Nigerian Investment Promotion Commission Restrategizes To Attract Investment

The Nigerian Investment Promotion Commission, says is it realigning its focus to key into President Bola Tinubu’s Renewed Hope Agenda in order to attract investments in to the  country.

The Executive Secretary of the Commission, Aisha Rimi who said this during a media parley in Abuja explained that the commission is ready to facilitate, promote assist investors in the country and those who have intention to invest.

According to her, “So our job is to bridge that gap between private sector and government to ensure that our investors either foreign or domestic, incoming and the ones already here experience fruitful and beneficial economic activities in Nigeria because if they do well, we do well.”

“We know the the multiplier effects that a successful investment will have on our economy, job creation, diversification of the economy and all of that.” Rimi stated.

Head of incentives administration, NIPC, Lovina Kayode, revealed that to encourage investment and boost economic growth the commission provided a three-year tax exemption to 34 companies in 2023.

She said tax incentives are meant to boost foreign investments into the country even though they have become a contentious issue due to the high amount of revenue lost to waivers granted every year.

She said ” This process is stringent because our parent ministry and the federal inland revenue service are involved to make sure the right investors get this incentive,”

“However, tax expenditure which means what government has lost by granting pioneers status incentive is just a small amount compared to what the country gains by granting these incentives to qualified companies.” Kayode added.

She disclosed that the pioneer status incentive is a tax holiday that grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

Olusola Akintonde