Buhari Presidency Is On The Right Track, Says Vice President Osinbajo…Commissions 300million Litre Capacity Tank Farm In Ogun
Vice President Yemi Osinbajo (SAN), has assured Nigerians that the rise of private investments in different parts of the country is an indication that the Muhammadu Buhari-led administration is on the right track.
Osinbajo said this in Ogun State, on Tuesday, while commissioning the Petrolex Mega Oil facility with a capacity to store 300 million litres of petroleum products in Ibefun area of the state.
According to the Vice President, the facility will substantially improve retail distribution in Nigeria and increase domestic storage capacity for petroleum products and the cargo coming in on barges from larger vessels for now will be stored and loaded from the gantry right here, this will decongest the Apapa and Ibafo tanker traffic and facilitate distribution from here to practically anywhere in the country.
In his speech, Osinbajo noted that the launch of the facility send the strongest possible signal to foreign investors that not only is government saying that Nigeria is the investment destination in Africa, local smart money like Petrolex is also saying the same thing.
His words: “And may I also say that there is credible independent third party evidence that we are on the right track. A month and half ago the World Bank adjudged us to be one of the ten most improved economies in the world this year, from the point of view of our business and investment climate.
“This facility also represents jobs – 10,000 direct and indirect ones. Each of these jobs will support not just the workers, but also their dependents, aside from the significant impact on the local economy here – by way of increased incomes traders, farmers, artisans, and landowners. There is of course the fact that economic activities moved to a place where no economic activity was hitherto.
“The Federal Government is absolutely clear in its belief that industrialization is the key to achieving sustainable economic growth and creating jobs for millions of young people. The petrochemical industry is a logical and crucial component of this plan and we are doing all we can to provide an incentive regime that will drive investments in this sector. And we certainly would like to see credible investors like Petrolex prominently in this crucial space as well. And speaking to Mr Adebutu, already, there is a plan for a fertilizer facility here and also for the production of several other elements of the petrochemical industry.
“We have recently published through the NIPC, Nigeria’s full list of business incentives and barely two weeks ago the President asked that I chair a committee to look into how to provide lower interest rates for the manufacturing industry. We understand clearly that without some kind of preferential interest rates for the manufacturing industry in Nigeria, we will not be able to make much progress and for that reason we are now looking very closely into how we can provide cheap credit for the local industries and I hope we will be able to achieve this in a short period of time.
“Let me again express the Federal Government’s full support for this project and our pledge is that we will be with you every step of the way, supporting in every way we can.
“I must congratulate the patriarch of the Adebutu business dynasty, Sir Kensington Adebutu on this special day, where you have seen the future of your progeny in your lifetime. This is a great blessing indeed for which we join you in giving thanks to the Almighty God.”