The Nigerian Investment Promotion Commission (NIPC) has disclosed that it has granted 34 companies tax exemption in the last three years.
This tax exemption known as Pioneer Status Incentives (PSI) is an incentive programme of the federal government executed by NIPC which allows a company three years of tax exemption.
Speaking over the weekend at a Media Parley, Lovina Kayode, Head of Incentives Administration, NIPC, said not all companies are granted the incentives due to stringent procedures followed by the commission on waivers awards.
He said, “This process is stringent but our parent ministry, Federal Ministry of Industry, Trade and Investment, and the Federal Inland Revenue Service are involved to make sure the right investors get this incentive.
“So far this year, 34 applications have been approved and one of the things we intend to do is to ensure we are not just giving incentives to undeserving companies. However, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.
She further revealed plans by the commission to publish impact assessment reports on the effectiveness of the pioneer status report on job creation and other economic activities to promote investments.
Aisha Rimi, Executive Secretary of NIPC, in her virtual address, reiterated commitment to facilitating and assisting investors to gain inroad into the country in the new year.
She said, “So as I continue to settle down, I will also continue to depend on your support to promote the activities of the commission. The commission, as you all know, was set up really to facilitate, promote, and assist investors into the country and the ones already in the country. Because if nobody traps these people and gives them the support that they need, other countries are competing with Nigeria. So, we have to be very intentional.
“Our job is to bridge that gap between private sector and government to ensure that for our investors, foreign or domestic incoming, and the ones already here, their experience and economic activities in Nigeria are fruitful and beneficial.”