Christian Okeke, who attended the 46th Independence anniversary of the Republic of The Gambia in Abuja recently, writes on the story of the West African country and Nigerias role in the development of the country as well as the ecstasy that greeted the celebration.IT was pomp and circumstance as The Gambian community in the country gathered at Sheraton Ho-tels in Abuja to celebrate the 46th independence anniversary of their country. The event, which attracted the cream of the society, both from the diplomatic and the business community, was used to recount the journey which the country has had to take to nationhood since 1965 as well as the contribution of Nigeria towards the growth and development of the country.The Gambia, known as the smiling coast of Africa, gained its independence from Britain on February 18, 1965 and formed a short-lived federation of Senegambia with Senegal between 1982 and 1989. In 1991, the two nations signed a friendship and cooperation treaty.With capital in Banjul, The Gambia has an area mass of 11,300 square kilometre with land put at 10,000 square kilometre and water 1,300 sq km. The climate is tropical and hot with rainy season spanning between June to November. From November to May, it is cooler with dry season spanning November to May.According to the July 2004 census, the country has a population of 1,546,848 while it has English as its official language and Mandinka, Wollof, Fula, Jola, Sarahule, Serere, Manjango and Creole as major local languages.The Gambia is primarily an agricultural nation growing groundnuts, rice, maize, millet and other cereals. In fact, it is on records that agriculture and fisheries combined account for nearly 60 per cent of Gross Domestic Product.Statistics shows that agriculture accounts for roughly 30% of gross domestic product (GDP) and employs about 80% of the labour force. Within agriculture, peanut production accounts for 6.9% of GDP, other crops 8.3%, livestock 5.3%, fishing 1.8%, and forestry 0.5%. Industry accounts for approximately 14% of GDP and services approximately 54%.Tourism is also a very important sector of the economy and has become the biggest foreign exchange earner for the country. Today, it provides more than 16% of the GDP. Also the revamped industry provides employment for more than 10,000 Gambians.In The Gambia, small manufacturing industries keep developing with plastic goods and confectioneries as the main products. The gambian businessmen are cashing in on the countrys low tariff regime and its vantage geographical position to develop a transit (re-export) market in neighbouring West African countries.The result is that with a potential and promise for further growth predicated upon sound and consistent macro-economic polices, constitutional guarantees against expropriation of investment and for protection of investment, The Gambia is today an investment haven. Groundnuts and groundnut products, fish, horticultural products as well as hides and skins have remained major exports.It is imperative to note that The Gambias investment policy is premised on six important pillars/premises of liberal, free market economic environment together with appropriate political and social policy and programme framework; adherence to the principles of democratic governance, constitutional guarantee of rights to freedom and liberty, welfare, property ownership and protection. In achieving these deliverables, the country has stuck to the fact that it is constitutionally obliged to encourage, promote and protect beneficial investment as the enabler of socio-economic change and progress.Apart from the articulation of policies and strategies to make The Gambia a trade and investment gateway to the West African sub-regional and the larger African regional market, the uniqueness of the countrys location on the Atlantic coast of West Africa, proximity to European and North American markets, a highly efficient port system, state-of-the-art telecommunication infrastructure, high water table and ideal climate for horticulture, unrivalled rich climate and sea resource for tourism and sea resource exploitation among a host of other qualities, have placed The Gambia at a comparatively advantageous position to become the sub-regional hegemony in trade and services.On the other hand and in the bid to achieve an all-round result, the country boasts of a conducive legal and institutional framework with labour laws which support and encourage collective bargaining in line with the stipulation of the Labour Act.As a national resolve and commitment to transform The Gambia into a middle income country by the year 2020, the central government has placed priority on a number of investment areas and they include light manufacturing and assembling; energy; mineral exploration and exploitation especially in the countrys hydrocarbon potential; in addition to communication and services in light of the new national policies geared towards deregulation, divestiture and opening up of this subsector.Agriculture, especially in horticulture, floriculture, animal husbandry, fruit/vegetable processing and canning; fisheries and forestry exploitation; as well as tourism and travel have all been prioritised.In The Gambia, although foreign and domestic investment is encouraged in virtually all the sectors of the economy, the Government is giving the highest priority to, and is especially keen about increased flow of investment into the establishment of a Free Economic Zone(FEZ) and special industrial zones within a Free Zone Authority. The government embarked on this with the hope that it will facilitate access to locations, industrial services and related infrastructure for profitable investment.Today in The Gambia, incentives awarded to investors in the special category include exemptions from custom duties on approved capital equipment, machinery, fixtures and fittings including furniture and appliances used in establishing the project and exemption from customs duties for approved quantities of semi-finished products, spare parts and other raw materials.Exemption from turnover tax payment obligation; special scheme of accelerated depreciation administered as part of the general tax law of The Gambia; in addition to a preferential treatment in the allocation of land for the site of the proposed investment are all in vogue in the country.
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