NIPC Q1 2020 Report Shows N152bn Investments, 18 Company Applications

The first quarter, 2020 report released by the Nigerian Investment Promotion Council, (NIPC) shows that 18 new applications and 1 extension application were received during the period with 8 applications granted approvals-in-principle, each for 3 years.

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The companies made a total investment of ₦151,916 billion, have 1,460 staff and are in various sectors including agriculture, construction, administrative service, information & communication, and manufacturing.

This information was contained in the Nigerian Investment Promotion Commission report of Pioneer Status Incentive (PSI) applications processed between 01 January and 31 March 2020.

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One company was granted extension for 2 years; the company had a total investment of ₦88,700 billion, while its staff strength was 573.

The report further revealed that one 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.

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