Economists at the multinational accounting and management firm, PricewaterhouseCoopers (PwC), have projected Nigeria’s annual Gross Domestic Product, GDP, of USD500 billion when corruption is reduced. They also stated that a more efficient tax system would boost the economy with annual non-oil revenue of about USD104 billion.
These form part of the recent report of the PwC released yesterday which outlined about five ways Nigeria could drive inclusive economic growth. These, according to the report include: improving tax collection, economic diversification, eliminating corruption, easing the constraints to business, and increasing labour productivity. On improving tax collection the report said “Nigeria is a low-taxed economy compared to its peers with the tax-to- GDP, ratio estimated at just 8 per cent, the second lowest in Africa and the fourth lowest in the world.
By Peter Egwuatu.
Full story at The Nigerian Vanguard.
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