The Federal Government has approved a new set of tax incentives aimed at encouraging Nigerian industries to invest in research, adopt local raw materials, and reduce dependence on imports.
Announcing the development in Abuja, Director-General of the Raw Materials Research and Development Council (RMRDC), Professor Nnanyelugo Ike-Muonso, described the policy as a game-changer for Nigeria’s industrial landscape. The approved framework is designed to ease financial pressures on manufacturers and innovators who embrace homegrown solutions.
“This move signals a strong commitment from the government to drive economic diversification through local content development and research,” Ike-Muonso stated. “It’s not just a tax policy—it’s a bold push to make local innovation more attractive and competitive.”
Under the new guidelines, companies that actively invest in research and development (R&D) or use Nigerian-sourced raw materials in their operations will be eligible for fiscal incentives.
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The goal is to stimulate job creation, strengthen supply chains, and expand opportunities for local producers.
The DG noted that the RMRDC has long advocated for a supportive environment that rewards businesses taking risks to innovate with Nigerian talent and resources.
“We are creating conditions where it pays to build locally,” he added.
He also commended the Ministers of Innovation, Science and Technology, Chief Uche Nnaji, and Finance, Mr. Wale Edun, for championing the initiative and facilitating inter-ministerial collaboration to link scientific advancement with sound economic policy.
The incentives are expected to bolster Nigeria’s broader agenda of industrial self-reliance and sustainable economic growth.
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