President Muhammadu Buhari is keen on actively encouraging private sector initiatives that can build the Nigerian economy, Vice President Yemi Osinbajo has stated.

He asserted that if fully utilized, the private sector in the country had the wherewithal to move the Nigerian economy forward, noting that the sector needed to be appreciated for what it had to offer at this critical period, when diversification was the focus of government.

The Vice President spoke over the weekend in Lagos where he had gone with the Lagos State Governor Akin Ambode and a number of federal ministers to visit the ongoing construction of the multi billion naira Dangote Refinery.

The ministers were Power, Works and Housing, Raji Fashola, Industry, Trade and Investment, Okey Enelamah, Finance Minister Kemi Adeosun and Solid Minerals Development, Dr. Kayode Fayemi

“We can talk about how the private sector contributes to the economy of a nation and how easily we understand that it is the private sector that is the engine of growth for any economy. But unless you actually see it in action, you will not fully appreciate what that means.

“This particular visit is a very important one for us because it demonstrates very clearly what it means by the private sector being the engine room of growth in our economy,” he stated.

The Vice President said the refinery being constructed by the Dangote Group would contribute to the development of Nigeria, and besides boosting oil production and the economy as a whole, it will also create employment for many citizens of the country.