28 May 2013
Nigeria is offering up to five years of tax holidays and other generous incentives to draw direct foreign investment into Africa’s second biggest economy.
Nigeria’s vice president Namadi Sambo said other incentives include 100 per cent repatriation of profit, 140 per cent capital allowance in research and development, 20 per cent capital allowances for five years on local raw materials use, and 30 per cent tax relief and expenditure on public infrastructure.
Nigerian Central Bank. (Credit: Chippla)
Mr Sambo announced the incentives at the ground breaking ceremony of Idu Industrial Park in Abuja last Thursday, according to Nigerian newspaper, The Nation.
The 250 hectare industrial park is expected to attract more than $2 billion in investment, create 40,000 jobs and hold more than 170 small to medium scale industries when fully operational.
Click here for the Nation article.