The Federal Executive Council has approved lifting of the nation’s two year Pioneer Status incentive ban.
It further endorsed new guidelines as well as a revamped pioneer status list that now includes twenty seven new industries and exempts two.
Additions to this list will be effected immediately, while deletions will take three years.
The trade and investment authorities said the pioneer status list review aligns with the economic recovery and growth plan.
Nigeria’s Investment Promotion Commission is to drive this process alongside the tax revenue authorities.
Government is confident the country’s incentive regime has now been thoroughly sanitized and will henceforth deliver expected economic benefits.
The pioneer status incentive exempts certain investors from paying company income tax for an initial three years with possible extension of one to two years.
It was placed on an administrative suspension in 2015 to allow for a comprehensive review.