The Nigerian Investment Promotion Commission (NIPC), has on Wednesday stated that the approval for Pioneer Status Incentive (PSI), has been granted to eight companies in the country in the first quarter of 2020.

The was contained in the NIPC First Quarter (Q1), report on PSI applications issued in Abuja, on Wednesday.

The report also stated that applications were processed between Jan. 1 and March 31, 2020.

The PSI is a scheme, which grants fiscal incentives to companies operating in certain sectors of Nigeria’s economy.

The PSI is granted to qualified foreign and domestic companies who operate in the country according to terms approved by the Federal Executive Council.

This is in pursuant to the Industrial Development (Income Tax Relief) Act, which is administratively regulated by the NIPC.

The Q1 report said that 18 new applications and one extension application were received during the period, while eight others were granted approvals-in-principle, each for three years.

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The report further stated that the companies, which made a total investment of ₦151.916 billion, have 1,460 employees, and were in various sectors including agriculture, construction, administrative service, information and communication, and manufacturing.

It said that the company that was granted an extension for two years, and which had a staff strength of 573, had a total investment of ₦88.700 billion.

The report also revealed that one company was granted Pioneer Certificate with a confirmed production, but three applications, however, were declined during the period under report.

According to the report, as of March 31, 39 companies are still enjoying PSI, no application has been abandoned, 125 applications are still pending, and no PSI certificate has been cancelled.