Nigeria: Involve Hosts in Developmental Efforts - BATN Boss

Source from:  This Day (Lagos) 14 November 2008 01/01/2008

Area Director, British American Tobacco Nigeria (BATN), Mr Simon Welford, has tasked foreign multinationals to ensure that they carry their hosts communities along in their developmental efforts to reduce the incidence of restiveness. Welford, at the Fourth Annual Ibadan Dinner Lecture, organised by the Central Council of Ibadan Indigenes (CCII), said the company remitted N60billion in income tax, excise duty, valu added tax, import duty, withholding tax and personal income tax at the end of last year. He said the company tax receipts are in excess of N10billion per annum, and stressed the need for foreign investors to understand and respect the cultural, social, economic and political frameworks existing in their host countries. He, however, urged government to undertake the responsibility of creating an enabling environment for foreign direct investors to operate in an atmosphere devoid of rancour, pointing out that it was the only way investors could contribute to the socio-economic development of the host country and enjoy mutual relationship. He challenged foreign firms to use their economic strength for broader social goal, adding, "they should demonstrate environmental responsibility, socio-economic support for communities, high standards of ethical behaviour and greater transparency in every aspect of their business." According to him, his company offers access to interest free loans to support farmers and in 2007, supplied N21million worth of fertlizer free of charge. Enditem