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Business

NIPC grants tax holiday to Honeywell, Savannah Sugar, 4 others with N175.28 billion investments

6 additional companies with an investment value of N175.28 billion were granted Pioneer Status Incentive (PSI) by the NIPC.

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NIPC grants tax holiday to Honeywell, Savannah Sugar, 4 others with N175.28 billion investments, AfCFTA: Nigeria is more ready than most African economies - Yewande Sadiku

The Nigeria Investment Promotion Commission (NIPC) has disclosed that 6 additional companies with an investment value of N175.28 billion were granted Pioneer Status Incentive (PSI) for the third quarter (Q3) ended September 2020. These companies include:

  • Savannah Sugar Company Limited with N7.78 billion investments, granted tax-exempt to manufacture sugar.
  • Daily Need Industries Limited with N4.91 billion investment value, granted the tax holiday for the manufacture of some pharmaceutical products.
  • Tribute Lifestyle Global Concept Limited – an e-commerce player with N121 million investment, granted PSI for sales done predominantly or exclusively online.
  • Others are Kalambaina Cement Company with N107.54 billion investment value, granted PSI for manufacturing of cement.
  • Wells Hosa Greenhouse Farms with N5.47 billion investment value,  granted PSI for Crop production.
  • Honeywell Flour Mills Nigeria Plc with N49.45 billion investment value, granted PSI for manufacturing of Wheat (pasta – macaroni, spaghetti and sorghum).

READ: NIPC releases its Q3 2020 report on Pioneer Status Incentive (PSI) applications

The disclosure is contained in the report on PSI applications for third quarter 2020, issued by NIPC on Wednesday, November 11, 2020.

The report states that NIPC received new pioneer status applications from 28 companies, currently have 37 companies who are benefitting from the PSI. It also discloses that there are 102 pending applications for the PSI, with 60 companies abandoning their PSI applications.

READ: Honeywell reports N300 million pre-tax profits in Q2 2020

Pioneer Status Incentive (PSI) is a tax holiday provided under the Industrial Development (Income Tax Relief) Act, that grants qualifying industries, products relief, from the payment of corporate income tax for an initial period of three years, renewable for one or two additional years.

The report shows that Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Dangote Sinotrucks West Africa, Crown Flour Mills Limited, Maryland Mall Limited and 32 other companies are currently enjoying the PSI of the FG.

READ: Flour Mills of Nigeria Plc: Increase in agro-allied, others boost revenues

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It also shows that 3 companies – Pan Africa Towers Limited, Aarti Rolling Mills Limited and Princess Medi-Clinics Nigeria Limited – were granted approval-in-principle for colocation/infrastructure hosting and sharing facility, manufacture of cold-rolled and flat-rolled products of steel and for construction and operation of non-residential buildings (specialized hospital).

READ: Berger Paints Nigeria Plc records 8.96% increase in 2020 9M revenues

Also, 3 extension applications were received during the period, while one extension application was approved. No approvals were denied during the period. The report further revealed that three companies had their production date certificate confirmed.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

Lagos says Lake rice will soon be back in the market

The Lagos State Commissioner for Agriculture blamed flooding and the COVID-19 pandemic for the disappearance of Lake rice from the market.

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CBN campaigns for Made-in-Nigeria products Lake rice

The Lagos State Government has said that Lake rice, which is a collaboration between the Lagos State and Kebbi State Governments, is still in existence and will soon be back in the market on a big scale.

This follows the sudden disappearance of the Lake rice due to the disruption caused by the Covid-19 pandemic and last year’s devastating flooding, which wreaked havoc on rice plantations in Kebbi and other northern states.

This disclosure was made by the Lagos State Commissioner for Agriculture, Ms Abisola Olusanya, during a ministerial briefing to commemorate the second year in office of Governor Babajide Sanwo-Olu, admitting that 3 years of seamless record of providing the rice for Lagosians was broken last year, as the brand disappeared from the market.

What the Lagos State Commissioner for Agriculture is saying

Olusanya in her statement said, “It is not that Lake rice is missing to the extent that it will not surface again. Lake rice is still in existence. I think we need to go back to a lot of things that happened last year. Lake rice was available last year in January and February, COVID-19 hit us in March and subsequently, we had issues around flooding, particularly in Kebbi.

The impact of the flooding was grave on rice farms in the state. So, it is not so much about why it is not available, it is a function of why in the producing state there were so much issues of production and supply, for them to process and send to us,” she said.

The commissioner further stated, “Kebbi is the number one producer of rice in Nigeria, so it only makes sense for Lagos to partner with the state to get processed rice.

But part of the agreement also is that if Lagos State is setting up its own rice mill, the agreement is going to shift from receiving processed rice to receiving paddy rice for us to process in our mill. So, it’s not that the partnership has been terminated.

She announced that once the state mill in Imota, Ikorodu is completed, the state would have its own brand adding that the 32 Metric tonnes per hour capacity integrated rice mill under construction is the biggest in Nigeria and in West Africa and at full capacity is capable of producing approximately 2.4 million (50kg) bags of rice for the over 22 million people in the state and for Nigerians as a whole.

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Olusanya said that the mill will further create employment of approximately 267,580 jobs in the state at different stages of the value chain, reduce the cost of rice locally, enhance food self-sufficiency and revenue generation in the state and the country at large, as well as, ensure a sustainable supply of wholesome rice at an affordable price to the people in Lagos and its environs.

What you should know

The Lagos-Kebbi Rice christened Lake rice stemmed from the collaboration between Lagos and Kebbi State Governments and was launched at the Lagos House, Ikeja, Lagos on December 21, 2016, by the former Lagos State Governor, Mr Akinwunmi Ambode and his Kebbi State counterpart, Alhaji Atiku Bagudu.

The partnership which culminated in the launch was not only designed to ensure food security but also to showcase Nigeria’s ability to become a rice-producing nation. The partnership was also part of initiatives aimed at helping Lagos State succeed in its goal of achieving 40% food security and self-sufficiency status by the year 2023 in addition to being less dependent on other states for food production.

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Business

CBN, others move to stop rejection of Nigerian crops by other countries

CBN, government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

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MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The Central Bank of Nigeria (CBN) in collaboration with the International Institute of Tropical Agriculture (IITA), government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

This follows the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock which is expected to help achieve zero rejection of commodities exported from Nigeria.

This disclosure is contained in a communique issued at the end of a one-day workshop organised in Abuja by Harvest Field Industries Limited and IITA, aimed at sharing results of aflatoxin levels in maize sampled nationwide under the CBN Anchor Borrowers Programme 2020 Wet Season Project.

The workshop’s theme was ‘Scaling Solutions to Control Aflatoxin in Nigeria’s Crop Value Chain: The test results under the CBN Anchor Borrowers Programme 2020 Wet Season Project.’

What the CBN, IITA, Others are saying

The communique partly reads, “Also, it (the workshop) is to prompt concerted efforts towards the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock as required by global food quality standards.

“Reduced aflatoxin prevalence will contribute tremendously towards achieving zero rejection of our export commodities and ensure food safety in Nigeria.”

Other participants at the workshop apart from CBN, IITA and Harvest Field, included the Federal Ministry of Agriculture and Rural Development, the National Agency for Food and Drug Administration and Control, and the Standards Organisation of Nigeria.

The list of participants in the workshop also includes the Federal Competition and Consumer Protection Commission, the Federal Ministry of Health, Value Seeds Limited, Maize Association of Nigeria, National Groundnut Producers Processors and Marketers Association of Nigeria, among others.

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During the technical session, participants at the workshop recommended that the inter-ministerial committee on aflatoxin regulation and enforcement of food safety laws in Nigeria should be revived in addition to calls for the enactment of technical policy regulating the testing and enforcement of allowable aflatoxin limits in food and feed processing and distribution industries, among others.

What you should know

Aflatoxins are harmful toxins produced by certain fungi that are found on agricultural crops such as maize (corn), peanuts, cottonseed, and tree nuts. Their presence on some grains grown in Nigeria has prompted the rejection of these agro-products in the international market.

In a bid to diversify the economy and ensure food security in the country, the federal government through the CBN and other government agencies and ministries have introduced various policies and measures to increase productivity in the agricultural sector, which is arguably the largest employer of labour in the country.

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