Creative industry gets pioneer status
The Federal Government has granted ‘Pioneer Status’ to the Creative Industry, in its bid to transform the industry to a creative economy and creating jobs, a statement by the ministry of Information and Culture said.
Minister of Information and Culture, Alhaji Lai Mohammed, said the decision to grant the industry ‘Pioneer Status’ was in fulfilment of the promise by Acting President Yemi Osinbajo at the opening of the Creative Industry Financing Conference in Lagos on 17 July.
He said the need to grant ‘Pioneer Status’ to the industry as well as tackle piracy of creative works, were among the key issues raised by participants at the conference.
The statement said the ‘Pioneer Status’ is granted to companies making investments in qualifying industries and products as tax holiday from 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 minister also said the status 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).
‘‘This is a shot in the arm for the creative industry, and it will definitely catalyze 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.