Nigeria's Vice President, Mohammed Namadi Sambo has called on investors to take advantage of the diverse investment incentives offered by the present administration to venture into the Nigerian economy.
Namadi Sambo gave the advice on Thursday, 5th September, 2013 in Abuja at the occasion of the signing of $3.3 billion medium term loan agreement for Dangote Refinery/Petrochemical and Fertilizer Complex to be located at the Olokola Liquefied Natural Gas (OKLNG) Free Trade Zone in Ondo State.
"It is heart warming to witness this landmark ceremony of the signing of USD 3.3 billion Medium Term Agreement with financial partners of the Dangote Group as it relates to the building of a refinery, petrochemical and fertilizer company", he noted. He added that the event was also significant considering the various lee ways by which the administration of President Goodluck Jonathan has created enabling environments for private investments.
While commending the Dangote Group for what he described as "carefully thought out project that will go a long way in creating employment both directly and indirectly", he said that this will reduce produce cost, increase industrialisation and improve the general well-being of Nigerian people.
The Vice President reiterated the firmness of the Federal Government to continue to offer necessary support and encouragement to enable the private sector to thrive, noting that the Transformation Agenda and the country's Vision 20:2020 cannot be fully actualised without the active participation of the private sector.
"The national sugar production master plan and roadmap will offer protection to investors in the sector and make Nigeria self-sufficient in sugar production soon. It has the prospects for expanding sugarcane and other related sugar production initiatives, being a source of ethanol production, power generation and creation of thousands of jobs for Nigerians," Sambo indicated.
While speaking earlier, the Chairman of Dangote Group, Aliko Dangote said that the event was a milestone in the efforts of government to transform the nation's economy. He also noted that the refinery and petrochemical complex would be the largest in the history of the country.
According to him, in addition to the $3.3 billion medium term loan that was signed, other funds like $2.25 billion grant is being sourced from DFIs, ECAs and $3.5 billion is sourced from the Group, totalling $9.05 billion. He expressed gratitude to the Nigerian Government for its friendly economic policies and the encouragement to enable the private sector thrive as well as the Central Bank for facilitating the transaction.
In her remarks, the Minister of Petroleum, Dizeani Alison-Madueke noted that the event was fulfilling as the Nigerian banks came together to facilitate the venture; saying Dangote is the first to take refinery to the private sector. She encouraged other investors to take a cue from Dangote and move into the petroleum and gas sectors beginning from 2015 to 2017.
In the same vein, the Governor of the Central Bank of Nigeria , Sanusi Lamido Sanusi commended Dangote Group and Nigerian banks for coming together to pull recourses for the project. He debunked the notion that Nigerian banks are not lending to the real sector, stressing that they lend to the real sector when there are bankable projects, not for the importation of goods.
Federal Republic Of Nigeria | nigeria.gov.ng