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27 Industries Newly Granted Pioneer Status In Nigeria

by Lorys Charalambous, Tax-News.com, Cyprus

08 August 2017


The Nigerian authorities have granted Pioneer Status to a further 27 industries, after the first review of the incentive since 2006.

The Federal Executive Council approved the list of 71 approved pioneer industries on August 2, and although the full details have yet to be made public, it was revealed mineral oil extraction was not included on the list.

Companies can be granted pioneer status if their industry's development is lacking in Nigeria and its development would be in the public interest.

Previously approved pioneer industries have included: dairy production; steel and iron manufacturing; glass and glassware manufacturing; rubber plantations and processing; book printing; and computer, computer chips, cameras, and other photographic equipment manufacturing.

Companies benefiting from pioneer status receive a three-year income tax holiday, which can be extended for a further two years.

It was further announced that the list of approved industries would be reviewed every two years going forward, and if a company or industry is removed from the list, there will be a three-year sunset period.

TAGS: tax | Niger | Nigeria | tax incentives | corporation tax | oil and gas | tax breaks

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