The Federal Government, through the Nigerian Investment Promotion Commission, has granted fresh tax holidays to 12 companies in the first quarter of this year under the Pioneer Status Incentive initiative, increasing the number of total beneficiaries to 104 companies.
The commission disclosed this in its Q1 2024 PSI report released and obtained by our correspondent on Monday.
According to the NIPC report, the 12 companies newly given tax holidays for an initial period of three years include Fouani Nigeria Limited; Neway Power Technology Company Limited; Starich Recycle Technologies Company Limited; Gerawa Rice Mills Limited; Shafa Energy Limited; Mafa Rice Mills Limited; A. A Rano Nigeria Limited (haulage); and A.A Rano Nigeria Limited (Natural gas supplier).
Others are Basma Agric Processing Limited, Flex Films Africa PVT Limited, Addmie Nutrition Limited, and Dufil Prima Foods Plc.
The report also stated that the companies had invested N125.74b in its operations and production. In addition, NIPC said it also granted approval in principle to nine other companies, who will join the beneficiary companies after fulfilling certain conditions. NIPC added that 18 new PSI applications were received in the first quarter of this year, while eight firms applied for an extension of their tax holiday, but only two were granted extensions.
