The Nigerian Investment Promotion Commission (NIPC) says it collated 29.91 billion dollars as investments announcements for 2019.

By Nkiruka Nnorom

ECONOMY

The Nigeria Investment Promotion Commission (NIPC) has announced addition of six companies with N175.28 billion investment value to the pioneer status industries for the third quarter (Q3) ended September 2020.

Pioneer Status Incentive (PSI) is a tax holiday provided under the Industrial Development (Income Tax Relief) Act, that grants qualifying industries/products relief from the payment of corporate income tax for an initial period of three years, renewable for one or two additional years.

The companies are Savannah Sugar Company Limited with N7.78 billion investment, which was granted tax exempt to manufacture sugar, Daily Need Industries Limited with N4.91 billion investment value. Daily Need Industries was granted the tax incentive for manufacture of Hemoglobin with vitamin B12 syrub, cough syrup, paracetamol syrup and tablet, declopfenac tablet, sulfadoxine, amoxicillin, coloxacillin capsules and penicillin ointment.

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Tribute Lifestyle Global Concept Limited, an e-commerce player with N121 million investment, was granted Pioneer Status Incentive (PSI) for sales done predominantly or exclusively online; Kalambaina Cement Company with N107.54 billion investment value got PSI for manufacturing of cement, while Wells Hosa Greenhouse Farms and Honeywell Flour Mills Nigeria Plc with N5.47 billion and N49.45 billion investment value were granted PSI for Crop production and manufacturing of Wheat (pasta – macaroni, spaghetti and sorghum) respectively.

The report shows that three companies – Pan Africa Towers Limited, Aarti Rolling Mills Limited and Princess Medi-Clinics Nigeria Limited – were granted approval-in-principle for colocation/infrastrure hosting and sharing facility, manufacture of cold-rolled flat rolled products of steel and for construction and operation of non-residential buildings (specialised hospital).

28 new applications and three extension applications were received during the period, while one extension application was approved. No approvals were denied during the period.

The report further revealed that three companies had their production date certificate confirmed. As at 30 September 2020, 37 companies were still enjoying PSI, 102 applications are still pending, while 60 applications were abandoned.

Vanguard News Nigeria

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