President Muhammadu Buhari has officially inaugurated the Bestaf 200m litres lubricant plant, owned by MRS Holdings Company Limited, dedicated to providing a range of products for the entire value chain of lubricants.
The plant acclaimed as the first of its kind in West Africa was commissioned on Monday as part of President Buhari’s two-day working visit to Lagos.
Sayyu Dantata, the founder and CEO of MRS Holdings Limited informed the President that the Bestaf Lubricant plant has the capacity to produce 1,700 different products.
He added that the plant will contribute to foreign exchange generation for the country, through product export, as well as meet the needs of other neighbouring countries.
Babajide Sanwo-Olu, Governor of Lagos State on his part said that the facility was conceived as a result of the enabling environment that the state has offered to investors.
Sanwoolu said, “President Buhari is excited to be in Lagos. This is his third commissioning in Lagos this afternoon. The President 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 the lubricant plant.
The Lagos State Governor however stated that the plant 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 facility is expected to prevent the importation of substandard products and contribute to foreign exchange generation through some of the products that would be exported to other countries.