The Federal Government has announced it will soon unveil a single digit interest rate for manufacturers.
The low interest rate according to government was to further promote private sector investments in the economy.
Speaking during the commissioning of the 300-million litre tank farm in Ibefun, Ogun State on Tuesday, the Vice President, Prof. Yemi Osinbajo, said the policy was specifically designed to encourage access to loans to the manufacturing sector with a view to boosting economic activities. He said government was already working out the modalities having realised that the manufacturing sector is key to resetting the economy.
Osinbajo said he had been directed by President Muhammadu Buhari, to develop a framework that will provide access to fund to manufacturers 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 private sector to thrive.
The Vice President 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 first quarter of 2019.
Osinbajo said the commissioning was 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.
Former President Olusegun Obasanjo, in his short remark canvassed a robust public, private sector collaboration.
Obasanjo observed that no private business can thrive without support from the public sector.
For his part, the Group Managing Director of 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 pump price of petrol.
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 being commissioned include 300 million liters capacity tank farm, 30 bay product-loading gantry, 4000 truck capacity park, 30000 tonnes vessel, 16 barges and eight tugboats.