Companies in the consumer goods segment of the Nigerian Exchange Ltd (NGX) paid a total of N603bn in taxes to the federal government......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Chief Executive Officer, NGX, Jude Chiemeka disclosed this during the fact behind the figures of PZ Cussons.
Chiemeka revealed this in an appeal to the federal government to provide infrastructural support that will enable the companies to contribute more the Nigeria’s economy.
The CEO said the consumer goods segment is significant to the Nigerian economy, adding that the sector accounted for N4.35tn of GDP in 2023 which is about 7 per cent of the country’s GDP.
The CEO said the sector is one of the many sectors that have contributed significantly to the value of trade on the stock market.
Already, the NGX has traded over N7tn and the consumer goods segment accounted for N835bn between January to February 10, 2025.
The CEO said, “Last year, the market traded N2.85tn in terms of the value of secondary market trade which was up 59 per cent from what we traded a year before which was N1.79tn.
“So, this sector continues to contribute to the overall well-being of the Nigerian economy. If you think of their contribution by way of taxes to the federal government, 2023 alone, the entire sector contributed N603bn to the federal government.
“If you then look at dividend distributed between 2001 and 2024 the sector has distributed dividend of N603bn. These are significant figures because if you realise that the dividend they pay is also subject to dividend or capital gain tax for those that have shares and sell their shares.”
Chiemeka said the contributions of the companies need to be regarded by the government through friendly policies.
He said, “They will certainly need power, they will need infrastructure just like so many of the consumer goods companies will certainly need capacity building in the area of brain drain.
“There is really the need for the government to begin to look more closely into the sectors because of the contributions that they make especially in the areas of tax incentives and try to reduce levies that are associated with companies that are adding to the productive base of the economy.”