Vice President Prof. Yemi Osinbajo has announced that Nigeria is ready to welcome companies and investors who are looking to establish their industrial facilities in the region. Speaking during the commissioning ceremony of a new Nestle Milo Ready-to-drink Factory in Agbara, Ogun State, Nigeria, the vice-president commented that his government were ‘ready-to-serve’, ensuring the Economic Recovery and Growth Plan (ERGP) keeps the economy on the path of sustainable economic growth and global competitiveness.
“One important component of the plan is the provision of critical infrastructure, such as roads, rail and power, which this administration is fully committed to. We’re fully committed to supporting companies such as Nestle as we spur growth and create jobs within the economy.”
Osinbajo’s announcements come just weeks after the President of the African Development Bank, Akinwumi Adesina, made it clear that the industrialisation of the continent will be an essential process in terms of creating jobs, reducing poverty and promoting inclusive economic growth. Speaking during the launch of the bank’s 2018 African Economic Outlook, Adesina said that infrastructure projects were among the most profitable investments in any society and can, “significantly contribute to propel, and sustain a country’s economic growth. Infrastructure, when well managed, provide s the financial resources to everything else.”
Nigeria has seen an increase in activity through various investors who’ve committed to the commercial and industrial potential of the western-African nation, most recently the groundbreaking of the Lekki Port, which has been described as the “showpiece of Nigeria’s economic development.” Contracted to China Harbour Engineering Company (CHEC), the $1.5bn deepwater harbour project is anticipated to relieve pressure on Nigeria’s main port of Lagos.