The
federal government has granted ‘Pioneer Status’ to the creative industry, in a
landmark move aimed at transforming the industry to a creative economy and
creating jobs.
In a statement issued in Abuja on
Thursday, the Minister of Information and Culture, Lai Mohammed, said the
decision to grant the industry ‘Pioneer Status’ is in fulfilment of the promise
made by the Acting President, Yemi Osinbajo, represented by the Minister of
Finance, Kemi Adeosun, at the opening of the Creative Industry Financing
Conference in Lagos 17-18 July 2017.
The ‘Pioneer Status’ is granted to
companies making investments in qualifying industries and products as tax
holiday from the payment of corporate income tax and withholding tax on
dividend from pioneer profits for an initial period of three years, extendable
for one or two additional years.
The ‘Pioneer Status’ for the
Creative Industry covers music production, publishing and distribution (including
online digital distribution); Photography; Production and post-production of
digital content for motion pictures, videos, television programmes,
commercials, distribution and exhibition (digital movies, animation, videos, tv
programmes and commercials); Publishing of books (copyrighted books) and
development and Publishing of ready-made software (operating systems, software
applications and computer
games).
games).
”This is a shot in the arm for the
Creative Industry, and it will definitely catalyse investments in the industry.
It is also the answer to our quest to spur the establishment of world class
studios in Nigeria for production and post-production of movies and music
videos,” the minister said.
He said the need to grant ‘Pioneer
Status’ to the creative industry as well as tackle the piracy of creative works
were among the key issues raised by participants at the Creative Industry
Financing Conference.
”It is a measure of the increasing
importance attached to the industry by the federal government that these issues
are now being handled with utmost urgency. First, the ‘Pioneer Status’ has been
granted within three weeks of the conclusion of the conference. Secondly, an
Anti-Piracy Committee, comprising representatives of the Federal Ministry of
Information and Culture, industry stakeholders and the police, has been set up
to work out the modality for tackling piracy in a lasting and sustainable
manner,” Mr. Mohammed said.
He thanked the stakeholders in the
creative industry for supporting the federal government in its efforts that
have succeeded in putting the industry in the front burner of the economy and
made it a key plank of the government’s economic diversification policy.
”We are
determined to do more for the creative industry in order to allow the creative
talents of our youths to blossom, create massive jobs and position Nigeria as a
global hub for the industry,” the minister said.
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