By Franklin Alli
Nigeria: No fewer than thirteen companies in the manufacturing sector are enjoying Pioneer Statute Incentive (PSI) for having invested a cumulative N2.097 trillion in the economy.
This implies that the beneficiary companies won’t pay corporate income tax for a stated period ranging from two, three or five years, as granted to them by the federal government, through the Nigerian Investment Promotion Commission (NIPC).
NIPC in its Report on Pioneer Statute Incentive Application Q4 2018 01 Oct up to 31 December 2018, obtained by Nigeria Industrial Digest, shows that the investment was made across cement, steel, fertilizer, pulp and paper industry including woven sacks, baby diapers/ tissue papers, automobile assembly plants and vegetable oil production.
A breakdown of the figure shows that Fabcom Structural Limited, based in FCT, Abuja, topped the list with N809.2 billion invested in its long span stone coated roofing sheet.
This followed by Super Packaging Company Limited, Rivers State, N459.6 billion for the manufacturing of PP/PE woven sacks using synthetic fiber; Indorama Eleme Fertilizer Chemical followed suit with N360 billion investment for the production of its urea fertilizer.
Also on the pack are Stallion Motors Limited N235 billion for automobile assembly, Lafarge Africa Plc also invested N120.8bn in its Mfamosing cement plant, Cross River State.
Further checks show that Hayat Kimya Nigeria Limited invested N40.3 billion for the production of its brands of Molfix Baby Diaper/Tissue Paper; Von Automobile Nigeria Limited also made an investment worth N3 billion on its auto assembling plant, CKD Integrated Industries Limited, Ogun State N13.9 billion on its ceramics manufacturing plants.