Nigeria does not need oil to develop — VP Yemi Osinbajo
Tue Feb 02, 2016 02:17:pm Business
7.6K By sosa hills
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.
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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