If the recent disclosure by Africa’s richest man, Aliko Dangote that its $2.5 worth granulated fertilizer plant located in Lekki Free Trade Zone is anything to go by, then the tax administration in Lagos State is on its way to a bumper harvest of Personal Income Tax for a project that is estimated to employ thousands of workers in different capacities.

This is coming at a time when the Lagos State Government is looking at generating ₦60 billion IGRF every month to live up to its ₦1.6 trillion projection for the year 2021.

Aliko worth $16.6 billion revealed this to the delight of the Lagos State Governor, Babajide Sanwo-Olu, and his team during a tour of the Petrochemicals and refinery complex facilities last Saturday.

The Fertilizer Firm is also projected to help Lagos boasts revenue from Personal Income Tax, PIT

Traveling down memory lane

The granulated fertilizer plant which is expected to commence operations as stated by Dangote has suffered several delays in time past for reasons such as access to forex, the ailing economy, and more recently the COVID-19 pandemic.

The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.

The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.

Scale-up?

Even before the commencement of operation, there is a plan in place for expansion of the plan to a 3 million metric tonnes per annum capacity to enable the production of multiple grades of fertilizers to meet soil, crop, and climate-specific requirement for the African continent.

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