Wednesday, March 08, 2006

Foreign Investment: Nigeria grants tax holiday to 24 companies

The Nigerian government has granted Pioneer Status to 24 companies in a move to drive Foreign Direct Investment through attractive incentives of tax holidays and other privileges. This means that the companies will enjoy a five-year tax break.

Beneficiaries include: Karflex Fisheries Ltd, Benue Brewery Ltd, Champion Breweries Plc, Sara Foods Ltd, Amioun Steel Ltd, Zenith Construction Ltd, West African Portland Cement Plc, BAT Iseyin Agronomy Ltd, Integrated Dairy Farm Ltd, West African Glass Industry Ltd, Multi-links Telecommunications, Bel-Impex Ltd, and Glass Force Ltd.

Others are: Prime Nigeria Woods Products Company Ltd, Superior Metal Manufacturing Company Ltd, African Steel Mills (Nig) Ltd, Pentacle Nigeria Ltd, Dufil Prima Foods Ltd, Haruna Holistic Welfare Services Nigeria Ltd, MINL Ltd, Rainbownet Ltd, Sun and Sand Industries Ltd, and Dana Pharmaceuticals Ltd.