Gani Adams tax waiver proposal urges government to grant 5% relief to companies investing in culture, sports, and education to strengthen social growth
The Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, has called on the Federal Government to introduce a five per cent tax waiver for corporate organisations investing in cultural promotion, sports, education, and charitable causes.
Speaking ahead of the 2025 Olokun World Festival in Lagos, Adams said the initiative would encourage private-sector participation in nation-building while easing the financial load on government institutions.
Represented by the National Publicity Secretary of the Oodua Peoples Congress, Mr Peter Oguntimehin, Adams described the tax waiver as a “progressive and practical step” toward empowering communities and fostering shared responsibility between public and private stakeholders.
“When companies are encouraged to support projects in culture, education, and sports through tax relief, it becomes a shared responsibility for national growth,” he said.
“It also reinforces the belief that cultural development and social advancement are collective duties.”
Adams stressed that culture and tourism remain powerful but underutilised economic tools, capable of driving diversification and sustainable development in Nigeria.
He urged governments at all levels to invest in creative sectors and introduce youth-focused programmes that would promote productivity and reduce social vices.
According to the Olokun Festival Foundation, Lagos State Governor Babajide Sanwo-Olu and over 30 traditional rulers are expected at the grand finale of the 2025 Olokun World Festival on Saturday in Badagry.
“The grand finale, holding at Kakanfo-Falola Beach, Badagry, will host more than 100,000 participants from around the world,” Adams said.
The four-day celebration will feature interfaith prayers, cultural parades, fashion exhibitions, and a boat regatta showcasing Yoruba artistry and heritage.
Adams noted that beyond its spiritual essence, the Olokun Festival contributes immensely to the local economy, with millions of naira circulating through tourism, trade, and entertainment.
He added that the festival, which began 23 years ago at Alpha Beach, Lagos, has transformed Badagry into an emerging global cultural hub comparable to Thailand’s Papaya Resort.
“Culture is our identity and our wealth,” he said. “When we honour it, we attract growth, unity, and pride as a people.”
Business3 years ago
