The Federal Government has released a list of 27 approved industries to benefit from the ‘pioneer status’ incentives for prospective investors.
Some of the benefits of the pioneer status include tax relief, mainly for corporate income tax.
Recall that Okechukwu Enelamah, Minister of Industry, Trade and Investment, had after the Federal Executive Council, FEC, meeting announced the government’s decision to grant a three-year tax holiday to the 27 industries.
According to the minister, the purpose is to enable the companies “grow and attract investment in them”. Mr. Enelamah did not, however, list the 27 industries.
Lai Mohammed, Minister of Information and Culture, later confirmed that the “pioneer status” will be extended to the creative industry.
Here is the full list of the 27 industries to enjoy the pioneer status.
Mining and processing of coal;
Processing and preservation of meat/poultry and production of meat/poultry products;
Manufacture of starches and starch products;
Processing of cocoa;
Manufacture of animal feeds;
Tanning and dressing of Leather;
Manufacture of leather footwear, luggage and handbags;
Manufacture of household and personal hygiene paper products;
Manufacture of paints, vanishes and printing ink;
Manufacture of plastic products (builders’ plastic ware) and moulds;
Manufacture of batteries and accumulators;
Manufacture of steam generators;
Manufacture of railway locomotives, wagons and rolling stock;
Manufacture of metal-forming machinery and machine tools;
Manufacture of machinery for metallurgy;
Manufacture of machinery for food and beverage processing;
Manufacture of machinery for textile, apparel and leather production;
Manufacture of machinery for paper and paperboard production;
Manufacture of plastics and rubber machinery;
Waste treatment, disposal and material recovery;
Software development and publishing;
Motion picture, video and television programme production, distribution, exhibition and photography;
Music production, publishing and distribution;
Real estate investment vehicles under the Investments and Securities Act;
Mortgage backed securities under the Investments and Securities Act; and
Business process outsourcing.