Nigeria’s Vice-President Yemi Osinbajo says from credible, independent and third party evidence, Nigeria is on track to economic recovery.
He said this on Tuesday shortly before inaugurating a 300 million litres capacity tank farm built by Petrolex Oil and Gas in Ibefun, Odogbolu Local Government Area of Ogun State.
The ultra-modern oil city is being built by Segun Adebutu, son of a business mogul, Sir Kessington Adebutu.
Osinbajo recalled that a cheering news came from the World Bank over a month ago when it adjudged Nigeria as “one of the 10 most improved economies in the world” this year.
He stressed that such rating by an independent body showed that the nation’s economic recovery programme was on course.
The Vice- President said the President Muhammadu Buhari -led administration believed that industrialisation was necessary to achieving economic development and creating jobs for millions of Nigerians.
He said, “May I also say that there is credible, independent third party evidence that we are on the right path. A month and half ago, the World Bank adjudged us to be one of the 10 most improved economies in the world, this year, from the point of view of our business and investment plans.”
Osinbajo said Petrolex’s tank farm would ease traffic at tank farms in Apapa, improve retail distribution in Nigeria, increase domestic storage of petroleum products and create jobs for the teeming Nigerian youths.
He congratulated Petrolex for bringing to reality the vision of an integrated petroleum complex in Ogun State, describing the project as “an impressive testament to the power of vision and dedication.”
He said, “From the point of view of government’s downstream objectives in the petroleum sector, this investment is of special significance; it ticks the boxes of strengthening our distribution infrastructure for petroleum products and meeting the target of the end of 2018 and the first quarter of 2019 for reducing importation of petroleum products to less than 20 per cent.
“We are delighted that this facility with a capacity to store 300 million litres of petroleum products, the largest of its kind in the country, and I’m told, the largest in sub-Saharan Africa, and conveniently holding 4,000 trucks at a time and jetty capable of berthing about 30 million metric tonnes of cargo.”
Osinbajo said the operation of the tank farm would decongest the Apapa and Ibafo tanker traffic and facilitate the distribution from Ibefun to practically anywhere in the country.
He said, “But cheering is the fact that this facility is still a work-in-progress; the tank farm that we are inaugurating today represents only the first phase of a much bigger project, the mega oil city, which will include a 250,000 barrels per day refinery.
“Significant local investment such as this sends the strongest possible signal to foreign investors that not only is the government saying that Nigeria is the investment destination in Africa but local smart money such as Petrolex is also saying the same thing.”
The Vice-President expressed the Federal Government’s full support for the project, saying, “Our pledge is that we will be with you every step of the way supporting you in every way.”
Former President Olusegun Obasanjo, who was also present at the event, commended Adebutu’s courage and commitment to drive the nation’s economy.
He called for full utilisation of the facility, arguing that if not fully utilised, it would be a waste to the owner, the state and the nation as a whole.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, described the tank farm as a “perfect distribution centre, processing hub and a testimonial pipeline facility.”
Kachikwu added that the facility “portends great development of pipeline infrastructure and refinery in Nigeria.”
The minister said with the support and commitment of Petrolex and other local investors, delivery of local refining capability in 2019 “ is non-negotiable.”
The Group Managing Director of the Nigerian National Petroleum Cooperation, Maikanti Baru, said the new tank farm would complement the agency’s mandate to ensure availability of petroleum products to Nigerians.
In view of the ongoing fuel scarcity in some parts of the country, Baru warned depots owners and filling stations against hoarding of petrol
The Chairman and Chief Executive Officer of Petrolex Oil and Gas, Adebutu, said the farm “is poised to impact economies and accelerate sustainable development.
He added “The world-class tank farm is equipped with an impressive array of technologically advanced facilities in line with global safety standards. These include 30 loading gantries, residential quarters, army barracks, an automated 4,000 truck capacity trailer park with accommodation for drivers.”
Among prominent personalities who graced the occasion are governors of Oyo and Benue states, Senator Abiola Ajimobi and Samuel Ortom, respectively.
Others are Senator Dino Melaye, who represented the Senate President, Dr. Bukola Saraki; the Ondo State Deputy Governor, Ajayi Agboola; Ooni of Ife, Oba Enitan Ogunwusi; Oba of Lagos, Rilwan Akiolu; Alake of Egbaland, Oba Adedotun Gbadebo; and Obi of Onitsha, Igwe Alfred Achebe.