- Gets two-year tax waiver
Emmanuel Addeh in Yenagoa
The Executive Vice Chairman of the Brass Fertilizer and Petrochemical Company Limited, Chief Ben Okoye, wednesday said the N$3.6 billion fertilizer plant project is expected to generate 15,000 jobs during the construction phase and 5,000 permanent employment opportunities, when completed.
Okoye spoke while receiving the Certificate of Occupancy (C of O) for the land allocated for the construction of the plant at the Brass Island, in Brass Local Government Area of the state from Governor Henry Seriake Dickson in Government House, Yenagoa.
He highlighted the components of the fertilizer plant, explaining that it would accommodate Methanol, Urea Ammonia, Gas Processing Plants as well as a 35-kilometre Pipeline Project.
Describing the project as the single biggest private sector company in Africa with a $1 billion equity fund, Okoye canvassed the total support and cooperation of the government towards its realisation.
He added that the Brass project was capable of transforming the state’s economy and that of the country as a whole.
“We are here today because we have achieved 95 per cent, in terms of funding and equity for the project. You will agree with me that raising $3.5 billion in this clime is not an easy task. And, this is the first private sector investment in Africa that has attracted $1billion equity fund,” he said.
Speaking shortly after presenting the C of O to the company officials, Dickson assured the management of the Brass Fertilizer Company Limited of his administration’s readiness to sustain the existing conducive operating environment for business investments to thrive in the state.
While announcing a two-year tax holiday for the company, Dickson explained that the gesture was aimed at facilitating the early commencement of the much desired investment.
He commended the management of the company for its efforts, especially in the area of funding, and re-echoed his call on the federal government, the Nigerian National Petroleum Corporation (NNPC) and other investing partners to urgently bring the Brass Liquefied Natural Gas project to fruition.
“We are delighted having you here and we appreciate all the efforts you have been making to raise money to fund this very ambitious project. I thank you for your continued interest in our state and for foreseeing what a number of people have not seen, which is that, Bayelsa is Nigeria’s best kept investment secret.
“On behalf of the government, we assure you of our continued support, in terms of providing a conducive operating environment, which is what I’ve just demonstrated with the signing and presentation of the C of O over the land you are interested in using to start up this all-important project.
“To further encourage you, I’ve also directed a waiver of all fees for two years so that in the next one or two years, when the project must have started, you will then pay up all fees to the last kobo. We want you to put that money into the project and get it started,” Dickson said.