FG Promises To Remove Obstacles Affecting Investments In Nigeria | Independent Newspapers Limited
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FG Promises To Remove Obstacles Affecting Investments In Nigeria

Yemi Osinbanjo
Posted: Apr 27, 2016 at 1:10 pm   /   by   /   comments (0)

The Vice President, Prof. Yemi Osinbajo, on Tuesday, said the Federal Government was prepared to remove obstacles and roadblocks affecting investments, industrial and trading activities in the country.

He made this known while laying the foundation of KAM Steel Integrated Project at Jimba Oja, near Ilorin.

Osinbajo said over two billion tonnes of iron ore reserves, representing 70 per cent of the mineral deposit in the country, were yet to be explored in spite of global demand.

He noted the challenges currently facing industrialists in the country, stressing, however, that the Federal Government was poised
to remove all obstacles in the way.

He expressed Federal Government’s commitment to fast track the country’s industrialisation and ensure that there was conducive environment not just for industrialists but for the steel industry.

Steel, Prof. Osinbajo said, remained the world’s most important engineering material for economic extraction and refining technique, with Nigeria as the 12 largest iron ore resource nation in the world and second largest in Africa.

According to him, the steel needs of the country are immense, going by the current rate of consumption of the product in construction companies, automotive and assembly refineries and tiles and rubber.

“We have found that one of the ways to achieve this goal is by making Nigeria more business-friendly by attracting local and foreign investment, thereby creating the much needed jobs.

“We are committed to divesting the economy away from over-dependence on oil and creating an enabling environment to facilitate private sector-led growth and development.

“The Federal Government is investing in critical infrastructure by encouraging the private sector and advocating growth inclusion, particularly job creation among other social safety net initiatives,” the vice president said.