*Osinbajo in Sagamu, on second visit to industrial hubs in a week
Vice President Yemi Osinbajo has continued his tour of industries in the country today, visiting two agric-based factories in Sagamu. This according to him is in line with demonstrating the administration’s determination to press the diversification agenda as a way out of recession and to promote private sector partnership with the Federal Government.
Only last week Thursday, the Vice President visited about six industrial firms in Anambra State delivering messages of encouragement and partnership by the Federal Government.
According to Prof. Osinbajo, while speaking at a tour of a N64B food processing industrial complex earlier today, the Federal Government is looking at some game-changing projects “such as we have here” that requires serious investment and significant investment.
He stated that the Buhari administration would support such game-changing projects such as the multi-billion Naira food processing industrial complex underway in Sagamu by the Honeywell group and the Shea-Butter Factory owned by the Lad Group in the same town.
The Vice President went on this visit in the company of other top government officials including top officials from the Ministry of Industry Trade & Investment, Bank of Industry, and the NEXIM Bank.
In the words of Osinbaho, “Anyone who knows the pedigree of the chairman of Honeywell will agree that he is one of those who has contributed to the indigenous growth of the Nigerian economy very seriously over the years. So when he spoke to me about this project, I was quite certain that it will be a worth while project; a serious enough project for the Federal Government to be interested in and to at least want to partner with him, one way or the other, and that is the primary reason why I am here today.”
He reiterated the fact that FG does not have the capacity to turn around the economy without the support of the private sector, explaining that “Our entire budget size for 2016 is something in the order of just over six trillion Naira, and we will probably be moving to about seven trillion in the 2017 budget. But seven trillion is certainly not the kind of money, it does sound like a fair amount of money, but certainly, its not the kind of size that can really make a huge difference in a ninety trillion Naira economy such as we have.
“The real contribution is going to come from the private sector and that’s why these partnerships are absolutely important to us, and what we are looking at is some game-changing type of projects, such as we have here. The types of projects that can make a real difference, because when we are talking about backward integration, the whole rural value chain. When we are saying agriculture is the way to go, from agriculture, we can employ a lot of people and then the whole value chain, from farm to table; we can do so much…
I think that this project is one such investment that I believe will make a significant difference. From listening here today (to what has been said) especially all about the local products, the crops and grains that are going to be used in this factory; Sourgum, the feed mill factory, wheat; all these are for us right on point…
At the moment there is a shortage of animal feed everywhere, especially because of the shortage of maize. So the feed mill is going to be absolutely important in achieving some of our objectives. The sorghum mill is really a big attraction, so we think that what you are doing is really spot on, it’s really the right way to go and we certainly are committed to supporting the Honeywell Group in ensuring that this happens and we ‘ll do all that is required to make sure that this projects succeeds.
We certainly will be looking at all of the various ways that we can assist with ensuring that this project comes to conclusion in very reasonable time, and that we are able to take advantage of the benefits as quickly as possible.