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Vice President Yemi Osinbajo says the Federal Government has started work on the creation of Incentive Regime to encourage local industries to grow.
Osinbajo, who noted that private sector remained the driver of Nigeria’s economy, also disclosed that a presidential committee has been commissioned to fashion out low interest credit facility to encourage local manufacturers in the country.
He, however, reiterated President Muhammadu Buhari-led administration’s commitment to continue to create conducive atmosphere for indigenous businesses to thrive.
The Vice President spoke, on Tuesday, at the inauguration of the Phase One Petrolex Mega oil city and 300 million litre capacity Tank Farm in Ibefun, Ogun State.
Osinbajo, who described the project “as of special significance and testimony to power of vision”, said the tank farm will reduce the pressure on Apapa tank farm and ease the gridlock on the Apapa expressway.