FG Committed To Success Of Private Sector – Osinbajo …Commissions $1.4bn Fertilizer Plant, Other Projects In Rivers

The Acting President, Prof. Yemi Osinbajo, yesterday, said that the Federal Government was unequivocally committed to the success of the private sector.
He made the remarks during the formal release ceremony to discharge the Indorama Eleme Petrochemicals Limited (IEPL) from the five-year monitoring programme of BPE in Eleme, Rivers State.
He said the Federal Government had been focusing on improving significantly the business environment for small and large businesses.
According to him, last year, President Muhammadu 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 business operations,’’ he said.
Osinbajo noted that it was impossible for government to ever be able to provide all the capital needed to invest in infrastructure, or to catalyse economic activity.
He said that the best government could do was to put energy into acting as a catalyst and support private capital to achieve maximum impact in the economy.
“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 Nigeria’s economy in a few words, this would suffice. Grow what we eat, produce what we consume,” he said.
Osinbajo said the President launched a Presidential Fertilizer Initiative in 2016, to ensure the availability of cheaper fertilizer to farmers, to support agriculture in the production of rice and wheat and other staples.
He said such initiative created significant economic opportunities for companies like IEPL which planned to supply about 360,000MT of Urea to fertilizer blenders.
The acting President said the $1.4billion world-class fertilizer blending plant, would in turn produce NPK fertilizer for the benefit of farmers in the country.
He, however, explained that in 2006, 75 per cent of Eleme Petrochemical Limited’s equity was sold to Indorama Consortium Ltd in 2006 for $225 million while 10 per cent was sold to the NNPC Pension Fund for $30million.
Our source reports that the company was handed over to its new owners on October 26, 2006.
In 2009, the National Council on Privatisation (NCP) approved the sale of 7.5 per cent and 2.5 per cent of the remaining government’s 15 per cent reserved equity to the community and staff of the company respectively.
The balance of five per cent equity remained with the BPE onbehalf of the Federal Government of Nigeria (FGN)
The BPE since the handover in 2006 carried out routine monitoring on the enterprise to ensure that the core investor adhered to and implemented the laid out post-acquisition plan.
In his speech earlier, Chairman of IEPL, Mr Sri Lohia, said the company was amongst few largest fertilizer plants in the world.
Lohia said that with the strength of the plant, Nigeria would be self-sufficient in fertilizer.
The chairman said that the plant apart from enhancing agriculture in the region would offer direct and indirect employment.
Meanwhile, the Acting President, Prof Yemi Osinbajo has declared that the Federal Government will support every effort to improve the living condition of Nigerians.
Speaking while commissioning the Chokocho-Umuechem-Ozuzu road and Chokocho-Igbo-Etche-Rumuokurushi Inter-Change in Etche Local Government Area, yesterday, Osinbajo lauded  Governor Nyseom Wike for embarking on pro-people projects.
He charged leaders to always work for their people, saying, that is the only way that the people can feel the impact of government.
The acting president charged leaders to de-emphasise partisan concerns and work in the interest of their people.
He said: “We must always look for ways to advance the interest of our people. We are greater together than apart. Today is a very happy day. We will always have happy days.
“Here with us to commission the project of the Rivers State Government is Senator Magnus Abe, who is from another party. The Federal Government supports every effort that benefits the people”.
Earlier, Rivers State Governor, Chief Nyesom Wike said the two roads were constructed to revive the economy of Etche Local Government Area.
He said that the roads were death traps and completely damaged the economy of the area as they could not take their agricultural products to the market.
He said,“the condition of the two roads to be commissioned today was so bad that the people of Etche could not use them to transport their agricultural products to markets.”
Wike, also commended the realisation of the projects.