The federal government of Nigeria has granted a three-year tax incentive to 25 companies under the Industrial Development Income Tax relief Act. The initiative gives a tax exemption for companies issued a pioneer certificate by the President of Nigeria.
The Pioneer status in Nigeria spares companies from paying taxes (a full or partial tax exemption) to the government for a certain period of time, thus this will enable them to be grounded in the industry.
Over the years, the Nigerian government has been committed to creating a business-friendly economy, which is attractive to investors all over the world. This tax holiday is an advancement to achieving its economic agenda.
The products or companies eligible for the waiver are industries or products that do not have prior existence in the country and the existing industries do not meet the required needs.
The companies that got the waivers are Royal Mills and Foods Limited, UVA Limited, Pinnacles Apartments Development Limited, Obu Cement Company Limited,
Saba Steel Industries Nigeria Limited, Gowus Nigeria Limited, Fidson Healthcare Plc, Gowus Nigeria Limited, Lafarge Africa Plc, Edimara Properties Limited, and Wacot Rice Limited.
Additionally, Tribon Aqua Africa Limited, Grand Pela Hotels, Globus Resources Limited, Karshi Agro Farms Limited, Crown Flour Mills Limited, Dharul Fertilizer Limited, Olam Hatcheries Limited, Harvestfield Industries Limited, and Jabi Mall Development Company Limited.
The rest are Power Gas Global Investment Limited, Polar Petrochemicals Limited, Royal Pacific Group Limited, Montego Upstream Services Limited, Dangote Sinotrucks West Africa and Hayat Nigeria Ltd.
Yewande Sadiku, the Executive Secretary, Nigeria Investment Promotion Commission– NIPC, said that the government remained committed to attracting novel investment to major sectors of the Nigerian economy.
She further disclosed that NIPC had advanced into collaborations with state government and operators in the private sector to discover potential investment opportunities in agriculture, transportation, solid minerals and manufacturing sectors of the economy.