NIPC Issues Report on Pioneer Status Incentive for Second Quarter 2019.

By July 11, 2019 Investment News

Nigerian Investment Promotion Commission (NIPC) has released the Report of Pioneer Status Incentive applications processed between 01 April and 30 June 2019.

The Report shows that 24 new applications were received during the period. No extension applications were received. 10 applications were granted approvalsin- principle. The 10 companies had a total investment of ₦100.52 billion, while their staff strength was 1,526.

The agric/agro allied sector accounted for 50% of the approvals, while manufacturing was 40%. 2 companies were granted extensions for 2 years, with a total investment of ₦312 billion and staff strength of 267.

The report further revealed that 3 companies were granted Pioneer Status Incentive with confirmed production dates; 15 applications were declined, and 24 companies were still enjoying Pioneer Status Incentive at 30 June 2019.
NIPC advised that 104 applications were classified as abandoned during the period: these are applications in respect of which NIPC has not received any response in over 12 months to requests for additional information. 181applications were pending in the reporting period.

Click here to download the full report.

Source: NIPC