FG approves five-year tax break for agric investors
Written by Olarotimi Oshin on October 28, 2022
The Federal Government has approved new incentives for investors in the agricultural sector to improve high-level private sector participation in the nation’s food production and processing industry, the Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, has said.
Among the incentives included tax and duty-free holidays for a period of five years for agricultural production and processing in Nigeria; tax-free agricultural loans with a moratorium period of over 18 months and repayment period of not more than seven years; and zero-tariff rates on the importation of agro chemicals.
Punch reports that Abubakar stated these in Abuja on Thursday during the 29th edition of the LAPO Annual Development Forum with the theme, ‘Financing agriculture and rural development initiatives in Nigeria: Issues and way forward’.
While calling Nigerians to invest in agriculture, the minister explained that the sector was experiencing a reinvigoration with dedicated policies of the Federal Government aimed at allowing the private sector to get involved and make more contributions in growing the nation’s Gross Domestic Product.
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