Vice President Yemi Osinbajo said every new manufacturing plant was an important step towards the Federal Government’s belief that it is private investments, both local and foreign, that must be the pathway to rapid economic growth, with jobs and prosperity.
Osinbajo spoke on Friday after commissioning the Kimberly-Clark Huggies Diaper Manufacturing Plant in Ikorodu, Lagos State.
Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed this in a statement he signed late on Friday titled ‘How government, private sector collaboration drives economic growth, prosperity.
He said with about seven million babies born every year in Nigeria, the diaper market is huge, and the factory signals the beginning of greater investments in this and other sectors.
According to the Vice President, not only would the plant provide thousands of good-paying jobs – directly and indirectly – within the next three years, it is an important step in private sector collaboration with the Federal Government.
“For the Federal Government, every new manufacturing plant is an important step towards our belief that it is private investments, both local and foreign, that must be the pathway to rapid economic growth, with jobs and prosperity,” he stated.
Osinbajo further disclosed that the Federal Government’s commitment to supporting and collaborating with the private sector “is expressed in the strategic objectives of the National Development Plan, which includes establishing a strong foundation for a diversified economy, investing in critical infrastructure roads, rail, power, and broadband, enabling human capital development and improving governance and strengthening security.”
He explained further, “the implementation of the Plan is expected to be supported by a range of fiscal, monetary and trade measures, including more intentionally promoting productivity and value addition.
“This will, of course, also mean loosening generalized restrictions on trade. Blanket import restrictions are a dampener on economic activity because a lot of items that might be needed in the manufacturing process might be affected, with consequent negative impact on value addition in the economy.”
On the manufacturing plant’s significance to the growing investments in Nigeria and the country’s economic objectives, Osinbajo noted that Kimberly-Clark has invested over $100m in just about a decade.
He also commended the group for making important social investments in the country, such as championing the cause for women and girls through its “She SABI” Initiative.
Also present at the commissioning were the Lagos State Governor, Babajide Sanwo-Olu, some members of the National Assembly, and Federal Ministers, including the Ministers for Industry, Trade and Investment, Niyi Adebayo; Women Affairs, Pauline Tallen; and the Minister of State, Budget and National Planning, Clem Agba.
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