I have the following formula working well, however as there is a limit of 7
nested functions and need some more, what is my options?

=IF(B5="P-NE","Pre App Not Endorsed",IF(B5="P-PI","Pre App Pending
Info",IF(B5="P-WD","Pre App
Withdrawn",IF(B5="WFIN","Withdrawn",IF(B5="PREP"," App Being
Prepared",IF(B5="PFI","App Pending Further Info",IF(B5="PDD","App Pending D&D
report",IF(B5="PID","App",))))))))