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    Home»News»Tech giants boost Nigeria’s economy, pay N2.55 trillion in taxes
    News 2 Mins Read

    Tech giants boost Nigeria’s economy, pay N2.55 trillion in taxes

    mmBy ITPulseDecember 3, 202412 Views
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    By Martin Ekpeke

    Foreign technology companies operating in Nigeria have made a significant contribution to the nation’s economy, paying over N2.55 trillion (approximately $1.5 billion) in taxes in the first half of 2024.

    A statement issued and signed by NITDA’s Director, Corporate Communications & Media Relations, Hadiza Umar, quoted data released by the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS. 

    The statement highlighted the growing importance of the digital economy in Nigeria, adding that this substantial tax revenue underscores the effectiveness of robust regulatory frameworks in ensuring compliance and driving economic growth.

    Meanwhile, the National Information Technology Development Agency (NITDA) has recognized the efforts of Google, X, Microsoft, and TikTok for their compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries.

    This code, jointly issued by the Nigerian Communications Commission (NCC), National Broadcasting Commission (NBC), and NITDA, sets guidelines for promoting online safety and managing harmful content.

    A recent compliance report revealed significant strides made by these platforms in addressing user safety concerns:

    • 4,125,283 registered complaints
    • 65,853,581 content takedowns
    • 379,433 removed and re-uploaded content
    • 12,099,633 closed and deactivated accounts

    NITDA acknowledges the positive impact of these efforts in fostering a safer and responsible digital environment for Nigerians and non-Nigerians alike. However, the agency emphasizes the need for continued collaboration and innovation to address emerging challenges and ensure a secure digital space.

    By working closely with stakeholders, NITDA aims to strengthen user safety measures, promote digital literacy, and build trust and transparency in the digital ecosystem.

     

    Nigeria's economy taxes Tech giants
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