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.
“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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