Investor Presentaiton

which can benefit from such tax holiday is available in the NIPC publication: "Investment Incentives in Nigeria" and also on NIPC website. In 2007, a total of 55 applications for Pioneer Status were received in the Commission out of which 24 companies were granted Pioneer Status incentive with $23, 051.19 billion FDI recorded, a total equity of N10, 619.28 billion and employment level of 21, 532 people. In year 2008, a total of 46 applications were received in the Department out of which 23 were granted Pioneer Status incentive. The manufacturing activities accounted for 52% of total number of companies that were awarded this incentive with a potential of about 1,605 job opportunities to be created with an investment worth of N530.26million. It is therefore evident that the sector remains an attractive preposition to investors. It should however be noted that empirical evidences have shown that availability of fiscal incentives are not enough to attract investment, but the right operating environment needs to be put in place. The infrastructural base of the economy is a key criterion to stimulate industrial growth in the economy. The present power generation of about 2,000MW is grossly inadequate to support an economy where average power need had been put at about 7,000MW. The establishment of the Infrastructure Concession and Regulatory Commission (ICRC) is therefore expected to design appropriate mechanism that would create the right conditions to stimulate the private participation in infrastructure provision and management. (b) Public Presentation of Pioneer Status Certificates/Interactive Sessions with Investors The Commission conducted a Public Presentation ceremony for 22 Pioneer Status beneficiary companies during the year under review. The event, which held on 17th July, 2007 had representations from the Industrial Inspectorate Department, Federal Ministry of Commerce & Industry; Federal Inland Revenue Services (FIRS) and members of the electronic and print media. It allowed for interaction and exchanges of views on the Nigerian business environment between the Government agencies in attendance and the investors present. It gave the Commission the opportunity to demonstrate its transparency in the issuance of Pioneer Status incentive so as to facilitate the inflow of FDI to the country. 64

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