Investment Business - News - December 20, 2021

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

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.

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