Investment Incentives
The Federal Government of Nigeria offer a number of investment incentives intended to stimulate foreign direct and internal investment. Some of these incentives are available across all sectors whilst others are industry specific.
The Companies Income Tax Act has been amended in a bid to encourage existing and potential investors and entrepreneurs.Industrial organisations are encouraged to engage in research and development (R & D) for the enhancement of their processes and products. Up to 120% of expenses on R & D are tax deductible provided that such R & D activities are carried out in Nigeria and are connected with businesses to which allowances are granted. The result of such research could be patented and protected in accordance with internationally accepted industrial property rights.A comprehensive package of incentives (e.g. 3-5years tax holiday for pioneer activities) put in place to encourage
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