The Nigerian Investment Promotion Commission (NIPC) has said its Pioneer Status Incentive (PSI) attracted the sum of N386 billion and grants qualifying companies a tax holiday of three to five years, exempting them from paying corporate income tax during that period.
Its Head of Incentives Administration Unit, Mrs. Lovina Kayode, who disclosed this during a media parley in Abuja, stated that the N386 billion is from 37 companies.
She said: “The broader impact of the incentive has created significant job opportunities and contributed to reducing poverty. So far, through the pioneer status and through those 37 companies I mentioned earlier, we’ve been able to generate 5,559 jobs.
“NIPC has compiled a comprehensive guide to incentives in Nigeria, covering six key sectors, investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones. These measures aim to simplify the investment process and encourage foreign and local investors.”
The Commission has reiterated its commitment to driving economic growth by expanding investment opportunities and securing new partnerships.
The Executive Secretary, NIPC, Aisha Rimi, explained that these initiatives align with President Bola Tinubu’s Eight-Point Agenda, as the commission is completely involved in fostering a business-friendly environment.
“Our efforts to retain investments include a robust investor relations strategy, closer collaboration with sub-national governments, and capacity-building programmes aimed at empowering local entrepreneurs,” Rimi said.
