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Published On: Thu, Jun 11th, 2020

NIPC reports N152bn investments in Q1 2020 report

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By Miriam Humbe

The Nigerian Investment Promotion Council, (NIPC) has announced a total investment of N151,916 billion, in the first quarter, 2020 report.
The report shows that 18 new applications and 1 extension application were received during the period with 8 applications granted approvals-in-principle, each for 3 years.
The companies have 1,460 staff and are in various sectors including agriculture, construction, administrative service, information and communication, and manufacturing.
This information was contained in the Nigerian Investment Promotion Commission report of Pioneer Status Incentive (PSI) applications processed between 01 January and 31 March 2020.
One 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 one company was granted Pioneer Certificate with confirmed production date. During the reporting period, 3 applications were declined.
As at 31 March 2020, 39 companies were still enjoying PSI, no application was deemed abandoned, 125 applications were still pending, and no PSI certificate was cancelled.

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