Nigerian Investment Promotion Commission ( NIPC) has released the Report of Pioneer Status Incentive (PSI) applications processed between 01 January and 31 March 2020.
Pioneer Status Incentive is a tax holiday that grants qualifying industries and products relief from the payment of corporate income tax for an initial period of three years, extendable for one or two additional years.
The Q1 report shows that 18 new applications and 1 extension application were received during the period. 8 applications were granted approvals-in principle, each for 3 years. The companies made a total investment of N151.916 billion, have 1,460 staff and are in various sectors including agriculture, construction, administrative service, information & communication, and manufacturing. 1 company was granted extension for 2 years; the company had a total investment of N88.700 billion, while its staff strength was 573.
The Report further revealed that Fujian Stone Company Limited was the only company granted Pioneer Certificate with confirmed production date.
During the reporting period, applications from Flour Mills of Nigeria, Friesland Campina WAMCO Nigeria Plc and Kuber Development Limited were declined.
As at 31 March 2020, 39 companies were still enjoying PSI, they include Lafarge Africa Plc; Obu Cement Nigeria limited; Crown Flour Mills; Olam Hatcheries Limited, Hayat Kimya Nigeria Limited among others.
No application was deemed abandoned, 125 applications were still pending, and no pioneer status certificate was canceled.