Nigeria Has What It Takes To Build A Solid Economy Without Depending On Oil, Says Osinbajo

*FG will ensure job creation and youth employment
The drop in oil prices not withstanding, Nigeria has everything it needs

to build and sustain a vibrant economy, according to Vice President, Prof.

Yemi Osinbajo.
“This country has practically what it takes to run a solid economy that is

not dependent on oil, but on business and commerce,” the Vice President

said today during a meeting with a group of international investors

looking to invest in the country in the light of the new administration.

According to Prof. Osinbajo, the President has already given the mandate

to ensure that a conducive environment is created for business investments

in the country, and he added that work has already started with government

looking at the different aspects involved.
In fact the Vice President, alongside the Minister for Industry, Trade and

Investment, Dr. Okey Enelamah, also held a meeting today with the World

Bank Ease of Doing Business Ranking Team, where issues were laid out and

specific lines of action identified on how to improve the business climate

in the country.
In an interactive session with the visiting global investors drawn from

companies including Renaissance Capital, Russia-China Investment Fund,

China Africa Development Fund, Invest Abu Dhabi, Actis, Emerging Capital

Partners, ECP, KKR & Co. LP, Old Mutual of South Africa among others, Vice

President Osinbajo explained that working with the State governments, the

Buhari presidency will ensure that issues such as pre-investment

approvals, and land titles would be reformed to attain the ease of doing

business aspirations of the administration.
He said where necessary government will rationalize agencies involved in

granting approvals and thereby create space for businesses to thrive.

Regarding the critical role of electric power in creating a conducive

business environment, the Vice President stated that while the federal

government would be making further investments in the sector, the entire

power value chain would have to be well compensated in order to produce

the needed results.
Prof. Osinbajo also restated the commitment of the Buhari administration

to creating jobs through businesses and direct action of the government to

engage the youths.
He said the 500,000 teaching positions for unemployed graduates worked

into the 2016 budget is a means of engaging the youths in paid voluntary

occupations in their communities until such a time they can find a job in

their different disciplines. Besides, he noted that the programme would

also address a critical need for teachers in the public school system.

Equally he said the federal government will also create opportunity for

about 370,000 youths who are not graduates to receive vocational training

and acquire skills, while one million artisans and market women would

receive soft loans through the Bank of Industry as already proposed in the

proposed 2016 budget.
Former Minister of National Planning, Alhaji Shamsudeen Usman led the

delegation of the international investors, while Dr. Rachid Benmessoud,

the Nigeria Country Director of the World Bank led the bank's Ease of

Doing Business Ranking Team visit to the Vice President. Both meetings

were attended by the Industry, Trade and Investment Minister.

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