BY ANAYO ONUKWUGHA
…Inaugurates World’s Largest Fertilizer Plant In Rivers
Acting President, Yemi Osinbajo has said the Federal Government is focusing on significantly improving the business environment for small and large businesses because of it’s committed to success of the private sector of the nation’s economy.
Osinbajo disclosed this on Thursday in Port Harcourt while speaking at the formal release ceremony of the discharge of Indorama Eleme Petrochemicals Limited (IEPL) from the mandatory five-year monitoring programme of the Bureau of Public Enterprises (BPE) and the inauguration of the Indorama Fertilizer Plant.
He said, “The Buhari administration is unequivocally committed to the success of the private sector. This is why a lot of our focus has been on significantly improving the business environment for businesses, small and large. Last year, President Buhari established a Presidential Enabling Business Environment Council (PEBEC), whose results are now starting to be felt across the country.
“The kind of economic growth and prosperity that we’re aiming for cannot happen without private capital, and that private capital cannot be unlocked without reforming the business environment by removing obstacles and roadblocks to investment and to business operations.
“We know for a fact that it is impossible for government to ever be able to provide all the capital needed to invest in infrastructure, or to catalyse economic activity. The best that we can do, and what we should be putting all our energy into, as government, is acting as a catalyst, an enabler, supporting private capital to achieve maximum impact in an economy that so desperately needs all the investment it can get.
“And this is the entire point of the privatisation programme in the first place – it is about getting government out of the way so that businesses can do what they need to do to create jobs and prosperity. I’m glad that we’re here today to see one of the success stories of the Federal Government’s privatisation programme.
“What Indorama is accomplishing today is very much in line with President Buhari’s vision for a country that produces what it consumes and grows what it eats. If you had to sum up our vision for the Nigerian economy in a few words, these would suffice. Grow what we eat, produce what we consume.
“At the end of last year, the President launched a Presidential Fertilizer Initiative, to ensure the availability of cheaper fertilizer to our farmers, to support what we’re doing in agriculture, in the production of rice and wheat and other staples.”
In his welcome address, Chairman of Indorama, Mr. Sri Prakash Lohia, said the fertilizer plant is the largest single train urea plant in the world, with a capacity of 1.4 million tons a year.
Lohia said, “We are extremely pleased to showcase to you Nigeria’s newest and largest fertilizer complex. It is the largest single train urea plant in the world, with a capacity of 1.4 million tons a year – there are only a handful of such plants operating in the world.
“The journey to realize this project has taken over 3 years, and despite of many obstacles, difficulties, and surprises along the way, we have achieved our objectives. But this would not have been possible without the support of all the government bodies, our engineering, technology, and construction partners, and all the staff and workers who worked night and day to complete this project.
“We are pleased to announce that with the start of this plant, Nigeria is self-sufficient in fertilizer now. With a total investment of 1.4 billion dollars in the plant, pipelines, and export terminal, this is one of the largest investments done in the non oil and gas sector.”