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  • NIPC pioneer status incentive attracts N386b

    NIPC pioneer status incentive attracts N386b

    The Nigerian Investment Promotion Commission (NIPC) has said its Pioneer Status Incentive (PSI) attracted N386 billion and grants qualifying companies a tax holiday of three to five years, exempting them from paying corporate income tax during that period.

    Its Head of Incentives Administration Unit, Mrs. Lovina Kayode, who disclosed this during a media parley in Abuja, stated that the N386 billion is from 37 companies.

    She said: “The broader impact of the incentive has 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.

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    “NIPC had compiled a comprehensive guide to incentives in Nigeria, covering six key sectors,  investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones. These measures aim to simplify the investment process and encourage foreign and local investors.”

    The Commission has reiterated its commitment to driving economic growth by expanding investment opportunities and securing new partnerships.

    The Executive Secretary, NIPC, Aisha Rimi, explained that these initiatives align with President Bola Tinubu’s Eight-Point Agenda, as the commission is completely involved 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.

  • NIPC pioneer status incentive attracts N386bn, grants tax holidays to 37 companies

    NIPC pioneer status incentive attracts N386bn, grants tax holidays to 37 companies

    The Nigerian Investment Promotion Commission (NIPC) has revealed that its Pioneer Status Incentive (PSI) has attracted N386 billion in investments.

    The incentive grants eligible companies a tax holiday of three to five years, exempting them from paying corporate income tax within that period. 

    This was disclosed by the Head of the Incentives Administration Unit, Mrs. Lovina Kayode, during a media parley in Abuja. She noted that the N386 billion was generated from 37 companies benefiting from the scheme. 

    She said: “The broader impact of the incentive has 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.

    “NIPC had compiled a comprehensive guide to incentives in Nigeria, covering six key sectors, investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones. These measures aim to simplify the investment process and encourage foreign and local investors”.

    Read Also: NIPC boss pledges business growth, high-calibre investments in Nigeria

    The Commission has reiterated its commitment to driving economic growth by expanding investment opportunities and securing new partnerships.

    The Executive Secretary of NIPC, Aisha Rimi, explained that these initiatives align with President Bola Tinubu’s Eight-Point Agenda, as the commission is completely involved 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.

  • Instability of exchange rate forcing multinationals out of Nigeria – NIPC boss

    Instability of exchange rate forcing multinationals out of Nigeria – NIPC boss

    The Head, Policy and Advocacy Nigeria Investment Promotion Commission NIPC Salami Abayomi, disclosed at the weekend that multinationals are moving out of Nigeria in droves due to high exchange rates.

    Mr. Abayomi disclosed this during a media parley in Abuja stating that the exchange rate is on the very high side and not favorable for businesses.

    According to him, “NIPC is seriously concerned about the state of the country, which is why the agency is balancing the interest of the government and the private sector by interfacing with the relevant ministry, parastatals and departments (MDAs).”

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    Mrs Lovina Kayode, Head, Incentives Administration said the commission has

    granted three years tax exemption to 34 companies in 2023.

    The exemption, she stressed, was to promote the company’s investments drive towards developing the nation’s economy.

    “This tax exemption known as Pioneer Status Incentives (PSI) is executed under the Investors Relations Department of the NIPC and allows a company three years of not paying Corporate Income Tax, even though not all companies are granted incentives owing to the stringent procedures followed by the commission on waiver.

  • NIPC boss pledges business growth, high-calibre investments in Nigeria

    NIPC boss pledges business growth, high-calibre investments in Nigeria

    The new Chief Executive Officer (CEO) of the Nigerian Investment Promotion Commission (NIPC), Aisha Rimi, has expressed commitment to creating a conducive environment to foster business growth in the country.

    Rimi in a statement released by the commission on Tuesday, December 12, vowed to make doing business in Nigeria easier and draw in excellent investments.

    The newly appointed CEO also expressed enthusiasm at commencing her career as NIPC head and assured maximum support for investors.

    She said: “My vision for the NIPC is clear; to attract high-quality investments that align with national development goals”, she stated.

    “I will create an enabling environment conducive to business growth and ensure investors feel supported and empowered every step of the way.

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    “I’m committed to working tirelessly with the NIPC team to deliver on these goals and contribute to the realisation of a thriving and resilient Nigerian economy.”

    Along with other appointments made to the Ministry of Industry, Trade, and Investment, Rimi noted that her appointment signalled a new chapter in Nigeria’s economic history and was in line with President Bola Tinubu’s “Renewed Hope Agenda”.

    She added: “I’m honoured to be entrusted with this significant responsibility and ready to leverage my extensive experience in law, business, and investment.

    “To position the NIPC as the leading facilitator of sustainable and impactful investments in Nigeria.”

  • NIPC advises investors to register with govt

    The Nigerian Investment Promotion Commission (NIPC) has advised local and international investors to register with the commission so as harness the benefit of quality information, and location of the right investment destination.

    Its Communication Director, Emeka Offor, who gave the advice  during a chat with reporters in Abuja, said if investors come into the country and do not register with NIPC and decide to do it their way, they might fall into wrong hands.  He said if this happens, they will have no one to blame for whatever happened to them.

    “In line with NIPC’s mandate and recognising the intense competition among countries to attract foreign direct investment and to better focus its resources and ensure more effective investment promotion, NIPC has  developed a country focused investment promotion strategy.

    “Accordingly, NIPC has  concluded a diligent assessment to identify countries that are of strategic importance to Nigeria’s quest for direct investments. This is part of targeting carefully identified investors in the priority sectors and building relationships with key public and private stakeholders in the identified countries, whose relationship can be leveraged to get high impact world class investors to consider Nigeria,” Offor said.

    On the Economic Community of West African States (ECOWAS) Common Investment Code and Policy, NIPC and the Federal Ministry of Industry and Investment (FMITI) has worked with ECOWAS Commission to sensitise the public in Lagos, Calabar and Enugu on the gains of the recently signed ECOWAS common Investment Code and Policy by Nigeria, he explained.

    In addition, the ECOWAS Commission has finalised arrangement to set up National Coordinating Committee for Nigeria at NIPC. The Commission is in addition working with FMITI to negotiate and facilitate the signing of the Memorandum of Understanding (MoU) for the establishment of the  United States (U.S)/Nigeria Commercial and Investment Dialogue.

    The Commission serves as Nigeria’s Secretariat for the implementation of the Agreement which covers five initial areas of focus which include agriculture, digital economy, infrastructure, investment and regulatory reform.

  • NIPC creates guide for international community

    The quest to provide Nigerians and the international community with a platform to guide them on investment has finally come to fruition, with the unveiling of a comprehensive guide, called Iguide by the Nigerian Investment Promotion Council (NIPC)

    The Iguide is a collaborative effort of the United Nation, the United Nations Conference on Trade and Development (UNTAD), with technical support c from NIPC.

    The idea is to ensure that investors go to the Iguide website in search of any investment information, instead of moving from one government office to another. It is for investors to get all their informations under one umbrella.

    NIPC Executive Secretary,  Yewande Sadiku, said Iguide is key in addressing challenges in doing business in Nigeria and Africa. It is also a platform to share experiences and get relevant rules and requirements. Investors are to check the iguide.org/nigeria for informations.

    She said,  “This is an investor guide for a lot of countries,  it is a simple tool with information on Nigeria.  It is expected that all businesses registered in Nigeria after the Corporate Affairs Commission CAC should register with the NIPC.

  • Nigeria remains most viable investment destination in Africa – NIPC

    Nigeria remains most viable investment destination in Africa – NIPC

    The Nigerian Investment Promotion Commission (NIPC) said on Sunday that Nigeria remained most viable investment destination in Africa.

    Mr Alfred Okeke, NIPC’s Deputy Director, Department of States’ Coordination, spoke in Enugu, at the maiden South-East Economic Summit (SEES), with the theme: “Repositioning South-East for Rapid Economic Development.’’

    The summit was organised by the South-East Governors’ Forum, in conjunction with British Department for International Development (DFID), Nigeria.

    Okeke said that the country was blessed with “ very vast abundant agro-allied, gas reserve and natural mineral deposits.’’

    “As it stands today, our blessed country has 84 million hectares of arable land for agricultural cultivation, agro-allied ventures and its value chain businesses.

    “We have the largest gas reserves in the world and 44 exploitable minerals in proven commercial quantities,’’ he said.

    Okeke said that Nigeria also had the largest market in Africa with proximity to other West African markets as well as land borders with Benin, Cameroon, Chad and Niger, with four international airports.

    He said that the Federal Government was already implementing a strategic plan to tackle short term macro-economic challenges.

    According to him, the country has over 56 multi-national companies with annual revenue of over 500 million dollars and largest cluster of large companies in Africa.

    Okeke also listed other potentials that made the country investors’ destinations:

    “Young and skilled workforce with 43 per cent of the population under 15 years; with improved labour productivity and over 1.8 million new graduates every year to provide man-power needs of emerging and expanding industries and businesses.

    “Rising consumer spending projected to increase by 94 billion dollars in 2025.

    “Robust financial markets with seven of the top 25 banks in Africa and the second largest stock exchange on the continent.

    “Investor friendly climate with strong appetite to encourage private sector investments by the government.
    `Generous statutory incentives with 14 Free Trade Zones,’’ Okeke said.

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  • Odu’a, DAWN, NIPC partner on Southwest investments

    Odu’a Investments Limited and the Development Agenda for Western Nigeria (DAWN) Commission are working with the Nigerian Investments Promotion Council (NIPC) to boost investments in the  Southwest.

    The bodies met at the Cocoa House, Ibadan headquarters of Odu’a yesterday to explore strategies to achieve their aims.

    Welcoming the NIPC team, the Group Managing Director of Odu’a, Adewale Raji, said he was pleased about the collaboration, saying the region is replete with investment opportunities that need to be promoted.

    Raji said the company has rolled out an ambitious plan to invest massively in agriculture and agro-allied industry that will see to the establishment of large farms,  to produce raw materials and finished products through factories that can be set up in the communities where the farms are located.

    The idea is christened the Integrated Agric Project.

    According to him, such farms and factories will create huge number of employment to the youths.

  • Auto policy to create 700,000 jobs, says NIPC

    Auto policy to create 700,000 jobs, says NIPC

    The Nigeria Investment Promotion Council (NIPC) has said the implementation of the new automotive policy would create over 700,000 jobs.

    Speaking at the stakeholders’ forum on the Nigeria automotive industry, NIPC Executive Secretary, Ms. Yewande Sadiku, who was represented by Director, Department of Real Sector, NIPC, Mr. Reuben Kifasi, said the implementation of the automotive policy would create jobs in different clusters in the country and across the automotive value chain.

    She said: “First and foremost, the automotive industry is the most global of industries and a clear policy and strategy will serve as the route map towards Nigeria becoming a major automotive hub and significant contributor to the global value chain.

    “This will create much needed jobs, add value, boost exports, help local businesses to grow, stimulate regional development and sustain inclusive economic growth.”

    According to Sadiku, it will fast-track the growth and development of other intervening industries such as automotive spare parts, auto servicing, steel industry, rubber, petrochemicals and plastic industries, among others.

    She noted that the Nigerian National Automotive Policy, enacted in 2014, underlined the commitment the government was making to create an enabling environment where investors, local and international, can profitably serve customers in Nigeria, throughout Africa and beyond.

    Sadiku added that the public-private-dialogue was a powerfull vehicle for crafting and realigning policies, and that the feedback from such an experienced and well-informed audience will provide invaluable feedback to temper policy and sharpen strategic direction for a renaissance of the automotive industry in Nigeria.

    “As the agency of the government of Nigeria responsible for attracting domestic and foreign investment and helping indigenous companies expand, NIPC is committed in 2017 to closely collaborate with National Automotive Design & Development Council (NADDC) and other key stakeholders to promote investment into the automotive industry,” she said.

    The NIPC boss said the agency was committed to fulfilling its policy advocacy role to sustain improvements to the investment climate, thereby creating a conducive environment for private investors to actively drive the development of the sector for the benefit of the economy and people of Nigeria

  • NIPC to set up Investment Facilitation Fund

    NIPC to set up Investment Facilitation Fund

    The Nigeria Investment Promotion Commission (NIPC), has unveiled plans to set-up a special development fund called the Investment Facilitation Funds (IFF).

    The proposed fund, when launched, will be accessible for preparatory stages of investment for business expansion or green field projects across the entire nation.

    The Coordinator of Invest in LAKAJI Corridor with the NIPC, MallamAminu Takuma who spoke at Investment Facilitation Workshop for Northern LAKAJI Corridor States organised by NIPC and United States Agency for International Development (USAID/NIGERIA), in Kaduna State yesterday, said the IFF will be a replica of the Project Development Facility (PDF) currently being implemented by the USAID/Nigeria Expanded Trade and Transport (NEXTT) project for facilitation of investments along the LAKAJI Corridor.

    The PDF provides seed funding for early-stage project development to catalyse private investments in agribusinesses, transport and logistics providers along the Lagos – Kano – Jibiya (LAKAJI) corridor. Italso provides technical assistance through local Business Development Services Providers (BDSP) to support investments that will potentially export agricultural products and reduce the time and cost to transport goods along the corridor.

    Talking about ongoing efforts on the IFF, he noted that the investment commission seeks to “implement the proposed development Investment Facilitation Fund through a public-private partnership advocacy platform that will provide aftercare services to existing investments or start-ups at the preparatory level.”