The Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, has urged the Federal Government to introduce a five per cent tax waiver for corporate organisations that invest in cultural promotion, sports, education, and charitable causes.
Adams made the call at a press briefing in Lagos ahead of the 2025 Olokun World Festival, an annual celebration of Yoruba heritage and spirituality.
According to the Olokun Festival Foundation, the Lagos State Governor, Babajide Sanwo-Olu, and about 30 traditional rulers are expected to attend the festival.
Adams, who was represented at the press briefing by the National Publicity Secretary of the Oodua Peoples Congress, Mr. Peter Oguntimehin, argued that granting tax incentives to private firms that support cultural and social initiatives would strengthen corporate social responsibility and reduce the financial burden on government.
“When companies are encouraged to sponsor projects in culture, education, and sports through tax relief, it becomes a shared responsibility for nation-building,” Adams said. “It also reinforces the idea that cultural promotion and social development are joint responsibilities between the public and private sectors.”
He added that culture and tourism remain underexplored avenues for Nigeria’s economic diversification and called for renewed government commitment to supporting creative and traditional sectors.
Adams also urged governments at all levels to develop more youth-focused programmes that would keep young Nigerians positively engaged and reduce their vulnerability to social vices such as drug abuse and crime.
The statement further noted that Governor Sanwo-Olu, several government officials, and over 30 monarchs—including the Akran of Badagry, Oba De-Wheno Aholu—are expected to grace the grand finale of the 2025 Olokun World Festival on Saturday in Badagry.
“The grand finale, holding at Kakanfo-Falola Beach, Badagry, is expected to attract no fewer than 100,000 participants from across the globe,” Adams said.
He noted that the four-day festival would feature interfaith prayers, a fashion show, a beauty pageant, visits to motherless babies’ homes, and cultural displays such as boat regattas and gala nights.
Adams added that the festival, which has continued to attract tourists from neighbouring countries such as Benin Republic, Togo, and Ghana, as well as from Brazil and Cuba, offers both spiritual and economic benefits.
“Every year, hundreds of millions of naira are committed to organising this world festival,” he said. “Beyond the spiritual gains, the host communities benefit immensely from the economic activities generated by visitors and vendors at the event venue.”
He recalled that the Olokun World Festival, which began 23 years ago at Alpha Beach in Lagos, had transformed Badagry into an emerging global tourist destination comparable to the Papaya tourist resort in Thailand.
Credit: punchng.com
