Spanco to invest $27 million in Nigeria; granted 5-year tax holiday

Indian telecommunications and IT services company Spanco Ltd will invest $27 million in Nigeria in phases to build capacity and technology infrastructure, after its was granted a 5-year tax holiday by the country's government.

The company was accorded a 'Pioneer Status' by the Nigerian Investment Promotion Council (NIPC) for its business process outsourcing (BPO) activity in the country, Spanco said in a statement on late Thursday.

This entails it a five-year tax holdiday in Nigeria. The company said that the profit it would make from this package would be ploughed back into the business.

However, the company did not not elaborate on the $27-million it intends to invest in Nigeria.

At present, Spanco has 3,000 employees at its Nigerian facility.

The firm's subsidiary Spanco BPO Services, was looking at African continent where it expects to earn nearly half of its profits within two years.