Players in the manufacturing and value added services will now enjoy some palliatives and tax holidays following the decision of the Federal government to grant pioneer states to some players in some critical sectors of the economy.
To this end, the federal government on Monday released the full list of the 27 key industries and products included in the revised list of ‘pioneer status’ incentives for prospective investors.
The Federal Executive Council, FEC, had last week, announced that some companies will enjoy some incentives and holidays to enable them make sufficient contribution to the economy and rejig their production base.
The Minister of Industry, Trade and Investment, Okechukwu Enelamah, had told newsmen of the approval given to 27 industries to enjoy pioneer status but did not disclose list the 27 industries.
Confirming the decision, the Minister of Information and Culture, Lai Mohammed revealed that the creative industry was among the 27 industries that will enjoy the break.
However, the Ministry of Industry, Trade and Investment announced the lifting of the administrative suspension on processing Pioneer Status Incentives, PSI, applications for prospective investors in the country.
Some of the companies and products to benefits from the Pioneer Status Incentives, PSI, tax relief, mainly for corporate income tax were recently released by the Ministry and are:
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.