Vice President Yemi Osinbajo on Saturday laid the foundation stone of a N200 billion Industrial Park in Iyanomo community, Benin, Edo State.
Mr. Osinbajo said at the event that when established, the park would create 170,000 direct and indirect jobs and contribute significantly to the further development of the country’s manufacturing industry.
He congratulated Governor Godwin Obaseki for the huge investment, saying: “this is what the country has been waiting for to take it to greater heights.
“Several other countries have embarked on this line of industrialisation and succeeded. If we put in the same effort other countries have put in, we will also excel.
“This strategy has been adopted in some Asian countries and they have achieved several economic growths, diversified their economy, and are now exporters of consumer goods.”
He expressed optimism that the industrial park would not only lead to job creation but also reduce the cost of goods and services in the state and country at large.
Mr. Osinbajo added that the park would also help change the face of the Nigerian economy and unleash its industrial potentials.
He assured the governor that the Federal Government would give the state the necessary support to ensure the completion of the project.
Earlier, Mr. Obaseki had said that the park would be the first in a series of parks his administration would establish to make Edo an industrial hub.
The governor stated that the park is a public private partnership initiative designed by Mahindra Engineering in conformity to 21st Century standard.
He said the private sector would contribute about 74 per cent investments to the industrial park.
“I promised that if I became governor of the state, I would commercialise the state, create an enabling environment for businesses to thrive and improve the quality of the lives of our people.
“Our industrialisation of Edo is already yielding results and our hope is to create employment for thousands of people in the state,” he said.
He gave an assurance that the park would be built within 12 months.
The governor applauded the Federal Government for its relentless commitment to the industrialisation of Edo.
Also speaking, Narayanan Ramanathan, the Chief Operating Officer of Mahindra Engineering, assured of delivering the project within the stipulated time.
The News Agency of Nigeria (NAN) reports that Oba Ewuare II, the Oba of Benin, was the Chairman of the ceremony.