Imported User:
Dr Samuel Ortom, the Minister of State for Trade and Investment, on Monday in Abuja appealed to the private sector to invest more on power as government could not do it alone.
Ortom made the appeal when the management of DAS Eagle Oil Limited, a U.S.-based oil firm, paid him a courtesy visit in his office.
He said the power sector was a big challenge to the government, and implored the company to invest more in the sector as well as encourage other companies to do so.
Ortom told the team that Nigeria was a good ground for investment going by its huge population, adding that the government was doing all it could to encourage investors.
“Nigeria is more of a virgin land for investment with over 160 million people; we have the responsibility of creating an enabling environment for investment.”
The minister said the government had provided lots of incentives to encourage investors, such as import free duty, and tax holiday for the initial five years, renewable for two years, depending on performance.
He said the government was attracting investment with a view to creating wealth and job opportunities for Nigerians.
Earlier, the leader of the team, Mr Gabriel Oladipo, had told the minister that the company intended to build 250,000 barrels per day modular oil refinery and dedicated sea-ports in Tongeji and Itopo Islands in Lagos and Ogun States respectively.
He also promised that the company would help the Federal Government to build two modular oil refineries in other parts of the country, in addition to an international airports, roads, hospitals and schools as well as agriculture and agro-allied businesses.
Oladipo further said the firm was interested in the banking and tourism sectors, adding that the firm had the technical competence and financial capabilities to execute the projects.
