President Goodluck Jonathan on Thursday promised to improve the country’s major infrastructures by increasing investments in electricity generation and road and rail networks
Speaking at the official commissioning of WEMPCO Steel Mills Co. Ltd in Ibafon, Ogun State, the said the Federal Government would continue to work towards attracting foreign and local direct investment into key sectors of the economy in order create jobs, stimulate private sector growth, continuous technology transfer, and ultimately economic growth and wealth for Nigerians and Nigeria.
Earlier, the president expressed delight with commissioning WEMPCO’s Cold Steel Rolling Mill, which is probably the single largest private sector investment in the steel sector in Nigeria.
“This event marks yet another milestone in our determination to reposition our steel sector to play a pivotal role in our march towards industrialization and national transformation. I, therefore, congratulate Wempco Group for this huge and productive investment,” the president said.
“By constructing this 700,000 metric tones per annum Cold Rolled Steel Mill here in Ibafon, Ogun State, to compliment your existing investments in the country, WEMPCO has demonstrated strong belief and confidence in our economy. I thank you for keeping faith with our country.”
He identified steel as the heart of any national economic development endeavour and one of the most important materials used widely for both domestic and industrial purposes throughout the world.
“A vibrant steel sector contributes to GDP growth, facilitates exploitation of natural resources and generates economic activities in downstream industries,” he said. “It also promotes job creation, the acquisition of technical skills, transfer of technology and the provision of machine parts and tools. In fact, no nation can industrialize without a vibrant iron and steel sector.”
Promising government determination to support the growth of the private sector, he said: “Your Excellencies, Ladies and Gentlemen, with increasing globalization and the growing strategic importance of Nigeria as a key emerging market, we are ever determined to provide the necessary incentives and support for the growth of the private sector.
“We are committed to improving our investment climate by providing and upgrading necessary infrastructure such as power, roads and rail. Our aim is to keep attracting Foreign and Local Direct Investment into key sectors of the economy that will create jobs, stimulate private sector growth, continuous technology transfer, and ultimately economic growth and wealth for Nigerians and Nigeria.
“Government will continue to encourage investors and investments in this and other sectors for the good of our country and her great people. We shall continue to support genuine investors that show interest in investing in Nigeria. We expect investors to reciprocate this gesture by showing greater dedication as well as transparency in their investment operations.
“We are also working assiduously to bring the security challenges currently facing us under control. Reports from around the world indicate an unacceptable manifestation of insecurity largely orchestrated by individuals who have no love for peace and harmony among members of humanity. In this regard, we will continue to collaborate with our friends and allies to bring this menace of insecurity to an end.”
President Jonathan further used the opportunity to emphasize the need to patronize made-in-Nigeria products, saying, “We must support our industries and change our appetite for foreign made goods. This way, we shall all contribute our individual quotas towards the economic growth of our country and jobs and wealth creation for our kith and kin.”
