TheCable

The Nigerian Investment Promotion Commission (NIPC) approved the pioneer status incentive (PSI) applications of eight companies in the third quarter of 2021.

The commission said this in its PSI report published on Friday.

Industries that qualify for the PSI are exempted from paying company income tax for an initial period of three years with the possibility of an extension for one or two years.

The incentive is listed in the Industrial Development Act (Income Tax Relief), administratively regulated by the NIPC.

The NIPC said it received 28 new PSI applications and six applications for extension in the third quarter.

Approvals-in-principle were granted to 16 companies, three extension applications approved, and eight PSI applications were granted.

According to the report, the eight new beneficiaries include Belanova Apartment and Suites Limited (hotel development); Al-Wabel Rice Mill Limited (rice milling); JMG Nigeria Limited (electric generators, power control, and distribution); Jigawa Rice Limited, (rice milling); and DCP Cement Plc (manufacture of cement).

Others are Locodove Ventures Limited (office building), Resource Improvement and Manufacturing Company Limited (processing of edible oil), and Okpella Cement Plc (manufacture of cement).

With the eight new PSI granted, a total of 35 companies, including Dangote Sinotrucks West Africa (trucks, tippers, and tractors) and Honeywell Flour Mills Nigeria Plc (pasta and macaroni), are still enjoying the initiative as of September 30, 2021.

According to the report, a total of 168 PSI applications are still pending.