NIGERIA: Investment Incentives
This is 2010 and I am sure you are thinking of where you can find help on investing in Nigeria. Do not look any further! The Federal Government has a one-stop agency set up to assist investors in the country. It is called the Nigerian Investment Promotion Commission (NIPC). Also, several investment incentives has been put in place for the stimulation of private sector investment from within and outside the country. While some of these incentives cover all sectors, other are limited to some specific sectors. The nature and application of these incentives have been considerably simplified. The incentives include: (i) COMPANIES INCOME TAX The Companies Income Tax Act has been amended in order to encourage potential and existing investors and entrepreneurs. The current rate in all sectors, except for petroleum, is 30 percent. (ii) PIONEER STATUS The grant of Pioneer Status to an industry is aimed at enabling the industry concerned to make a reasonable level of profit within its formative y...