Section 1: Pioneer status

(1)
The registered company known as the Nigeria LNG Limited(hereafter in this Act referred to as "the Company") shall be regarded as a pioneer company within the provisions of the Industrial Development (Income Tax Relief) Act, 1971.
(2) The provisions of the Industrial Development (Income Tax Relief) Act 1971, other than sections 2, 3 and 7 thereof and as otherwise provided in this Act, shall apply to the Company.
(3) The business undertaken by the Company and its products are hereby declared as pioneer industry and pioneer products respectively.
(4)
For the purposes of this Act, "production day" means the date of the first commercial delivery of liquefied natural gas produced by the Company to a purchaser of the liquefied natural gas, upon which date the trade or business of the Company shall be deemed to commence for the purposes of the Companies Income Tax Act 1979.