Despite Nigeria’s quest for foreign direct investment to help stimulate the economy, Nigerian Investment Promotion Commission (NIPC), the country’s foremost investment facilitation agency, is reneging on its national and international deliverables, findings by LEADERSHIP has revealed.
NIPC was established to encourage, promote and coordinate investments in Nigeria.
Documents sighted by our correspondent showed that Umar has refused to consider pioneer status applications as she merely held only one meeting on the application in the last six months.
It was gathered that the executive secretary did not consider any memo on that in clear violation of the timelines for such incentive and the minister’s directive.
The pioneer status incentive (PSI) is a tax holiday that grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.
The idea is to encourage the flourishing of businesses.
Many pioneer status applicants have paid repeated visits to NIPC in expected concern over the failure to consider their applications in contravention of the approved timeframes/guidelines and are groaning under the burden of facility commitments occasioned by the delay.
Some of them include KPMG, Emzor Pharmaceuticals Industries Limited, Flex Films, Harvestfield Industries Limited, Rosemary Industries Ltd, Dapon Doors Limited.
But there seems to be no respite in sight for the PSI applicants as a recent controversial staff redeployment exercise indicates that Ms Umar has posted out the entire staff of the incentives administration unit (that process the PSI) with their collective institutional memory.
