Experts have stressed the need for the federal government to develop sound policies that will support the growth of businesses at all levels.
This was raised at the TeXcellence conference by CWG during its 30th anniversary.
According to those familiar with the Nigerian tech industry present at the event, policy formation and implementation could make or mar technology businesses that drive the economic growth of a country when fully implemented.
Worried about the shrinking global economy and rising inflation that are already affecting the Nigerian economy, tech experts are calling on the federal government to create a balanced system for tax and subsidy policies in order to enhance equitable distribution among all taxable individuals and organizations.
Austin Okere, the founder and executive vice chairman of CWG Plc noted that the Nigerian economy is shrinking because of the imbalance in the system. He pointed out that Nigeria currently spends far more than it earns, while its debt profile rises. He also stated that the continuous subsidy financing by the federal government is an imbalance and a major setback for Nigeria economy.
‘’In Nigeria, an averaged citizen pays more tax than the rich citizens because of the imbalance in the system. The tax system is supposed to be used to tax the rich in order to fund social programmes for the poor, but in Nigeria the reverse is the case where the poor are taxed in order to sustain government relation with the rich. If subsidy is removed from petroleum products and from foreign exchange, there will be balance in the economy.’’
He also added that sound policy implementation could promote businesses and drive development across the country.
Philip Obioha noted that lack of sufficient technical skills and scarcity of Forex, which affect businesses in Nigeria are some of the challenges faced by companies offering tech solution. As a result, he noted that a few available technology companies are in high demand as organizations are looking for technology companies to offer technology solutions for businesses growth.
He added that the banks are also looking for technology partners to grow their financial businesses. “All of these happened because of sound policies that opened business opportunities”
Adewale Adeyipo also spoke about how companies such as CWG is leveraging technology to drive the next phase of development by providing solutions to the challenges of e-commerce and future businesses.
Download Nairametrics App for breaking news and market intelligence.