NIPC assures investors of better business climate in 2024
Investors should expect a prosperous business climate in 2024 as the Nigerian Investment Promotion Commission, NIPC, rededicates itself to achieving a remarkable ranking in ease of doing business scale.
The NIPC Executive Secretary/Chief Executive Officer, Aisha Rimi, gave the assurance at a news briefing in Abuja.
Further, Rimi sought collaboration with the media to project a positive image of the country and attract FDI amid dwindling investor appetites and rising competition among nations.
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Reiterating the statutory mandates of the Commission, Rimi said the NIPC was set up to facilitate investments in the country, promote access to investors in the country, and retain the ones already in existence.
Stressing the role of media partnerships, Rimi noted: “If nobody traps these people and gives them the support they need, other countries are competing with Nigeria, so we must be very intentional.”
“So our job is to bridge that gap between the private sector and government to ensure that our investors, be they foreign or domestic, incoming or those already here, are successful.
“If they do well, we do well. A successful investment will have a multiplier effect on our economy, job creation, and diversification of the economy,” she noted.
She further urged Nigerians to support President Bola Ahmed Tinubu’s Renewed Hope Agenda and ensure the growth and development of the country.
Speaking, the Head of Incentives Administration of the NIPC, Lovina Kayode, told journalists in Abuja that the exemption was to promote the company’s investment drive towards developing the nation’s economy.
“This tax exemption known as Pioneer Status Incentives (PSI) is executed under the Investors Relations Department of the NIPC and allows a company three years of not paying Corporate Income Tax,” she said.
According to her, not all companies are granted incentives owing to the stringent procedures followed by the commission on waiver awards.
She noted that, “The Federal Inland Revenue Service (FIRS) and our parent ministry, the Ministry of Industry, Trade and Investment, are also part of this process to ensure that the right investors get this incentive.
“So far, 34 applications have been approved, and one of the things we intend to do was to ensure that we were not just giving incentives to undeserving companies.
“Meanwhile, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.
“However, tax expenditure means what the government has lost by granting PSI, was just a small amount compared to the gains made by granting these incentives to qualified companies.”
She revealed the plans by the commission to publish impact assessment reports on the effectiveness of the pioneer status report on job creation and other economic activities to promote investments.
“On impact, that is one thing NIPC is planning on, next year, it is one of our biggest tasks to do an impact assessment.
“These incentives we gave out, how have they impacted the country in terms of job creation and what kind of import substitution has come about because we granted these incentives?
“And how much will the government gain after the three years of them (the companies defaulting paying these taxes?)
