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Nigeria’s investment promotion agency grants fresh pioneer status to 8 firms in Q3 2021

Bassey Udo by Bassey Udo
December 20, 2021
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Nigeria reports 63 proposed investments in 2020 valued at $16.74bn
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By Bassey Udo

Eight fresh Pioneer Status Incentives (PSIs) were granted to new investors in the economy from a total of 28 new applications received between July 1 and September 30, 2021, the Nigerian Investment Promotion Commission (NIPC) has announced.

Details contained in the latest PSI applications report for the Third Quarter of 2021 showed the new beneficiaries would join 35 current beneficiaries, while 16 other applications were granted approvals-in-principle and two were declined.

Also, six extension applications were received; with three extension applications approved, while 168 other applications are still pending considerations.

The eight beneficiaries included Belanova Apartment and Suites Limited for hotel development in Abuja; Al-Wabel Rice Mill Limited for rice milling in Kano; JMG Nigeria Limited for electric generators, power control and distribution switchgears, H.T metering in Lagos and Jigawa Rice Limited for rice milling in Jigawa.

Others are DCP Cement Plc for cement manufacture in Kogi; Locodove Ventures Limited for Office building in Lagos; Resource Improvement and Manufacturing Company Limited for processing of edible oil in Anambra, and Okpella Cement Plc for cement manufacturing in Edo.

Tags: NigeriaNIPCPioneer Status Incentive
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Bassey Udo

Bassey Udo

Bassey Udo is a Journalist, Communication & Media Practitioner PERSONAL DETAILS DATE OF BIRTH: March 3, 1965 GENDER: Male NATIONALITY: Nigerian GSM: +234 802 313 7335; 07032308000 EMAIL: [email protected] CONTACT ADDRESS: Plot 743 Coral Park Street, Lugbe CRD, Abuja, FCT 900128 A multiple award winning investigative reporter with specialised interest in Business & Economy, Energy & Power, Oil, Gas, Mining & Extractive Industry, Environment & Climate Change, etc. at various times for some of Nigeria’s elite newspapers and magazines, including Post Express, NewsAfrica magazine, Independent, 234NEXT and Premium Times. A member of the Nigerian Guild of Editors (NGE), Nigeria Union of Journalists (NUJ), Nigerian Institute of Public Relations (NIPR) and Society of International Law & Diplomacy (SILD). He is also a distinguished Alumnus of the U.S. International Visitors Leadership Programme (IVLP) 2017.

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