic growth.