NIPC has released the Report of Pioneer Status Incentive (PSI) applications processed between 1 October and 31 December 2019, together with the full-year Report of Pioneer Certificates issued and cancelled in 2019.
The Q4 Report shows that 28 new applications and 4 extension applications were received. Ten applications were granted approvals-in-principle for three years; the companies represent a total investment of ₦251.3 billion, employ 1,162 staff, and operate across tourism, agro-allied and manufacturing sectors. Eight companies were granted two-year extensions, with a combined investment of ₦8.8 billion and a staff strength of 2,698.
The Report further reveals that four companies were granted pioneer certificates with confirmed production dates, whilst one application was declined. As at 31 December 2019, 42 companies were still enjoying PSI, 34 applications had been deemed abandoned, and 118 applications were still pending.
The full-year Report of Pioneer Certificates shows that 25 companies had pioneer certificates issued in 2019 — no certificate was cancelled during the year. The Report will be gazetted to ensure full compliance with the requirements of the Industrial Development (Income Tax Relief) Act.
