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| AActing President, Yemi Osinbajo (fifth right); with Deputy Managing Director, Total (E&P), Musa Kida (left); Managing Director, Nigerian Ports Authority (NPA), Hadiza Usman; Chairman, LADOL, Ladi Jadesimi; HMoS (Trade & Investment), Aishat Abubakar; Chairman/CEO, Inter Energy Services, Dr. Duran Fawibe; Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo), Bayo Ojulari; and Managing Director, LADOL, Dr. Amy Jadesimi; during Osinbajo’s tour of Egina FPSO in Lagos at the weekend. |
Nigeria’s Acting President Yemi Osinbajo has deplored business monopoly and
Government’s controlled economy and described it as a disservice to the economy and development.
Osinbajo
who spoke when he visited Total’s Egina Floating Production Storage
Offloading (FPSO) in LADOL Free Zone in Lagos, explained that private
sector-led and free market economy remains critical to
the growth, industrialisation and development of Nigeria.
who spoke when he visited Total’s Egina Floating Production Storage
Offloading (FPSO) in LADOL Free Zone in Lagos, explained that private
sector-led and free market economy remains critical to
the growth, industrialisation and development of Nigeria.
The
Acting President identified corruption as a major setback in the
country’s petroleum industry as well as the economy at large.
Acting President identified corruption as a major setback in the
country’s petroleum industry as well as the economy at large.
He
stressed that the war against the menace by the current administration
had just begun and assured Nigerians of government’s resolve to take the
fight beyond limits.
stressed that the war against the menace by the current administration
had just begun and assured Nigerians of government’s resolve to take the
fight beyond limits.
“For
us, it is not just about creating the right business environment but
creating the right attitude. Part of the challenge is corruption.
us, it is not just about creating the right business environment but
creating the right attitude. Part of the challenge is corruption.
“The
fight against corruption in Nigeria has just started. We are investing,
despite earning 60 per cent less revenue, almost five times more than
the previous government on infrastructure. We have not
even reached a point where we will be looking at public service and
people doing all sorts of things. That is next phase and that phase is
important.
fight against corruption in Nigeria has just started. We are investing,
despite earning 60 per cent less revenue, almost five times more than
the previous government on infrastructure. We have not
even reached a point where we will be looking at public service and
people doing all sorts of things. That is next phase and that phase is
important.
“This
country can only work if we are able to deal with corruption. When
people put their financial interest over what will benefit the entire
nation, we are never going to be able to make progress. A project
like the Egina FPSO is able to be held up just because somebody is not
granting approvals.”
country can only work if we are able to deal with corruption. When
people put their financial interest over what will benefit the entire
nation, we are never going to be able to make progress. A project
like the Egina FPSO is able to be held up just because somebody is not
granting approvals.”
“This
project, for example, is a $16 billion project in naira terms that is
about N5 trillion. The entire Nigerian budget is about N9 trillion and
our spending on
infrastructure, which is the largest in the history of Nigeria, is N1.5
trillion. So it tells you that this project alone is several times more
than the Federal Government’s spending on infrastructure.
project, for example, is a $16 billion project in naira terms that is
about N5 trillion. The entire Nigerian budget is about N9 trillion and
our spending on
infrastructure, which is the largest in the history of Nigeria, is N1.5
trillion. So it tells you that this project alone is several times more
than the Federal Government’s spending on infrastructure.
“This
is the story of developed economies that are private sector-driven, as
there is no way that government’s revenue can possibly satisfy the
demand.”
is the story of developed economies that are private sector-driven, as
there is no way that government’s revenue can possibly satisfy the
demand.”
The
Managing Director, Total Upstream, Nigeria, Mr. Nicolas Terraz, said
his company would continue to invest in Nigeria’s economy, as it had
invested over $10 billion in the last five years.
Managing Director, Total Upstream, Nigeria, Mr. Nicolas Terraz, said
his company would continue to invest in Nigeria’s economy, as it had
invested over $10 billion in the last five years.
