Pioneer Incentive Program Unlocks N386bn Investments For Nigeria, Says NIPC
2 years ago 2 min read
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The Nigerian Investment Promotion Commission (NIPC) has announced that its Pioneer Status Incentive programme has attracted investments worth N386bn from 37 companies.
The Head of the Incentives Administration Unit, Lovina Kayode, gave the figure during a media parley held by the NIPC in Abuja.
She explained that the PSI grants qualifying companies a tax holiday of three to five years, exempting them from paying corporate income tax during that period.
Kayode emphasized the broader impact of the incentive, stating it had 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,” she said.
She also noted that the NIPC had compiled a comprehensive guide to incentives in Nigeria, covering six key sectors.
They are investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones.
These measures, she added, aim to simplify the investment process and encourage foreign and local investors.
Meanwhile, the Commission has reiterated its commitment to driving economic growth by expanding investment opportunities and securing new partnerships.
The NIPC’s Executive Secretary, Aisha Rimi, explained that these initiatives align with President Bola Tinubu’s Eight-Point Agenda, emphasizing the commission’s role 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.
She further highlighted ongoing collaborations 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 critical technical and financial support.
“These collaborations have been instrumental in accessing global expertise and promoting Nigeria’s investment potential on international platforms,” Rimi added.
The commission is also prioritizing sustainability and innovation by encouraging green investments and emerging sectors such as fintech and renewable energy.
“We aim to attract socially responsible investors while advancing the green agenda,” Rimi noted, citing the global shift towards sustainable investments as an opportunity for Nigeria.
She urged the media to continue highlighting Nigeria’s investment success stories, showcasing the country as a prime destination for investors.
The NIPC has also participated in major global events, including the World Economic Forum in Davos, where it promoted Nigeria as a top-tier investment hub.
Rimi concluded by reiterating the commission’s commitment to improving Nigeria’s investment landscape in alignment with Tinubu’s economic transformation goals, focusing on a diversified economy, infrastructure development, and human capital growth.
“All these will be achieved through a diversified economy, enhanced infrastructure, and human capital development,” she said.
