Gani Adams urges FG to grant tax waivers to boost tourism

By Lukman Olabiyi

The Aare Onakakanfo of Yorubaland, Iba Gani Adams, has called on the Federal Government to implement a five per cent tax waiver for corporate organisations that support cultural promotion, sports, education, and charitable initiatives.

Adams made the appeal at a press conference announcing the 2025 edition of the Olokun World Festival, organised by the Olokun Festival Foundation (OFF) in partnership with the Lagos State Government.

The festival which grand finale is scheduled to take place in Badagry, Lagos State,  will hold from October 21 to 28 and is expected to attract over 50,000 participants from around the world.

Adams said the proposed tax incentive would encourage increased private sector involvement in key social and developmental sectors, while also easing the financial burden on the government.

“The Federal Government should consider granting a five per cent waiver on tax to companies that support activities like cultural promotion, sports, education, and charity. This kind of policy will encourage more private sector participation and help reduce the financialburden on the Government,” he said. Adams stressed that tourism and cultural heritage remain largely untapped in Nigeria’s economic landscape, urging stronger collaboration between the Government, traditional institutions, and private stakeholders to unlock the sectors’ full potential.

“Culture and tourism are powerful tools for national development. With the right support and incentives, we can transform these sectors into major economic drivers,” he added.

Highlighting the significance of the Olokun World Festival, Adams noted that it serves not only as a cultural celebration but also as a platform for economic and spiritual enrichment.

“Apart from the direct benefits that come with tourists visiting the festival site, its environs and adjoining towns, the spiritual and economic gains of organising the festival are many. Over the years, this festival has drawn over 10,000 tourists annually from countries such as; Benin Republic, Togo, Ghana, Brazil, and Cuba,”.