The Nigerian Government granted 12 companies tax holidays in the first quarter of 2024. The Nigerian Investment Promotion Commission, NIPC, disclosed this in its latest report on the Pioneer Status Incentive initiative. The new approvals brought the number of companies benefitting from the 3-year tax holiday to 104 at the end of Q1, 2024.
Others are Basma Agric Processing Limited; Flex Films Africa PVT Limited; Addmie Nutrition Limited; and Dufil Prima Foods Plc. The Head of Incentives Administration at the NIPC, Lovina Kayode, recently explained that the initiative is to boost foreign direct investment. “The pioneer status incentive is a stimulus that allows a company to get three years of not paying corporate income tax, just to get more investments.