Commission approves pioneer incentive to 10 firms

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The Nigerian Investment Promotion Commission (NIPC, said it granted approval for ‘Pioneer Status Incentive’ (PSI) to 10 Nigerian companies in the second quarter of 2019.

The NIPC second quarter report issued on Thursday, in Abuja said that 24 new applications were received, while no applications for extension were received for the PSI processed between April 1 and June 30, 2019.

PSI is a scheme which grants fiscal incentives to companies operating in certain sectors of the economy pursuant to the Industrial Development (Income Tax Relief) Act and it is administratively regulated by the NIPC.

The report said that 10 applications were granted approvals in principle.

It said that the 10 companies had total investments of about ₦100 billion, while their staff strength was 1,526.

The report said that the agric/agro allied sector accounted for 50 per cent of the approvals, while manufacturing sector was 40 per cent.

“Two companies were granted extensions for two years, with a total investment of ₦312 billion and staff strength of 267,’’ it said.

The report further revealed that three companies were granted PSI with confirmed production dates.

The report said that 15 applications were not approved, while 24 companies were still enjoying PSI as at June, 30 2019.

The NIPC report said that 104 applications were classified as abandoned during the period under review.

“These are applications in respect of which NIPC has not received any response to requests made for additional information in over 12 months.

“About 181applications were pending in the reporting period,’’ it said.