NIPC Newsletter

Revised NIPC Service Fee Schedule Effective October 2024

The Nigerian Investment Promotion Commission (NIPC) has issued a revised Service Fee Schedule, effective from 1 October 2024, for applications related to business registration and pioneer status incentives. This revision, published on 2 September 2024, aligns with Section 12 (2b) of the Nigerian Investment Promotion Commission Act, 1995 (as amended), which authorizes the NIPC to charge fees for its services.

Key Changes in the Revised Fee Schedule

Business Registration Fees

Service	Previous Fee (N)	New Fee (N)
Application fee for business registration	15,000	150,000
Replacement fee for lost certificate	-	100,000
Annual renewal application fee (Effective 1 January 2025)	-	50,000

Pioneer Status Incentive (PSI) Fees

The fees for applying for a pioneer status incentive, which grants eligible businesses a tax holiday of three years (renewable for an additional two years), have also been revised as follows:

Service	Previous Fee (N)	New Fee (N)
Application fee for PSI	250,000	500,000
Due diligence fee	500,000	1,000,000
Service charge	2,500,000	3,000,000
Inclusion fee	-	1,000,000
Annual service charge	1% of actual pioneer profits	1.5% of actual pioneer profits
Fee for extension of application	100,000	250,000
Penalty on abandoned/redundant new applications	-	200,000
Penalty on abandoned/redundant extended applications	-	100,000

Implications for Businesses

Companies with foreign participation are now required to renew their NIPC registration annually starting 1 January 2025. While the NIPC has not yet outlined the specific consequences of non-compliance, failure to renew may result in a loss of registered status.

Businesses operating in Nigeria with foreign participation should update their compliance trackers to reflect this new requirement.

For assistance with your NIPC registration renewal, please contact us at info@uzowuluugoandco.com.