Edo Refinery, Dufil Prima Foods, Don Mac Limited Secure NIPC Incentives To Deepen Investment Of Over N205bn In Edo State

Edo Refinery, Dufil Prima Foods, Don Mac Limited Secure NIPC Incentives To Deepen Investment Of Over N205bn In Edo State

3 weeks ago
1 min read

The Nigerian Investment Promotion Commission (NIPC) has granted pioneer status incentives to key manufacturers, including Edo Refinery, Dufil Prima Foods, and Don Mac Limited.

These incentives are expected to deepen investments worth over N205 billion in Edo State, furthering industrial growth and productivity.

Governor Godwin Obaseki’s administration has been instrumental in attracting these investments. Over the past seven years, the government has implemented a robust investment promotion strategy that has drawn numerous manufacturing businesses to the state.

Edo Refinery, a major player in the manufacturing of refined petroleum, is among the companies benefiting from these incentives. With an investment of N6 billion and 76 staff members, the refinery’s approval is valid until December 31, 2025. The incentives will allow the refinery to expand its operations, contributing to the state’s economic development.

The NIPC, in its release on the Pioneer Status Incentives Application for the first quarter of 2024, listed six companies in Edo State with active applications. The incentives provided by the NIPC are part of the Industrial Development (Income Tax Relief) Act Cap I7, Laws of the Federation of Nigeria 2004, and the Pioneer Status (Delegation of Certain Statutory Functions) Order of 2017.

READ ALSO: Edo Refinery Places Order For 200,000 Barrels Of Crude

Dufil Prima Foods Plc, another beneficiary, has been approved for a three-year period from January 1, 2024, to December 31, 2026. The company, which manufactures grain mill products and pure cassava flour, has invested N13 billion and employs 269 staff members. The incentives will support Dufil Prima Foods in scaling up its production and operations.

Governor Obaseki commented on the development, stating, “These incentives are a testament to our commitment to creating a conducive environment for businesses to thrive. We are focused on building an industrial base that will not only boost the state’s economy but also provide employment opportunities for our people.”

Okpella Cement Plc, operated by Dangote Cement Plc, is another player receiving these incentives. With an investment of N178 billion and 570 staff members, the company’s approval for manufacturing cement, lime, and plaster is valid until June 30, 2024. This incentive will aid Okpella Cement in enhancing its production capacity and operational efficiency.

Don Mac Limited, involved in manufacturing metal tanks, reservoirs, and containers, has also secured an incentive approval valid until July 31, 2024. With an investment of N8 billion, the company is set to expand its operations and contribute to Edo State’s industrial landscape.

Other companies, such as Duport Midstream Company and Greenhill Agricultural Products Limited, have applications at various stages of approval, indicating a continued influx of investments into the state.

The impact of these incentives is expected to be substantial, with increased production in Edo Refinery and others, job creation, and economic growth. As Edo State continues to attract more investments, the future looks promising for its industrial sector and overall development.


Follow Us

Latest from Business

Nigerian Equity Market Recovers With N144bn Gain

Nigerian Equity Market Recovers With N144bn Gain

The Nigerian equity market bounced back from Tuesday’s loss with a significant gain of N144 billion on Thursday. The recovery was driven by notable performances from Nigerian Breweries, Unity Bank, NEM Insurance,

Don't Miss