Nigeria does not need oil to develop — VP Yemi Osinbajo

Vice President Yemi Osinbajo has assured that Nigeria has the capacity to build and sustain a vibrant economy even with crashing oil price.

He said this in his office yesterday when he held an interactive session with the visiting prospective global investors 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, with Minister for In­dustry, Trade and Investment, Dr Okey Enelamah, in attendance.

 According to Osinbajo, "This country has practically what it takes to run a solid economy that is not dependent on oil but on busi­ness and commerce".

He said President Buhari had already given the mandate to en­sure that a conducive environment is created for business investments in the country, and that work has started with government looking at the different aspects involved.

Osinbajo also held a meeting 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.

He assured that working with the state governments, the Bu­hari-presidency would ensure that issues such as pre-investment approvals, and land titles are re­formed to attain the ease of doing business aspirations of the admin­istration.

He said where necessary, gov­ernment would rationalise 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 VP 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.


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