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The Head, Policy and Advocacy Nigeria Investment Promotion Commission NIPC Salami Abayomi, disclosed at the weekend that multinationals are moving out of Nigeria in droves due to high exchange rates.
Mr. Abayomi disclosed this during a media parley in Abuja stating that the exchange rate is on the very high side and not favorable for businesses.
According to him, “NIPC is seriously concerned about the state of the country, which is why the agency is balancing the interest of the government and the private sector by interfacing with the relevant ministry, parastatals and departments (MDAs).”
The exemption, she stressed, was to promote the company’s investments drive towards developing the nation’s economy.
“This tax exemption known as Pioneer Status Incentives (PSI) is executed under the Investors Relations Department of the NIPC and allows a company three years of not paying Corporate Income Tax, even though not all companies are granted incentives owing to the stringent procedures followed by the commission on waiver. The Nation
