As part of effort to boost economic activities within the petrol and petrol-chemical industry, create wealth and job opportunities in the sector, the Federal Government is considering special credits to adequately fund the sector.
The special credit scheme which the Federal Government is considering for petrol-chemical industry is part of plans set aside by Muhammadu Buhari-led Federal Government to properly explore and exploit all the resources offered by petrol and petrol-chemical industry in order to fully
Speaking at inauguration of 300 million litres capacity tank farm constructed by Petrolex Oil and Gas Limited at Ibefun in Ijebu on Tuesday, Vice President Yemi Osinbajo declared that government was considering preferential treatment for the manufacturing industry, especially petrol-chemical industry which would come in form of special credits, saying the incentive was to attract more genuine investors.
Osinbajo, who declared that the tank farm built by Petrolex Oil and Gas would not only help in curbing fuel scarcity and pressure posed by network of tank farms on in Apapa, Lagos, but would also curb fuel scarcity which now becomes annual occurrence in the country, explaining that government is also working out ways to help investors and local manufacturing industries access “cheap credit facilities within shortest time to grow capacities.”
He said, “From point of view of government downstream objectives in the petroleum sector, this investment is of special significance. It takes the burden of strengthening our distribution infrastructure for Petroleum products and meeting the target at the end of 2018 and first quarter of 2019 for reducing importation of Petroleum products and PMS to less than 20 percent.
“We expect that this pace will be filled by investments and facilities such as this and this why we are delighted that this facility has capacity to store 300m litre of petroleum products, the largest of its kind in the country and I am told, the largest in sub-saharan Africa, and conveniently holding 4,000 trucks at a time and a gantry capable of brithing about 30m metric tons of cargo.
“This will substantially improve retail distribution in Nigeria, increase domestic storage of petroleum products and the cargo coming in from larger vessels will be stored and loaded from the gantry right here. It will decongest Apapa and Ibafo tanker traffic, facilitate the distribution from here to anywhere in the country.
“But perhaps for greater importance as 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.
“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 to be one of the tenth most improved economies in the world, this year, from the point of view of our business and investments plans.
“This facility also represents jobs, 10,000 direct and indirect jobs. Each of these jobs will support not just workers but their dependers. Apart from its significance impact in the local economy here by away of increased income for traders, farmers, artisans and land owners and economic activities where there were no activities hitherto.
“The federal government believes that industrialisation is key to achieving economic development growth and creating jobs for millions of our people,” Osinbajo said.
BusinessDay reports that the tank farm constructed by Petrolex Oil and Gas chaired by Segun Adebutu,features 300 million litre capacity storage, 30 loading facilities, 26 barges, vessel, residential quarters, Army barracks and automated 4,000 – truck capacity trailer park with accommodation for drivers.
RAZAQ AYINLA, Abeokuta
