Follow Us on Google
From Agaju Madugba, Katsina
President Muhammadu Buhari yesterday described the private sector as the engine of economic growth arguing that it should be the largest investor in the economy, for a most efficient and sustainable path to industrialisation.
Speaking at the opening of the Katsina State Economic and Investment Summit with the theme, “Unlocking Investment Potentials for Sustainable Development,” at the conference hall of the Katsina State Secretariat, Buhari reaffirmed his administration’s determination to eradicate corruption, a development which, according to him, will bring an end to poverty.
“I will use all resources to fight poverty through ending corruption and creating jobs as employment is the quickest way to escape poverty,” Buhari said, adding that, “we must remove our people from poverty.
“The Federal Government alone cannot deliver on the high expectations of our people and the Katsina State Government has shown the way by assembling the brightest and the best from the business world, the brightest and the best from development partners’ community, the brightest and the best from the MDAs and the regulatory bodies.
“We should keep an eye on the rights of the future generations of Nigerians who are as entitled as we are to Nigeria’s heritage. The Federal Government shall work with Katsina State Government and people and also partner with any state government that shows promising initiatives with workable strategies as demonstrated by the Katsina State Government.”
In his address, Dangote described Katsina as lagging behind other states in the country’s national average on various indices of human and economic development.
According to him, “more than 60 per cent of the population of the state is in severe poverty and the state contributes less than two per cent to Nigeria’s GDP. The only way for Katsina to catch up is to concentrate on agriculture. You do not need to woo investors; if they see a conducive environment for investment, they will gatecrash even if they are not invited as foreign direct investment always follows local direct investment.”
Dangote said that at the completion of his refinery located in Lagos, towards the end of 2018, Nigeria would become the largest exporter of petroleum products in the world.
As he explained, “we are taking Nigeria to the next level. We are building the largest single refinery in the world with a capacity to produce 650,000 barrels per day.
“It will not only eliminate queues, it will make Nigeria to be the largest exporter of petroleum products by the end of 2018 and our petrochemical plant which is 1.3 million tonnes is 10 times the size of Eleme petrochemicals built by the Federal Government in 1988.
“We are also building two sub-sea pipelines of 550 kilometres, which will be dropped in Delta, one in Ogun State and Okpela and one in Lekki. This one will give us three billion cubic metres of gas and it can generate 12,000 megawatts of electricity power.
“Today, Nigeria imports fertilizer 100 per cent but I can also assure Your Excellency that we will be ready with three million metric tonnes of fertilizer and Nigeria will also be the largest exporter of fertilizer, apart from meeting the domestic needs.
“In the sugar and rice industries, we will create 210,000 jobs between now and end of 2018 out of which 80 per cent will be from agriculture and that is why we should really pay attention to agriculture.”
Earlier in his address, Governor Aminu Bello Masari explained that his government identified agriculture, solid minerals, hospitality and creative arts as well as property development as strategic areas for investment.
According to him, “by highlighting these areas, government hopes to create quick wins with huge benefits and we will support all investors but will give priority to investors who take advantage of these priority areas.”
He said his administration had produced a blueprint for “Restoration Development Plan 2016-2020” which he said would cost N697.7 billion.
