The Federal Government has revealed that the 107 companies which it granted tax exemptions collectively invested N2.53tn into the Nigerian economy before securing approvals.
The companies committed to investing a substantial amount across various critical sectors of the economy while also pledging to create employment opportunities for Nigerians—both of which are fundamental prerequisites for qualifying for the three-year tax exemption granted by the government.
These details were disclosed in the latest Pioneer Status Incentive quarterly reports released by the Nigerian Investment Promotion Commission and obtained by our correspondent on Wednesday.
The reports showed that investments made by the 107 companies during the year amounted to N2.53tn.
The firms operate in sectors that include manufacturing, solid material, pharmaceuticals, information and communication, trade, construction, waste management, electricity and gas supply, tourism, and infrastructure, among others.
