Incentives to the tourism sector
Region:
Nigeria
Sector:
Infrastructure
Tourism
Travel and Leisure
Summary:
Incentives have been put in place to encourage domestic and foreign investor participation in the tourism industry of Nigeria.
Description
Businesses operating in the tourism industry are entitled to the following benefits:
The tourism sector was accorded preferred sector status in 1999. This makes the sector qualify for incentives (available to similar sectors of the economy) such as tax holidays, longer years of moratorium and import duty exemption on tourism related equipment.
Provision of basic infrastructure such as roads, water supply, electricity and communication facilities to the centre of attraction. Some states have allocated specific areas as tourism development zones thereby making acquisition of land easier.
Provision of land for tourism development at concessional rates.
Availability of soft loans with long period of moratorium.
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