Ibefun tank farm’ll decongest Apapa gridlock -Osinbajo

For commuters plying the dilapidated Apapa road, there appears to hope to end the gridlock soon Vice President, Prof. Yemi Osibanjo has commissioned the 300 million liters capacity tank farm built in Ibefun, Ijebuland in Odogbolu Local Government Area of Ogun State.
The Vice President while inaugurating the Petrolex Oil and GasMega City, said the tank farm will reduce pressure on Apapa tank farms and substantially ease excruciating gridlock on Lagos ports access roads.
Osibanjo said the federal government is committed to providing incentives to enable petroleum and petro – chemical industries to thrive and attract more genuine investors in the sector.
He said from “credible, independent and third party evidence” Nigeria is on the right track of economic recovery.
The mega ultra-modern oil city which is the brain child of Segun Adebutu, son of the business mogul, Sir Kesington Adebutu, has 30 loading facilities, 300 million litre capacity storage, 26 barges, vessel, residential quarters, army barracks and automated 4,000 – truck capacity trailer park with accommodation for drivers.
Osinbajo said, the gesture would lessen the burden of petroleum products distribution in Nigeria and create 10,000 jobs.
He revealed that the government is also working out ways to help investors and local manufacturing industries access cheap credit facilities within shortest time to grow their capacity.
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.
He expressed optimism that the project will not only help the FG’s target of reducing fuel importation to 20 per cent by 2019, but also improve retail distribution across the country.
“This project by Petrolex is indeed a testimony of power of vision, this is of special significance. When fully operational, it will no doubt go a long way in helping the federal government to achieve its target of reducing fuel importation to 20% by late 2018 and first quarter of 2019.
“Project of this nature will also improve retail distribution throughout the country, while the proposed refinery of 250,000bpd, will no doubt hinge us closer to total independence on local refining of petroleum products.
“Local investment such as this will surely send a strong signal to foreign investors that our country is open and safe for business. This also represents massive job creation and the FG’s belief that industrialization is key to Nigeria’s economic growth. We will continue to provide incentive regime to accelerate industrial growth and create safe and conducive ambience for investment to thrive in Nigeria.