In 2023, 34 companies were awarded a three-year tax exemption by Nigeria

The Nigerian Investment Promotion Commission (NIPC) has declared that, in an effort to promote investment and accelerate economic growth and development, it will grant 34 companies a three-year tax exemption in 2023.NIPC's head of incentives administration, Lovina Kayode, revealed the pioneer status incentive (PSI), a tax holiday that exempts qualifying industries and products from paying corporate income tax for a three-year initial period that can be extended for an additional year or two, during a press briefing in Abuja.The revelation follows on from the current discussions over tax incentives and the significant loss of revenue resulting from annual waivers. She did point out, though, that not all businesses receive the incentives because of the panel on waiver awards' strict guidelines.