Ayade commends OAAN for contributing to the economy

Cross River State Governor, Prof. Ben Ayade has commended members of the Outdoor Advertising Association of Nigeria (OAAN) for their contributions to the growth of the Nigerian economy.

Ayade spoke at the 31st Annual General Meeting (AGM) of OAAN which was held recently in Calabar, Cross River State where he was the chief host.

The Governor who was represented by his Deputy, Prof. Ivara Esu praised the outdoor operators for playing a critical role in the growth and development of the Nigerian economy, adding that because of their impact, some of the states; especially Cross River has seen a rise in their Internally Generated Revenue.

“I am confident to say that OAAN is a major driving force for the Nigerian economy,” he said.

Ayade, an environment specialist with a keen interest in aesthetics, has been one of the most supportive governors to the Out-of-Home industry in Nigeria.

While other state governors have been milking the industry in a quest for improved Internally Generated Revenue, Governor Ayade, last year declared a five years tax holiday and other incentives for Outdoor Advertising Association of Nigeria, members who intend to invest in the state.

Other incentive announced by the governor at the Extra-Ordinary Annual General Meeting of the association in Abeokuta, Ogun State last year, included discounted charges on processing fees and sites fees, direct reduced labour cost, income tax of 30 percent in all sectors, tax holidays of five years in urban areas and seven years in rural areas, investment in infrastructure attracts 20 per cent tax holiday on cost of facilities, industries with local value-addition enjoy 10 per cent tax concession of up to five years and additional incentives for businesses in the free trade zones.