EditorVICE President of Nigeria, Prof Yemi Osinbajo has urged states to strive to become major industrial hubs in the country to attract investors around the world for robust economic development.
This according to the Vice President could be achieved through investing heavily on infrastructural development.
Join our WhatsApp ChannelOsinbajo made this call on Friday in Uyo, Akwa Ibom State capital where he flagged off construction of a housing estate and commissioned the Dakkada Tower as part of activities marking the 34th Anniversary of the State’s creation.
He said federal government under the present administration prioritised infrastructure development in its economic agenda.
Osinbajo who disclosed that the federal government has spent over N7.6 Trillion on infrastructure alone as at 2020, urged states to emulate that so as to position them to reap long term economic beneifts.
While extending the warm felicitations of President Muhammadu Buhari to the Governor, Emannuel Udom, the government and people of Akwa Ibom State, the Vice President noted that the focus of the State government on infrastructure development is significantly in line with the centrepiece of the Federal Government’s economic agenda.
“As you are aware, since the inception of our administration Mr. President has prioritised the development of infrastructure: roads, rail, power and broadband; and despite the severe economic headwinds we have experienced in the past 6 years, we have invested more than any other administration in infrastructure.
“As of last year, we had expended over N7.6 Trillion on infrastructure alone (and about N8.9 Trillion on the entire capital expenditure).
“just last month, the Federal Executive Council approved the Lagos Calabar rail project, which will pass through Uyo as a major station, and at the end of last year, FEC also approved the full business case for the Ibom deep sea port. These infrastructural developments are set to establish Akwa Ibom as a major industrial hub, not just in Nigeria, but in the West African sub region,” Osinbajo stated.
On building infrastructure to serve the populace, the VP noted that the Buhari administration’s mass social housing programme under its Economic Sustainability Plan is one aspect of how the Federal Government is investing in infrastructure to create jobs and unlock capital for individual and corporate prosperity.
He then stated that the Ibom Luxury Estate, the new Akwa Ibom housing estate (the construction of was being flagged off) is also strategic as investors from around the world and management of industry and businesses that will be attracted to the State will want good world class accommodation.
“They will want a safe environment to raise their families; the Ibom Luxury Estate is the answer to that need,” Osinbajo noted.
Generally, he observed that, “there are also, of course, the multiplier economic benefits of housing projects. Housing projects create several direct and indirect jobs, and frankly, aside from the provision of decent shelter, it really is an important job creator. So, this project will provide several jobs during and post-construction, coupled with property taxation, which will form additional streams of revenue for the State’s coffers.
“Which is why as part of our Economic Sustainability Plan, we have our mass social housing programme. This is part of our jobs for houses programme, which is run by the Family Homes Fund, where we intend to build 300,000 housing units across the country. We intend to use local materials, builders and artisans in every State.
“I am pleased to note that Akwa Ibom State has keyed into this important programme and has already made land available. And it is called the Dakkada Affordable Housing. It is surely the way to unlock capital for individual and corporate prosperity, but it requires executive and legislative collaboration to ensure its success.”
When completed, the estate will have a police station, power sub-station, clinic and health care centre, gas plant, sewage treatment plant, civic centre, church, school and other amenities.
Osinbajo urged the State House of Assembly to continue to work with the Executive to make all land administrative processes friendly, seamless and swift. This he said, will revolutionize real estate sector and unlock more investment opportunities for the State.
He observed that the estate when completed will address office accommodation needs of both local and international companies in the state, especially oil and gas companies.
Governor Udom thanked the Vice President for honoring the invitation of the State Government, describing him as “the pride of Nigeria” and “our brother, our teacher, our pastor, our mentor.”
The Governor further said the State is investor friendly and was spearheading innovations that would generate revenue, create jobs and put the State on the world map.
He said the Dakkada Estate’s water system meets the WHO standard, has a separate power turbine system, four avenues, safe city security system and many other amenities.
He added that the Dakkada Tower was in response to the federal government’s call that oil companies operating in the oil producing States should establish corporate offices in the state of their operations
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