NIPC Q1 2020 Report Shows N152bn Investments, 18 Company Applications

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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.

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.

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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