INCENTIVES & SUPPORT
(i) Availability of Industrial Land
Imo has large hectares of land reserved in various Local Government Areas for industrial purposes, there are also three industrial growth layouts in Owerri, Orlu and Okigwe. Under the Public-Private Partnership Scheme, potential investors are provided industrial land to set up industries with additional government incentives like provision of water, electricity and access roads.
Enterprise zones/medium industrial parks are being established to locate artisans, SMEs and Industrialists operating at un-authorised or approved locations
Government is partnering with specialised banks e.g. Central Bank of Nigeria, Bank of Industry, SMEDAN, Bilateral and Multilateral Institutions to make available Micro-Finance to SMEs and Local Entrepreneurs to develop or expand their businesses.
(iii) Peaceful, Stable Government and Hospitality Spirit of Imo People
The hospitable spirit of the average Imo person, peaceful atmosphere and generally stable government which operate without resentment by the people, encourage investment and productivity. The security situation in the state is about the best ten in the country. Imo State is rated the most peaceful State in Nigeria.
(iv) Transfer of Dividends, Profits etc
Profits and dividends can be remitted as they are declared, to the country or destination of investor, provided that proper and accurate tax has been paid accordingly.
(v) Other fiscal incentives include:
● Pioneer Status Incentives - Income tax relief for a period of three years or more based on the sector of investment, companies’ income tax Act, which grants to companies registered in Nigeria, a quicker write-down of their capital assets in the early years of operation.
● Zero Import Duty: Zero percent import duty tariffs (custom, excise and value added) for import of agricultural equipment and agro-processing equipment.
● Increased tariff with additional levy on any commodity that Nigeria produce (rice, starch, sugar, wheat, tomato etc.) to promote domestic production and local content.
● Exemption of interest from tax on loans granted to agricultural activities.
● Exemption from Value Added Tax (VAT).
● Access to Agricultural Credit Guarantee Scheme which is up to 75%.
● Avoidance of double taxation agreement which eliminates double taxation with respect on income and capital gains.
(vi) Support System
(a) Access to government-developed Investor Information and support through ISIPA
(b) One-stop channel access to all government bodies ISIPA One-Stop Investment Center
(c) Re-engineered business processes and policies to boost ease of doing business, with aim to make Imo rank 1st in Ease of Doing Business rating
(d) ISIPA One-Stop-Center Fast tracked licensing and issuance of all necessary permits