•Says facility will ease Apapa Port congestion
PRESIDENT Muhammadu Buhari and Lagos State governor, Babajide Sanwo- Olu, yesterday called on investors to take advantage of the Lekki Free Trade Zone to invest massively in all sectors of the economy.
They made the charge at the unveiling of the Phase One of the 1.1 billion liters fuel storage terminal built by Pinnacle Oil and Gas Limited Petroleum in the LFTZ, Ibeju-Lekki, Lagos, yesterday.
President Buhari, who joined the ceremony virtually, said his government would continue to support investments in the oil industry and other sectors of the economy. He therefore urged more investors to take the leap just like Pinnacle Oil and Gas and invest in the country.
He stated that the vision for energy security remains one of the cardinal points of his government’s agenda, adding that an enabling environment, including regulatory framework has been put in place to fast-track investments.
The President said it was a good thing that Pinnacle Oil and Gas leveraged the enabling environment to build the largest petroleum products terminal in the Lekki Free Trade Zone.
By the single major investment, he pointed out that traffic jams associated with Apapa Port will be a thing of the past, adding that the facility will help in easing petroleum products’ distribution in the country.
“We will continue to encourage more investors. We look forward for many more investments,” the president said
Sanwo-Olu on his part described the new petroleum products terminal as “another landmark” of private sector investment in Lagos State.
“Our message has always been that Lagos is open to business and investment. And this is yet another demonstration of that as the nation’s largest sub national economy.
“We understand what our responsibilities are: to lead by example, to create that enabling environment that is most conducive for investment across all sectors,” he said.
He said the new facility would not only serve Nigeria as it has also been positioned to look at the opportunity of export on the West African corridor, thereby creating the single market which Lagos will continue to remain the commercial and a logistics hub of the entire region.
He added that the facility was just one of the several complemented large scale investments that will transform the Lekki Peninsula and certainly transform Nigeria.
He disclosed that his administration is cooperating with the central authority through the construction of many roads to ease traffic around the LFTZ.
According to the governor, the state government has started the phase one of the 33 kilometres Eleko-Epe and Ekeko junction to Abraham Adesamya Junction on the Lekki- Epe Expressway.
He added that it has also reached an agreement with the management of Dangote industries to widen Eleko-Ibeju Lekki- Akodo Road.
“We just got approval for the Lagos Airport around this area. We are also building the largest food trade market here. There is a plan to develop the entertainment film village here,” Sanwo-Olu said.
The Group CEO, NNPC Limited, Mele Kyari, said that one of the great partners of the NNPCL is Pinnacle Oil and Gas, pointing out that the new facility has become the largest exit point for petroleum products in the country.
According to him, the company has clearly demonstrated capacity by easing delivery of petroleum products into many parts of the country and whenever there is difficult situation.
“We will always remember that the exit point that will work for us in recent times, is the Pinnacle facility,” he said, congratulating the management of the company for the great work done.
“For us in NNPC, we will continue to partner with you and other stakeholders and other investors in this space as we continue to provide energy security for our country, which is very critical for all of us.
“And all this wouldn’t happen except the enabling environment put in place by the authorities. And that enabling environment was surely created by
“And for us in NNPC, we see great opportunity unfolding, particularly for Lagos. Our populations are growing. The middle class class is growing, energy requirements are growing substantially despite all the conversations around energy transition that you hear.
“Clearly what is happening today is a massive growth in our economy and I know that facilities like these will become very, very primary in the journey towards energy sufficiency and security. He pointed out the largest consumer of petroleum products is Lagos, adding that anytime there is any disruption to supply Lagos, the problem would start.
The CEO of Pinnacle Oil and Gas Limited, Mr. Peter Mbah, said the newly completed petroleum products terminal, which is the largest in the country, would allow intake and offtake of refined petroleum products from large/mother vessels through an undersea pipeline to its terminal in Lekki.
The CEO said the new facility, which was conceived in 2011, gulped over $1billion worth of investments from a consortium of local and international lenders.
Besides, he said the construction passed through multiple approvals up to the Federal Executive Council and earned the company a local content award for the liberal use of local skill.
With the new facility, he stated that the restriction/ delay associated with disch, of large vessels at the port has been drastically reduced to less than 48 hour instead 32 days.