Osinbajo: We expect private sector to invest $19bn in Nigeria by 2020

Vice-President Yemi Osinbajo says the federal government expects certain private sector stakeholders to invest $19.2 billion in the economy by 2020.

He was speaking at the inauguration of Nestle’s Ready To Drink Plant in Agbara, Ogun state, on Thursday.

“On a broader perspective, two days ago we launched policy laboratories. This is an intervention to accelerate the implementation of our Economic and Recovery Growth Plan,” he said.

“The laboratory will bring together all private and public sector stakeholders necessary to achieve the specific policy or project objective of our economic growth plan.

“In the first instance, we are focusing on specific areas; agriculture and transport, primary gas supply, manufacturing and processing.

“The goal of this lab is to generate $24 billion worth of investment 80 percent of which we expect will come from certain private sector participants with 15 million jobs projecting about 3.5 percent GDP growth this year and 7 percent by 2020.”

Osinbajo said the expansion of Nestle’s activities is a show of confidence in Nigeria’s economic potentials.

Mauricio Alarcon, managing director of Nestle Nigeria, said the new plant is valued N4.1 billion and has already employed 100 jobs.

“The new Nestlé Milo RTD is complementing the existing range of offerings of our iconic Milo brand.

“This new production plant is a true reflection of how Nestlé creates shared value for all, by providing good jobs, sourcing 80% of our inputs with local farmers and investing in the development of rural communities.”

The plant is expected to have a yearly production capacity above 8,000 tonnes.