Firms with N185.6b cash gets approval for extension, says NIPC

NIPCThe Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku  said  two firms with total investment valued at N185.63billion and staff strength of 3085 have obtained presidential approval for extension for two years.

Sadiku who spoke with reporters in Abuja, also said the Commission is ranked second for compliance and transparency out of 131 Ministries, Departments and Agencies (MDAS) in the country.

She said NIPC has also released the report of pioneer status incentive processed between July 1 and  September, 30 2019. The report showed that 19 new applications were received during the period. One application was granted approval in principle, the company, in the tourism sector had a total investment of N3.03billion, while its staff strength was  65.

During the period, 11 firms were also granted pioneer status incentive with confirmed production dates while one application was declined. Forty-one companies are still enjoying the pioneer status incentive; 41 abandoned applications while 113 applications pending.

In third quarter report,    $9.29billion investment announcement were tracked through NIPC intelligence newletter which are issued six days a week. The report showed that a total of 13projects across four states and offshore  were announced by investors in four countries.

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