Yemi Osinbajo, Nigeria’s vice president, has inaugurated a four-million capacity syringe manufacturing in Awa, Onna local government area of Akwa Ibom State with a pledge that the Federal Government will take steps to continue to encourage Foreign Direct Investment (FDI) in the country.
Osinbajo said the Federal Government would not only encourage FDI but would ensure that safe business environment as part of its economic development policy and a deliberate move on ease of doing business in the country.
The vice president described the syringe factory as a landmark project since it produces what is needed in the country, noting that before now the country was consuming over 6 billion syringes annually.
“This factory is going to be a game changer, in the sense that from now on, we are going to produce all our syringes locally,” he said. “It is in line with what we have been talking about in the past two years; it is about producing what we need.’’
The Vice President commended the Akwa Ibom State Government for being able to attract investors for the project and for its creativity, saying that Nigeria remains the best place for investors on the African continent.
“This is what we have been talking about is that Nigeria is the place to do business, everyone knows that Africa is the next stop for growth and for business development. And you cannot come to Africa not be in Nigeria,” he said.
“It is crucial that foreign investment comes and stays. We will do everything to encourage you not just to remain to investment more in different business in the country,” the vice president told the investors.
Osinbajo who also commissioned a metering factory located within the same vicinity described the power sector as crucial to the nation’s economy adding that distribution companies are unable to collect tariff effectively due to their inability to afford the cost of metering.
He announced that the federal government has developed a policy around metering, adding that there will be independent agents to make it easy for distribution companies not to be involved in the distribution of meters as well.
“We have now opened up the distribution sector, anybody can take a batch of consumers and meter them. This is an important policy and innovation because it means there is no restriction on those who can meter our consumers,’’ he said.
He added that the metering company presents an opportunity for agents to set up companies and abe able to meter consumers. He said with the latest technology where consumers can enjoy electricity based on the ability to pay as obtained in the mobile phone sector, it would be possible to have a 24 hour supply.
“This is the idea behind this type of meter, these are smart meters, an excellent innovation,’’ he said.
Earlier, Udom Emmanuel, executive governor of Akwaibom State, expressed delight over the coming on stream of the two projects, describing it as part of the industrial development programme of his administration.
The governor thanked the vice president for coming to the state to inaugurate the the projects to mark 30th anniversary of the state.
The meter factory has a capacity of one million meters per year.
The vice president was accompanied by ministers and governors from Taraba, Gombe and Delta states.
ANIEFIOK UDONQUAK, Uyo
