FG says Nigeria’s favourable business environment has created 5 blue-chips firms

The Federal Government disclosed that the conducive business environment provided by the administration of President Muhammadu Buhari has led to the formation, and flourishing of indigenous blue chips companies.

This was made known by the Minister of Information and Culture, Alhaji Lai Mohammed, while on a media tour of the 5-million tonnes per annum (mtpa) BUA Cement Factory in Sokoto, in the company of over 30 journalists on Thursday.

Mohammed listed the blue-chip businesses to include the BUA Cement Factory being inspected, the $2.5 billion Dangote Fertilizer Plant expected to produce 3 million tonnes of Urea every year and the Dangote 650,000 barrels per day oil refinery due to open later in the year.

Others are the Lekki Deep Sea Port, one of the most modern seaports in West Africa and the 5,000 barrels per day Modular Refinery in Ibigwe, Imo.

What the Minister of Information and Culture is saying

Mohammed pointed out that these mentioned indigenous big businesses which were established and have grown during the tenure of Mohammed Buhari were stable, profitable, long-lasting and safe for investments.

He said, “All these projects are beneficiaries of the conducive business environment created by the administration of President Muhammadu Buhari, under the auspices of the Presidential Enabling Business Environment Council (PEBEC).

“PEBEC has implemented more than150 reforms since 2016, as well as the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades,’’

Specifically, the minister noted that the conditions that made BUA cement to flourish since 2015 when the Buhari administration assumed office included the pioneer status granted to the company, adding that the ban on importation of cement, the government’s divestment from the cement industry and the backward integration policy helped the company to flourish.

The Minister said, “Thanks to these conditions, BUA Cement has recorded a 300 per cent increase in production between 2015 and now.
“That’s from 3.5 million Tonnes per annum in 2015, to 11 million tonnes per annum presently.
“For its part, the Sokoto plant is operating at over 90 per cent of installed capacity.
“Because of its location, which is just 100 kilometres to Niger Republic, the plant exports to Niger and Burkina Faso, earning Nigeria much-needed forex.’’
Mohammed, however, clarified that only excess of the cement production was exported, especially during the rainy season while the majority of the product was for local consumption
He said, “The three million tonnes per annum line (IV) of the BUA Cement facility that we have just visited was commissioned by Buhari in January this year.
“This is one of the most modern cement plants anywhere.
“The plant is the first cement plant in Nigeria to use Liquefied Natural Gas to generate 50MW of power, thereby, replacing coal in its kiln.
“This has made the plant environmentally friendly to also curb climate change.’’

What you should know

The President Muhammadu Buhari administration had moved to improve the business environment in the country with the creation of the Presidential Enabling Business Environment Council (PEBEC).
PEBEC was set up in July 2016 to remove bureaucratic constraints to doing business in Nigeria and make the country a progressively easier place to start and grow a business.
In 2020, Nigeria ranked 131 on the global Ease of Doing Business index, up from 145 in 2019.
The action plan is targeted at ensuring that perishable agricultural produce earmarked for export is allowed to move freely through our ports.

The post FG says Nigeria’s favourable business environment has created 5 blue-chips firms appeared first on Nairametrics.


Comments are closed.

Generated by Feedzy