We’re committed to the success of Private Sector- Osinbajo

Acting President Yemi Osinbajo has said that the administration of President Buhari is “unequivocally committed” to the success of the private sector, adding “This is why a lot of our focus has been on significantly improving the business environment for businesses, small and large.”

Osinbajo stated this on Thursday in Porth Harcourt during the former release ceremony to discharge Indorama Eleme Petrochemicals Limited (IEPL) from the monitoring of the Bureau of Public Enterpries, BPE.

The Daily Times recalled that in 2006, 75per cent of Eleme Petrochemical Limited’s equity was sold to Indorama Consortium Ltd, the present Core Investor of the Company, for US$225million while 10per cent was sold to the NNPC Pension Fund for US$30million. Following this, the company was handed over to its new owners on October 26, 2006.

In 2009, the National Council on Privatization (NCP) graciously approved the sale of 7.5per cent and 2.5percent of the remaining government’s 15per cent reserved equity in the company to the community and staff of the company respectively, leaving a balance of 5% with the BPE on-behalf of the Federal Government of Nigeria (FGN).

He noted that President Buhari established a Presidential Enabling Business Environment Council (PEBEC), whose results were now starting to be felt across the country.

According to Osinbajo, “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.”

The Acting President further noted that it was impossible for government to ever be able to provide all the capital needed to invest in infrastructure, or to catalyze economic activity.

He said “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.”

“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.’’

Osinbajo described the event as “the entire point of the privatization programme” saying that it was 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 farmers to support what government’s effort in agriculture, in the production of rice and wheat and other staples.

That Fertilizer Initiative, Osinbajo said, has created significant economic opportunities for companies like the IEPL.

Indorama would this year alone supply about 360,000 MT of Urea to Fertilizer blenders, which will in turn produce NPK fertilizer for the benefit of farmers across the country.

He said, “This is the kind of economic progress we’re after, in which every unlocked opportunity proceeds to unlock several others, across multiple sectors of the economy.”

Osinbajo assured that the government would continue to support Indorama Eleme Petrochemicals Limited’s expansion ambitions.

He emphasised the need for IEPL to continue to cooperate and collaborate with the BPE.

Indorama’s graduation from this Monitoring Programme shouldn’t be an excuse to depart from best practice, or from the operational discipline that comes with oversight, he said.

Acting President Yemi Osinbajo has said that the administration of President Buhari is “unequivocally committed” to the success of the private sector, adding “This is why a lot of our focus has been on significantly improving the business environment for businesses, small and large.”

Osinbajo stated this on Thursday in Porth Harcourt during the former release ceremony to discharge Indorama Eleme Petrochemicals Limited (IEPL) from the monitoring of the Bureau of Public Enterpries, BPE.

The Daily Times recalled that in 2006, 75per cent of Eleme Petrochemical Limited’s equity was sold to Indorama Consortium Ltd, the present Core Investor of the Company, for US$225million while 10per cent was sold to the NNPC Pension Fund for US$30million. Following this, the company was handed over to its new owners on October 26, 2006.

In 2009, the National Council on Privatization (NCP) graciously approved the sale of 7.5% and 2.5per cent of the remaining government’s 15per cent reserved equity in the company to the community and staff of the company respectively, leaving a balance of 5per cent with the BPE on-behalf of the Federal Government of Nigeria (FGN).

He noted that President Buhari established a Presidential Enabling Business Environment Council (PEBEC), whose results were now starting to be felt across the country.

According to Osinbajo, “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.”

The Acting President further noted that it was impossible for government to ever be able to provide all the capital needed to invest in infrastructure, or to catalyze economic activity.

He said “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.”

“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.’’

Osinbajo described the event as “the entire point of the privatization programme” saying that it was 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 farmers to support what government’s effort in agriculture, in the production of rice and wheat and other staples.

That Fertilizer Initiative, Osinbajo said, has created significant economic opportunities for companies like the IEPL.

Indorama would this year alone supply about 360,000 MT of Urea to Fertilizer blenders, which will in turn produce NPK fertilizer for the benefit of farmers across the country.

He said, “This is the kind of economic progress we’re after, in which every unlocked opportunity proceeds to unlock several others, across multiple sectors of the economy.”

Osinbajo assured that the government would continue to support Indorama Eleme Petrochemicals Limited’s expansion ambitions.

He emphasised the need for IEPL to continue to cooperate and collaborate with the BPE.

Indorama’s graduation from this Monitoring Programme shouldn’t be an excuse to depart from best practice, or from the operational discipline that comes with oversight, he said.