Nigerian Investment Promotion Commission (NIPC) has released the Report of Pioneer Status Incentive (PSI) applications processed between 01 January and 31 March 2020.
The Q1 Report shows that 18 new applications and 1 extension application were received during the period. 8 applications were granted approvals-in-principle, each for 3 years. The companies made a total investment of â‚¦151.916 billion, have 1,460 staff and are in various sectors including agriculture, construction, administrative service, information and communication, and manufacturing. 1 company was granted extension for 2 years; the company had a total investment of â‚¦88.700 billion, while its staff strength was 573.
The Report further revealed that 1 company was granted Pioneer Certificate with confirmed production date. During the reporting period, 3 applications were declined. As at 31 March 2020, 39 companies were still enjoying PSI, no application was deemed abandoned, 125 applications were still pending, and no PSI certificate was cancelled.