NIPC has released the Report of Pioneer Status Incentive (PSI) applications processed between 1 September and 31 December 2018.
The Report shows that 19 new applications and 3 extension applications were received during Q4 2018. Nine applications were granted approvals in principle, representing a total investment of ₦277.4 billion and 1,733 direct jobs created. Three companies were granted two-year extensions, with a combined investment of ₦87.31 billion and 5,517 direct jobs.
The Report further reveals that eight companies were granted pioneer status with confirmed production dates, one application was declined, and 23 companies continued to enjoy Pioneer Status Incentive during the reporting period.
The Pioneer Status Incentive grants qualifying companies a tax holiday of three to five years under the Industrial Development (Income Tax Relief) Act. NIPC administers the programme and publishes quarterly reports to ensure transparency in its administration. The Q4 2018 Report is available on the NIPC website.
