WEST FOSTER HARBOUR, Lagos LEKKY FREE TRADE ZONE
Nigeria, by the year 2020 is poised to be among the Top 20 economies in the world with a minimum GDP of $ 900 billion and a per capital income of at least $ 4000 per annum. The nature and application of these incentives have been considerably simplified. The incentives include:
(i) COMPANIES INCOME TAX
The Companies Income Tax Act has been amended in order to encourage potential and existing investors and entrepreneurs. The current rate in all sectors, except for petroleum, is 30 percent.
(ii) PIONEER STATUS
The grant of Pioneer Status to an industry is aimed at enabling the industry concerned to make a reasonable level of profit within its formative years. The profit so made is expected to be ploughed back into the business.
Pioneer status is a tax holiday granted to qualified or (eligible) industries anywhere in the Federation and seven-
To qualify, a joint venture company or a wholly foreign-