NIPC Q4 2019 reports N251.273 billion investments

By Miriam Humbe

Nigerian Investment Promotion Commission (NIPC) has released the Report of Pioneer Status Incentive (PSI) applications processed between 01 October and 31 December 2019 and the full year Report of Pioneer Certificates that were issued and cancelled in 2019.
The Q4 report shows that 28 new applications and 4 extension applications were received during the period. 10 applications were granted approvals-in-principle, each for 3 years.
The companies made a total investment of N251.273 billion, have 1,162 staff and are in various sectors including tourism, agro-allied and manufacturing. Eight companies were granted extensions for 2 years; the companies had a total investment of N8.832 billion, while their staff strength was 2,698.
The Report further revealed that 4 companies were granted Pioneer Certificates with confirmed production dates. During the reporting period, 1 application was declined.
As at 31 December 2019, 42 companies were still enjoying PSI, 34 applications were deemed abandoned and 118 applications were still pending.
The full year Report of Pioneer Certificates showed that 25 companies had Pioneer Certificates issued in 2019, no certificate was cancelled in the year.
The Report is expected to be gazetted soon to ensure full compliance with the requirement of the Industrial Development (Income Tax Relief) Act.