Osinbajo Commissions Africa’s Largest Oil Tank Farm In Ogun

Vice President Yemi Osinbajo on Tuesday commissioned the largest mega oil tank farm in sub-saharan Africa at Ibefun, Ijebu-Ode, in Ogun State.

Osinbajo described the tank farm as very significance for Nigeria.

“From the point of view of government on downstream objectives in the petroleum sector, this investment is of special significance to Nigeria.

”It takes the box for us to strengthen our distribution infrastructure for petroleum products and meeting the target of the end of 2018 and first quarter of 2019 for reducing importation of petroleum products and PMS to less than 20 percent.”

”We expect that this place will be filled by investments and facilities such as this and this is why we are delighted that this facility has the capacity to store 300m litres of petroleum products, the largest of its kind in the country and I am told, the largest in sub-saharan Africa, and conveniently holding 4,000 oil tanks at a time and a gantries capable of birthing about 30m metric tons of cargo.”

“This will substantially improve retail distribution of oil and gas in Nigeria, increase domestic storage of petroleum products and the cargo coming in from larger vessels will be stored and loaded from the gantries right here.

”It will decongest Apapa and Ibafo tanker traffic, facilitate the distribution from here to anywhere in the country.

”But perhaps for greater importance as future of our national economic objectives is, this facility again bears out a philosophical plan of our economic recovery and growth plan which is that private capital must lead Nigeria’s economic revolution and this is right.”

”Private sector is the nation’s major economic source and also the primary business of government is to create the environment that enables commerce thrive unhindered.

”Importantly also is the fact that significance of local investments such as this send the strongest possible signal to foreign investors that not only is the government safe but Nigeria is indeed investment designation in Africa,” Osinbajo stated.

Also at the commissioning was the Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru who made it know to all that the government never had any intention to increase petroleum price and by so doing workers of NNPC are going from fuel stations to another to close any fuel station that has intention of inconveniencing Nigerians.

Governor Ibikunle Amosun of Ogun State, represented by the Secretary to the State Government, Barrister Taiwo Adeoluwa said: “we are so delighted to be here today because this success is for the state and we are proud of the Adebutu family and we are happy that he (Segun Adebutu ) has chosen to do this this in Ogun.”

Segun Adebutu, the Chairman and Chief Executive Officer of Petrolex Oil and Gas in his remarks said Nigeria is on the right path to economic recovery.

“There is credible independent third party evidence that we are on the right path. A month and half ago, the World Bank adjudged Nigeria to be one of the tenth most improved economies in the world this year, from the point of view of our business and investments plans.

“This facility also represents jobs, 10,000 direct and indirect jobs. Each of these jobs will support not just workers but their dependants,” he stated.