The Federal Government has released the full list of all the 27 key industries and products included in the revised list of pioneer status incentives for prospective investors.
Following last week’s meeting of the Executive Council of the Federation, FEC, meeting, Minister of Industry, Trade and Investment, Okechukwu Enelamah, had announced the approval of the revised list of 27 key industries to benefit from the new arrangement.
Earlier, the ministry announced the lifting of the administrative suspension on processing pioneer status incentives, PSI, applications for prospective investors in the country.
The list follows the removal from the list of two industries, among them the mineral oil prospecting, which was previously governed by the Petroleum Profit Tax, PPT, among the beneficiaries of the pioneer industries list governed by the Companies Income Tax Act.
The full list includes:
- 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
- E-commerce services
- 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
- Business process outsourcing
The pioneer incentive scheme is governed by the Industrial Development Income Tax Relief Act. The aim is to give tax holidays to industries that the FG considers pioneer, not mature, to enable them to grow and attract investment.