Private investments to ensure job creation and economic growth – Osinbajo

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Vice President Yemi Osinbajo said each new manufacturing plant is an important step towards the federal government’s belief that private investment, local and foreign, must be the path to rapid economic growth, with jobs and prosperity.

Osinbajo spoke on Friday after the commissioning of the Kimberly-Clark Huggies diaper manufacturing plant in Ikorodu, Lagos State.

The Senior Special Assistant to the Vice President for Media and Publicity, Laolu Akande revealed this in a statement he signed on Friday night titled “How Government-Private Sector Collaboration Drives Growth economy and prosperity.

He said that with around seven million babies born each year in Nigeria, the diaper market is huge and the factory signals the start of greater investment in this and other sectors.

According to the vice president, not only would the plant provide thousands of well-paying jobs – directly and indirectly – over the next three years, but it is an important step in the collaboration of the private sector with the federal government.

“For the federal government, each new manufacturing plant is an important step towards our belief that it is private investment, local and foreign, that must be the path to rapid economic growth, with jobs and prosperity,” said he declared.

Osinbajo further revealed 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 solid foundation for a diversified economy, l investment in essential road, rail, electricity and broadband infrastructure, enabling the development of human capital, the improvement of governance and the strengthening of security.

He further explained that “the implementation of the plan should be supported by a series of fiscal, monetary and trade measures, including a more intentional promotion of productivity and value addition.

“This will, of course, also mean a relaxation of widespread trade restrictions. General import restrictions hamper economic activity as many items that might be needed in the manufacturing process could be affected, with a consequent negative impact on the value added in the economy.

On the importance of the manufacturing facility to growing investments in Nigeria and the country’s economic goals, Osinbajo noted that Kimberly-Clark has invested over $100 million in about a decade.

He also commended the group for its significant social investments in the country, such as advocating for the cause of women and girls through its “She SABI” initiative.

Also present at the commissioning were the Governor of Lagos State, Babajide Sanwo-Olu, some Members of the National Assembly and Federal Ministers including the Ministers of Industry, Trade and Investment, Niyi Adebayo; Women’s Affairs, Pauline Tallen; and the Minister of State, Budget and National Planning, Clem Agba.

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