President Muhammadu Buhari is keen on actively encouraging private sector initiatives that can build the Nigerian economy, Vice President Yemi Osinbajo has stated.
He asserted that if fully utilized, the private sector in the country had the wherewithal to move the Nigerian economy forward, noting that the sector needed to be appreciated for what it had to offer at this critical period, when diversification was the focus of government.
The Vice President spoke over the weekend in Lagos where he had gone with the Lagos State Governor Akin Ambode and a number of federal ministers to visit the ongoing construction of the multi billion naira Dangote Refinery.
The ministers were Power, Works and Housing, Raji Fashola, Industry, Trade and Investment, Okey Enelamah, Finance Minister Kemi Adeosun and Solid Minerals Development, Dr. Kayode Fayemi
“We can talk about how the private sector contributes to the economy of a nation and how easily we understand that it is the private sector that is the engine of growth for any economy. But unless you actually see it in action, you will not fully appreciate what that means.
“This particular visit is a very important one for us because it demonstrates very clearly what it means by the private sector being the engine room of growth in our economy,” he stated.
The Vice President said the refinery being constructed by the Dangote Group would contribute to the development of Nigeria, and besides boosting oil production and the economy as a whole, it will also create employment for many citizens of the country.
Professor Osinbajo extended the President’s encouragement to Alhaji Dangote and his group, adding that: “I think that just looking at what has been done and looking at the projections for what would be done here, it is very clear that this is a part of growth for the nation and that is why supporting what you are doing here is not a favor that would be done to the Dangote Group but it’s an important part of our own building the Nigerian economy.”
He further said what was being built in the site was “not just about building a refinery, it is actually about developing an industrial hub, a modern industrial hub and enormous undertaking.”
Besides the refinery, a huge fertilizer plant expected to be the biggest in the world, is also being constructed on the site at the Lekki Free Trade Zone in Lagos.
Describing the project as strategic, the VP noted “looking at just the subsea pipeline alone, it is a strategic asset for the nation, it is not just commercial, it is a strategic asset.”
Vice President Osinbajo expressed his excitement about the project, as he pledged more commitment and support from government, while appreciating the opportunity to look round and see the progress made so far by the private company in executing the projects.
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