 |
| Acting President, Yemi Osinbajo |
The Federal Government has announced it may announce a single digit interest rate for manufacturers very soon to promote private sector investments in the economy.
Speaking during the commissioning of multi-billion dollars 300-million litres tank farm in Ibefun, Ogun State on Tuesday, the Vice President, Professor Yemi Osinbajo, said the policy was specifically designed to encourage access to loan to the manufacturing sector with a view to boost economic activities.
He said government is already working out the modalities having realised that the manufacturing sector is key to resetting the economy.
He said he has been directed by President Muhammadu Buhari to develop a framework that will provide access to fund to manufacturers at an affordable rate such that the sector will be motivated to boost capacity to trigger economic activities.
He said the government will continue to create an enabling environment for private sector to thrive.
Osinbajo commended the management of Petrolex Oil and Gas Limited, led by Segun Adebutu, for taking such bold initiatives to develop an integrated energy mega city capable of transforming the oil and gas landscape of the country.
He said by its size and scope, the investment will help the country meet its petroleum products need in 2018 and reduce by 20 per cent domestic petrol need by the first quarter of 2019.
Osinbajo said the commissioning is a clear testament of the company’s vision and shows also that Nigeria is ready for business.
He said the facility will not only ease petroleum products supply and distribution but will create jobs and trigger economic activities across the state.
The vice president assured that government will continue to incentivize private investors to encourage more investments across all sectors of the economy.
Former President Olusegun Obasanjo, in his short remark, canvassed for a robust public, private sector collaboration.
Obasanjo observed that no private business can thrive without support from the public sector.
On his part, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, said the investment is a clear testimony of ingenuity of indigenous companies and demonstration of capacity to support government reform drive.
Baru promised to fully support Petrolex to realise its set objectives as the investment will go further to achieve its target of ensuring uninterrupted products distribution.
The GMD also used the occasion to assure the nation that government has no intention to increase the pump price of petrol.
He said the unfounded fear was responsible for hoarding of fuel by marketers resulting in the resurgence of queues at filling stations nationwide.
Henceforth, he said the Department of Petroleum Resources (DPR) to monitor product sales across the country and dispense free of charge products hoarded by marketers.
The Chief Executive Officer of Petrolex, Segun Adebutu, commended the government and other stakeholders for their support to achieve the success being celebrated today. He said the phase 1 commissioned include 300 million litres capacity tank farm, 30 bay product-loading gantry, 4000 truck capacity park, 30000 tonnes vessel, 16 barges and eight tugboats.
Comments
Post a Comment