May I on behalf of President Muhammadu Buhari congratulate Mr. Segun Adebutu and his team for bringing to reality this vision for an integrated petroleum company here in Ogun state. What he and the Petrolex team have done is an impressive testament to the power of vision and dedication.
It is a pleasure and honor to be here today to see for myself and to commission this one of a kind facility. From the point of view of government’s downstream objectives in the petroleum sector, this investment is a special significance.
It is the bolt of strength in our distribution infrastructure for petroleum products and meeting the target of the end of 2018 and first quarter of 2019 for reducing importation of petroleum products and Petrol Motor Spirit (PMS) to less than 20%.
We expect that this space will be filled by investment in facilities such as this and this is why we are delighted that this facility with a capacity to store 300 million liters of petrol the largest of its kind in the country and am told largest in sub Saharan Africa, conveniently holding 4000 trucks at a time and a jetty capable of berthing 30million metric tons of cargo.
This will substantially improve retail distribution in Nigeria , increase domestic storage capacity of petroleum products and the cargo coming in from larger vessels will be stored and loaded will decongest the Apapa and Ibafo tanker traffic and facilitate the distribution from here to practically anywhere in the country.
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But more cheering is the fact that this facility is still work in progress the tank farm that will be commission today represents only the first phase of a much bigger mega oil city which will include a 250,000 barrels per day refinery and this will be the largest single refinery in the country.
But perhaps of greater importance as a feature of our national economic objective is that this facility again voice out a philosophical plan of our economic recovery and growth plan which is that private capital must lead Nigeria economic revolution and this is right as the private sector is a nation’s in major economic strength.
The primary business of government is to create the environment that enables commerce to thrive unhindered. Important also is the fact that 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.
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I am also saying there is credible indication that we are on the right, a month and half ago world bank adjudged us to be one of the ten most improved economy in the world. From the point of view of our biz, this facility also represents jobs 10,000 direct and indirect jobs and each of these jobs will not only support workers but also their dependents.
Aside from the significant impact on the local economy by way of boosting for traders, farmers, artisans also the fact that economic activity will move to a place where no activity hitherto.
The FG is glad in its believe that industrialization is the key to achieving sustainable economic growth and creating jobs for millions of youths. The petrochemical industry is the crucial component of that and we are providing an incentive that will drive investment in this sector.
We certainly will like to see credible investors like Petrolex coming into this crucial space. I am speaking to Mr.Adebutu and he said there is a plan for a fertilizer plant facility and for the production of other components of the petrochemical components.
We have recently asked through the Nigerian Promotion Council (NPC) Nigeria’s full list of business incentives and barely two weeks ago the President ask that I chair a committee to look into how to provide lower rates for the manufacturing industry with the understanding that without a preferential interest rate for the manufacturing industries in Nigeria ,we will not be reach our potentials and it is for that reason that we are now looking very closely at how to provide cheap credit for local investors and that will be able to do in the shortest possible time.
Let me again express Federal Government full support for this project and our pledge is that we will be with you every step supporting you in every way.
I must congratulate the Patriarch of the Adebutu business dynasty Sir kessington Adebutu on this special day. When you have seen the future of your project in your lifetime this is a great blessing indeed for which we join you in giving thanks to the almighty God.
Congratulations to management and staff of Petrolex because you deserve our commendation. Congratulations on this landmark achievement.
We pray for speedy successful completion of the next phases of this project. Nigeria certainly eagerly awaits the full manifestation of the mega oil city project and it is my pleasure to commission officially the mage oil-city project.