Thursday 14 December 2017


The Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo, has argued that “from credible, independent and third party evidence,” Nigeria is on the right track of economic recovery.

Osinbajo spoke at the commissioning of Petrolex Oil and Gas’ Mega Oil City, a 300million-litre capacity tank farm in Ibefun, Odogbolu Local Government Area of Ogun State. The mega ultra-modern oil city is the brain child of Segun Adebutu, son of the business mogul, Sir Kesington Adebutu.
Osinbajo recalled that “the cheery news” came from the World Bank over a month ago, when it adjudged Nigeria as “one of the tenth improved economies in the world.”

Osinbajo, who described the project “as of special significance and testimony to the power of vision,” said the tank farm will reduce the pressure on the Apapa tank farms, and ease the gridlock on the Apapa Expressway. He expressed optimism that the project would not only help the Federal Government’s target of reducing fuel importation to 20 per cent by 2019, but also improve retail distribution across the country.

The Vice President said President Muhammadu Buhari led government believes “industrialisation is key to achieving economic development growth, and creating jobs for millions of Nigerians.”

His words: “But perhaps of greater importance to the future of our national economic objectives is that this facility, again, bears out a philosophical plan of our economic recovery and growth plan, which is that private capital must lead Nigeria’s economic revolution and this is right. Private sector is the nation’s major economic source, and also the primary business of government is to create the environment that enables commerce thrive unhindered.

“Importantly also is the fact that significance of local investments such as this, send the strongest possible signal to foreign investors that not only is the government safe, but Nigeria is indeed investment designation in Africa.” (Guardian)

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