‘Govt’s new guidelines for incentives released’
The Federal Government yesterday released new guidelines for processing Pioneer Status Incentives (PSIs) applications as well as a revamped list of pioneer industries and products.
It also lifted the the administrative suspension on processing PSIs applications following the conclusion of critical reforms of the incentive regime.
The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, told reporters at a media briefing in Abuja, that based on the revamped pioneer list, the government has added 27 key industries into the scheme and the deleted two others.
He said: “The Federal Executive Council had at its last meeting approved the lifting of the suspension; a new guideline and a revamped pioneer list.
“The government would review the list of pioneer industries once in every two years going forward, which is in line with the reform provisions. All additions will be included in the list immediately, and all deletions will be removed from the list in three years.
“A review of the list of pioneer industries and products was done to bring it in line with the economic realities as set out in the Economic Recovery and Growth Plan, also a review of the scheme is aimed at increasing transparency and process efficiency, as well as improving the government’s ability to measure the impact of the incentive
“The Federal Government is committed to encouraging and attracting investments into critical sectors of the economy which will significantly impact development and deliver key benefits to the country.
“These benefits include economic growth and diversification; industrial and sectoral development; employment; skills and technology transfer; export development; and import substitution.”
Enalemah said the scheme would be managed in an open and transparent manner, stressing that the new guidelines would grant companies making investments in qualifying industries and products, tax holiday from the payment of company income tax for an initial period of three years, with the possibility of an extension for one or two more years.
Speaking, the Executive Secretary, Nigerian Investment Promotion Council (NIPC) Ms Yewande Sadiku, said the reforms of the scheme have brought further clarity in its implementation, adding that with the scheme, the level of investment inflow into the country would increase.