Nigeria to cut taxes for small firms

Nigeria plans to lower taxes for small and medium-sized companies to create more jobs, the finance ministry said on Thursday.

Africa's biggest economy is struggling with recession as low oil prices have hammered public finances, halting construction work of firms which have been laying off workers.

"The federal government is set to reduce the income tax rates payable by Small, Micro and Medium Enterprises (SMMEs) in the country to encourage more start-ups in Small, Micro and Medium Enterprises, boost the profitability of the existing ones, generate new jobs and make higher contribution to the Gross Domestic Product (GDP)," the ministry said.