By Ladi Gbegi
The Nigerian Investment Promotion Commission (NIPC) has revealed that its Pioneer Status Incentive (PSI) program has successfully attracted investments totaling N386 billion from 37 companies.
The Head of the Incentives Administration Unit, Lovina Kayode
disclosed this at a media briefing organized by the NIPC over the weekend in Abuja.
Kayode explained that the PSI provides eligible companies with a tax holiday of three to five years, during which they are exempt from paying corporate income tax.
She highlighted the wider impact of the incentive, noting that it has generated substantial job opportunities and played a key role in alleviating poverty.
He stated, “So far, through the pioneer status and the 37 companies I mentioned earlier, we’ve created 5,559 jobs.”
She also highlighted that the NIPC had compiled a comprehensive guide to incentives in Nigeria, which covers six key sectors: investment policies and protections, general tax incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones. These initiatives are designed to streamline the investment process and attract both foreign and local investors.
The Commission has reaffirmed its dedication to driving economic growth by expanding investment opportunities and forging new partnerships.
Aisha Rimi, the Executive Secretary of the NIPC, explained that these efforts are aligned with President Bola Tinubu’s Eight-Point Agenda, underscoring the commission’s pivotal role in creating a business-friendly environment.
“Our strategy to retain investments involves a strong investor relations approach, enhanced collaboration with sub-national governments, and capacity-building programs to empower local entrepreneurs,” Rimi stated.
She also emphasized the ongoing partnerships with international organizations such as the United Nations Development Programme (UNDP), the Japan International Cooperation Agency (JICA), and the German Agency for International Cooperation (GIZ), which have provided crucial technical and financial support.
“These collaborations have been vital in accessing global expertise and showcasing Nigeria’s investment potential on the international stage,” Rimi added.
The Commission has reaffirmed its dedication to driving economic growth by expanding investment opportunities and forging new partnerships.
Aisha Rimi, the Executive Secretary of the NIPC, explained that these efforts are aligned with President Bola Tinubu’s Eight-Point Agenda, underscoring the commission’s pivotal role in creating a business-friendly environment.
“Our strategy to retain investments involves a strong investor relations approach, enhanced collaboration with sub-national governments, and capacity-building programs to empower local entrepreneurs,” Rimi stated.
She also emphasized the ongoing partnerships with international organizations such as the United Nations Development Programme (UNDP), the Japan International Cooperation Agency (JICA), and the German Agency for International Cooperation (GIZ), which have provided crucial technical and financial support.
“These collaborations have been vital in accessing global expertise and showcasing Nigeria’s investment potential on the international stage,” Rimi added.
