Africa’s richest man, Aliko Dangote, has said that the Federal Government takes 52% tax on every N1 his company earns in profit in the country, highlighting the challenges of entrepreneurship in Africa.
The business mogul made this disclosure in a statement on Friday in the ongoing Africa CEO Forum in Kigali, Rwanda.
Dangote, addressing the necessity for alignment between government policies and industrial development in Africa, mentioned that inconsistencies in policies could lead to business bankruptcy.
Dangote also acknowledged certain government positive policies like the Petroleum Industry Act (PIA) as steps in the right direction, especially for the energy sector.
Despite tax to real Gross Domestic Product (GDP) accounting for 10.8%, the issue of multiple taxations continues to pose a significant barrier to the ease of doing business.
