The Nigeria Investment Promotion Commission (NIPC) has announced that it has attracted investments totalling ₦386 billion from 37 companies through its Pioneer Status Incentive program.
The Head of the Incentives Administration Unit, Lovina Kayode, who disclosed this during a media briefing organised by NIPC, said the Pioneer Status Incentive is a grant to certain companies that qualify to be able to get a tax holiday between three to five years where they do not pay company income tax.
She revealed that the incentive also generated employment opportunities, thereby reducing poverty and boosting household incomes.
“So far, through the pioneer status and through those 37 companies I mentioned earlier, we’ve been able to generate 5,559 jobs.”
She noted that the NIPC has put together a compendium of incentives in Nigeria that covers six principal sectors, which include investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones.
She added that these incentives are aimed at enhancing the ease of doing business in Nigeria, thereby attracting investors into the country.
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