9 December 2011
The Nigerian Investment Promotion Commission (NIPC) said it generated about N837.93 billion between 2008 and 2010.
Its Executive Secretary, Engineer Mustafa Bello said the Commission was able to achieve this through granting pioneer incentive to about 130 new investors into the Nigerian economy.
He said this at the 7th National Conference on Investments in Abuja with the theme: “Transforming the Nigerian economy to enhance growth and development through direct investment.”
He said the expected job creation from the new entrants into the Nigeria economy is 83,769.
He said that the NIPC has produced a document on sector-specific investment incentives policy framework which seeks to, among other things, make Nigeria competitive in attracting the much needed Foreign Direct Investment (FDI).
He explained that some of the sector specific investments incentives include corporate tax holiday depending on the location, giving disadvantaged areas more years in view of the sector and technology.
He said: “Pioneer status has been reviewed (proposed) with the years of award ranging from five to 50 years. Automatic expatriate quota slots would be given to deserving investors based on quantum of investment, sector needs of the industry and job creation potential for Nigerian graduates.
“Revision of Export Expansion Grant (EEG) for import substitution industrial investments with vital incentive to stimulate export oriented activities. Companies are to enjoy the incentives for maximum period of five to 10 years.”
He said that the new incentive also introduced state enterprise status where enterprise with a minimum of $10 billion investment and operating for at least 10 years in Nigeria are to enjoy diplomatic privileges.
Engineer Bell urged the states to set up Investment Promotion Agencies (IPA) directly under the office of the governors to handle investment promotion and facilitation.
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