NIPC: We’ve attracted N386bn in investments to Nigeria through incentives

The Nigerian Investment Promotion Commission (NIPC) says its pioneer status incentive (PSI) programme has attracted investments worth N386 billion from 37 companies.

Lovina Kayode, head of the incentives administration unit, spoke during a media parley held by the NIPC in Abuja.

Kayode said the PSI grants qualifying companies a tax holiday of three to five years, exempting them from paying corporate income tax during that period.

She added that incentives have a broader impact in creating job opportunities and contribute to reducing poverty.

“So far, through the pioneer status, we have attracted N386 billion from  37 companies. As mentioned earlier, we’ve been able to generate 5,559 jobs,” Kayode said.

“The NIPC has compiled a comprehensive guide to incentives in Nigeria, covering six key sectors: investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones. These measures aim to simplify the investment process and encourage foreign and local investors.”

On her part, Aisha Rimi, NIPC executive secretary, said the commission’s role is to foster a business-friendly environment.

“Our efforts to retain investments include a robust investor relations strategy, closer collaboration with sub-national governments, and capacity-building programmes aimed at empowering local entrepreneurs,” Rimi said.

Speaking on ongoing collaborations, Rimi highlighted international organisations such as the United Nations Development Programme (UNDP), the Japan International Cooperation Agency (JICA), and the German Agency for International Cooperation (GIZ), as main supporters providing critical technical and financial support.

“These collaborations have been instrumental in accessing global expertise and promoting Nigeria’s investment potential on international platforms,” Rimi added.

She also said the commission is prioritising sustainability and innovation by encouraging green investments and emerging sectors such as fintech and renewable energy.

“Partnering with investment bodies focusing on sustainability will be pivotal in enhancing Nigeria’s appeal to socially responsible investors and advancing the green agenda,” Rimi said.

“All these will be achieved through a diversified economy, enhanced infrastructure, and human capital development.”

Rimi also urged the media to continue highlighting Nigeria’s investment success stories, showcasing the country as a prime destination for investors.