Nigeria’s government on Wednesday amended the list of pioneer industries and products in the country and approved tax holidays ranging from 3-5years to those captured.
For already matured industries, a three-year window will be allowed before finally taking them off the pioneer status list.
Mineral extractive, as well oil related industries have been taken off the list, Minister of Trade and Investment, Okechukwu Enelamah said while briefing newsmen after the weekly Federal Executive Council (FEC)
The list has become obsolete since it was last reviewed in 2006 Council also approved a new policy guideline for the Federal Executive Council, Ministries, Departments and Agencies on the planning and execution of projects, programmes and contracts that have science, engineering and technology components.
The new policy targets to domesticate firms with science, engineering and technology components in 10 years although the science sector will continue to rely on foreign experts to train home based Nigerians to take over.
Elizabeth Archibong
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