on Monday released the full list of the 27 key industries and products included in the revised list of ‘pioneer status’ incentives for prospective investors. At the end of the meeting of the Executive Council of the Federation, FEC, last week, the Minister of Industry, Trade and Investment, Okechukwu Enelamah, disclosed the approval given to the 27 industries. Mr. Enelamah did not, however, list the 27 industries. The Minister of Information and Culture, Lai Mohammed, later confirmed that the creative industry was among the 27. Earlier, the trade and investment ministry announced the lifting of the administrative suspension on processing pioneer status incentives, PSI, applications for prospective investors in the country. Some of the benefits of the pioneer status include tax relief, mainly for corporate income tax. Here is the full list of the 27 industries to enjoy the pioneer status.
- Mining and processing of coal;
- Processing and preservation of meat/poultry and production of meat/poultry products;
- Manufacture of starches and starch products;
- Processing of cocoa;
- Manufacture of animal feeds;
- Tanning and dressing of Leather;
- Manufacture of leather footwear, luggage and handbags;
- Manufacture of household and personal hygiene paper products;
- Manufacture of paints, vanishes and printing ink;
- Manufacture of plastic products (builders’ plastic ware) and moulds;
- Manufacture of batteries and accumulators;
- Manufacture of steam generators;
- Manufacture of railway locomotives, wagons and rolling stock;
- Manufacture of metal-forming machinery and machine tools;
- Manufacture of machinery for metallurgy;
- Manufacture of machinery for food and beverage processing;
- Manufacture of machinery for textile, apparel and leather production;
- Manufacture of machinery for paper and paperboard production;
- Manufacture of plastics and rubber machinery;
- Waste treatment, disposal and material recovery;
- E-commerce services;
- Software development and publishing;
- Motion picture, video and television programme production, distribution, exhibition and photography;
- Music production, publishing and distribution;
- Real estate investment vehicles under the Investments and Securities Act;
- Mortgage backed securities under the Investments and Securities Act; and
- Business process outsourcing.
2. It also announced a release of new guidelines for PSI applications as well as a revamped list of pioneer industries and products
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3. This was made known today, by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah. According to the Minister, the Federal Executive Council (FEC) at its last meeting approved the lifting of the suspension, a new guideline and a revamped Pioneer list with the addition of 27 key industries and deletion of two industries and a biennial review of the list going forward. In line with the reform provisions, all additions will be added to the list immediately, and all deletions will be removed from the list in 3 years.
5. He explained that the review of the list of Pioneer industries and products was done to bring it in line with the economic realities of Nigeria and the Economic Recovery and Growth Plan (ERGP)
6. Enelamah went on to say that “The Federal Government is committed to encouraging and attracting investments into critical sectors of the economy which will significantly impact development and deliver key benefits to the country.
7 He added: “These benefits include Economic Growth and Diversification; Industrial and Sectoral Development; Employment; Skills and Technology Transfer; Export Development; and Import Substitution.”
8. In her remarks, the Executive Secretary of the Nigerian Investment Promotion Council (NIPC) Ms. Yewande Sadiku, stated: “The reforms have brought further clarity, predictability and process efficiency to the PSI regime. We will continue the reform process as we plan to take the PSI application process online. We will also engage with relevant stakeholders with a view to updating the existing legislations.”
9. Recall that an administrative suspension was placed on the processing of PSI applications in September 2015, to allow for a comprehensive review and reform of the incentive regime.
10. This was aimed at increasing transparency and process efficiency, better articulating the expected economic benefits, and improving the Federal Government’s ability to measure the impact of the incentive.
11. The new application guidelines provide information on the considerations for assessing new PSI and extension applications. It furtheroutlines the application processes and timelines. It also details the ongoing obligations of beneficiaries.
12. The PSI grants companies making investments in qualifying industries and products a tax holiday from the payment of company income tax for an initial period of three years, with the possibility of an extension for one or two additional years.
13. An industry or product is designated as pioneer if it is not being carried on in Nigeria on a scale suitable to the economic requirements of the country or not at all; or where there are favourable prospects for further development; or if it is expedient in the public interest to encourage the development and establishment of an industry in Nigeria.
14. For further information and to download the new application forms, guidelines for PSI and Pioneer list, please visit the website of Nigeria Investment Promotion Commission (NIPC) — www.nipc.gov.ng
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