The Federal Government has exempted 105 companies from paying income tax under the Pioneer Status Incentive.
This programme, managed by the Nigerian Investment Promotion Commission, offers temporary tax relief to firms that operate in sectors considered important for economic growth.
The latest report showed that 22 new companies were added to the list in the final quarter of 2024.
This brought the total number of beneficiaries to 105, including firms like Dangote Fertilisers and Mikano International.
These firms will not pay income tax for a period of three years, allowing them to invest more in their operations.
The number of companies under this programme has fluctuated during the year.
It rose to 104 in the first quarter, dropped to 88 in the second quarter, and declined further to 83 in the third quarter before rising again at the end of the year.
Since September 2023, when the Presidential Tax Reform Committee began reviewing the policy, 25 firms have received fresh approvals.
The pioneer status is designed to support companies in new or underdeveloped sectors.
It is granted under the Industrial Development Income Tax Act and gives full or partial relief from income tax for a limited time.
The companies that are benefiting include: Dangote Fertilisers, Mikano International Limited, Sinotrucks West Africa Limited, West African Cubes Limited, Jigawa Rice Limited, JMG Nigeria Limited, Rain Oil Limited, Okpella Cement Plc, Greenville Liquified Natural Gas Company Limited, Etsako Cement Company Limited, Gidan Bailu Cement Company Limited, Auxano Solar Nigeria Limited, AP LPG Limited, Karma Agric Feeds and Foods Limited, and Agrira West Africa Limited.
Additional beneficiaries of the Pioneer Status Incentive include H & W Rice Company Limited, Segilola Resources Operating Limited, Sifax Marine Limited, Ocean & Cargo Terminal Services Limited, Hulhulde Rice Mill Limited, and O2O Network Limited, Villextra Technologies Limited, Flex Films Africa PVT Limited, Addmie Nutrition Limited, Century Minning Company Limited, Eastcastle Infrastructure Nigeria Limited, Ecovista Industries PVT Limited, The Safron Hotel Limited, Green Recycling Industries Limited, and Fouani Nigeria Limited.
Additional companies that have received Pioneer Status Incentive approvals include Al-Wabel Rice Mill Limited, Royal Salt Industries Limited, Mustang Industries Limited, Kam Steel Integrated Company Limited, Alef Recycling Company Limited, IRS Pasta Limited, JMG Limited, Tiloc Nigeria Limited, Johnwood Hotel Limited, Mafa Rice Mills Limited, and Shafa Energy Limited.
