President Muhammadu Buhari has inaugurated the Bestaf lubricant plant at MRS Holdings Company Limited in Lagos state.
The 200 million litre lubricant plant, which covers the whole value chain of lubricants, is the first of its kind in West Africa.
The Bestaf lubricant plant is owned by Sayyu Dantata, the founder and chief executive officer of MRS Holdings Limited.
Dantata said the plant, which has the capacity of producing 1,700 different products, will contribute to foreign exchange generation for the country, through products export, as well as meet the needs of other neighbouring countries.
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Speaking at the ceremony, Babajide Sanwo-Olu, governor of Lagos, said the birth of the facility is as a result of the enabling environment the state has created for businesses.
“The president is excited to be in Lagos today. This is his third commissioning in Lagos this afternoon,” the governor said.
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“He is excited that Lagos has continued to be the economic nerve centre of the country and this has been confirmed by the three projects he has been to, especially this one, which is an integrated first-class lubricant factory that is going to increase the number of youth employment, generate revenue, reduce our import-dependent economy and generally blossom our economy.”
The president also inaugurated the $1.5 billion Lekki Deep Sea Port and the Lagos Rice Mill, Imota.
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