Section 168

(1) Subject to the provisions of this Part, every application for eco- Application
for economic
nomic development incentive certificate shall be addressed to the Executive
development
Secretary of the Nigerian Investment Promotion Commission (NIPC), and
incentive
shall be in such form as may be specified. certificate
(2) The application shall –
(a) show a commitment of, or the ability to commit, the minimum capital Tenth
Schedule
required to invest in the specified priority sector listed in the Tenth Schedule
to this Act ;
(b) state whether the company is, or the proposed company when
incorporated shall be, a company that the ultimate parent entity is a resident
company or non-resident company ;
(c) give particulars of the assets on which qualifying capital expenditure
is incurred or to be incurred by the company, including the source and cost
or estimated cost –
(i) on or before production day, and
(ii) during a period of three years following the production day;
(d) specify the place in which the assets, in respect of which qualifying
expenditure was incurred or to be incurred by the company or proposed
company, is situated or to be situated;
(e) state the date or probable date of production day of the company or
proposed company;
(f) specify any product, service, and by-product, not being a priority
product, being produced or proposed to be produced by the company or
A 482 2025 No. 7 Nigeria Tax Act, 2025
proposed company, and give a reasonable estimate of the quantities and
value of such product and by-product during a period of one year from
production day;
(g) give particulars of the loan and share capital, or the proposed loan
and share capital of the company, or proposed company, including the amount
and date of each issued shares or proposed issue, and the source from
which the capital is to be or has been raised;
(h) in the case of a company already incorporated, provide the details of
the ownership structure of the company and the nationality of each director
of the company; and
(i) in the case of a proposed company, provide the name, Tax ID, ad-
dress, and nationality of each promoter of the company and the proposed
ownership structure.
(3) An application shall contain a declaration signed by the applicant that
all the information contained in the application is true, and an undertaking to
produce proof, if required.
(4) The application shall be accompanied by a non-refundable fee of
1% of the qualifying capital expenditure incurred or to be incurred, subject to
a maximum of N 5,000,000 and no further fee shall be payable to the NIPC in
respect of the application.
(5) The NIPC shall recommend the application to the Minister, for ap-
proval or otherwise, including the projected tax expenditure impact report in its
recommendation.
(6) The Minister, acting on the recommendation of the NIPC, may
recommend the application to the President for approval.
(7) An economic development incentive certificate shall not be issued to
a company without the approval of the President.
(8) The NIPC shall submit an annual report of the list of sectors and
companies that have benefited under this Part to the Minister who shall, not
later than 30 days, present a copy of the report to the President and the National
Economic Council.