Gerard Izuora
Vice president Yemi Osinbajo has promised the Nigerian Manufacturers Association MAN that the federal government will soon announce a new interest rate specifically to encourage access to loan to the manufacturing sector with a view to boost economic activities.
Osinbajo said already government is working out the modalities having realized that the manufacturing sector is key resetting the economy.
Speaking shortly before commissioning the multi billion dollars 300 million litres tank farm capacity built by Petrolex an indigenous oil and gas company located in Ogun state, the vice president said he has been directed by President Muhammadu Buhari to develop a framework that will provide access to fund to manufacturer’s at affordable rate such that the sector will be motivated to boost capacity to trigger economic activities.
He said government will continue to create enabling environment for industrial sector to thrive.
Osinbajo commended the firm for taking such bold initiative 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 it’s petroleum products need in 2018 and reduce by 20 per cent domestic petrol need by 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.
Earlier, the group managing director of the Nigerian National Petroleum Corporation, NNPC, 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 the company 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 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.