Nigerian Investment Promotion Commission (NIPC) has released the Q3 2020 report on the Pioneer Status Incentive (PSI) applications processed between July 1 and September 30, 2020.

According to the report, 28 new applications and 3 extension applications were received during the period. Out of the 28 new applications for the quarter:

  • 3 approvals in principle were granted.
  • 1 extension application was approved.
  • No approvals were denied during the period.
  • The Report further reveals that 3 companies had their production date certificate confirmed.

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What you need to know

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  • Pioneer Status Incentive (PSI) is a tax holiday, which grants qualifying industries and products relief from the payment of corporate income tax for an initial period of three years, extendable for one or two additional years.
  • As at 30 September 2020, 37 companies were still enjoying PSI, 102 applications are still pending, and 60 applications abandoned.