The federal government has set up an Inter-Ministerial Committee, to review and propose measures targeted at activating the dormant $1 billion Kaztec Engineering Limited Yard in Lagos.
The Chairman of the Committee, Senator Magnus Abbe, who led members, drawn from different government ministries and agencies to visit, weekend, said the yard has been idle since 2015 when Addax Petroleum, which played a major role in its establishment decided to withdraw from the project because of some issues, including tax with the government.
According to him, before then Kaztec which total investment stand at about $1 billion, said: “By that time, Kaztec Engineering had already spent more than $600 million and imported a lot of materials and was employing over 3000 direct workers and with over 10,000 dependants on these contracts.”
Sustainability Plan
Speaking during the tour of the facility, Abbe said: “What happened here is a national tragedy in so many ways because not only is the economy very negatively impacted but at the time we are trying to save foreign exchange from every means possible.“It is quite disappointing to see that there is a lot of things here that could help this company save millions of dollars in foreign exchange for Nigeria. (Vanguard)