Investment diversification essential for economic growth 'Grand Petroleum Chairman

Investment diversification in the economy is germane to the growth and development of the domestic economy in the positive trajectory even as the stability of the economy in both the short and long term is tied to sound government economic policy.Also for the government to reduce drastically the increasing unemployment rate in the economy, there is need for the government to assist genuine entrepreneurs, through incentives, to grow their small businesses across the nooks and cranies in the country.The Chairman of Grand Petroleum Limited, Mr. Toni Ogunbor gave these remarks in a chart with the Nigerian Tribune, during the company's organised business forum with its major distributors in Lagos recently.He said diversification of investment was the only antidote to grow the Nigerian economy with a population annual growth rate put at of 7.5 per cent.To this end, Ogunbor said Grand Petroleum, being a subsidiary of Nosak Group within a space of four year of operation, has invested heavily in the provision of a world-class lube oil blending plant with an installed capacity of 6 million litres monthly.According to him, this investment has made the company to increasingly satisfy the growing demand for 'our high quality products in the market, particularly the Hi-Speed Engine Oils and Gear Oils nationwide.Ogunbor, who said the investment was necessary for the future, noted that this would enable the company explore other African countries, noting that the transformation agenda of the company was in top gear as it had employed the services of a consultant to further achieve the company's quest for quality product to its customers and installation of ISO 9001:2008 quality management system.
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