CNBC Africa Yemi Osinbajo discusses the economic agenda of the new government [Video]

Vice-President Osinbajo discussed the Economy from the position of our current realities, stop gap measures and short term to long term plans.

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As the people of Nigeria, Africa's largest economy, celebrate 55 years of independence from British colonial rule, the country's leadership grapples with an economic slowdown that exposes the inability of past governments to diversify exports and revenues away from oil. CNBC Africa's Wole Famurewa discusses the economic programme of the new government with Nigeria's Vice President, Yemi Osinbajo.

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CNBC Africa's Wole Famurewa discusses the economic agenda of the new government with Nigeria's Vice President, Yemi Osinbajo.

Vice-President Osinbajo discussed the Economy from the position of our current realities, stop gap measures and short term to long term plans.

Here are points the Vice President made during the interview;

Our Current Realities

The Vice president acknowledged that the growth of the nations economy has slowed in the second quarter of 2015, largely because of oil revenues that have plummeted to about 45 Dollars from over a 100 Dollars, the administration has had to introduce an exchange control regime.

In addition, the administration inherited problems of public expenditure that was neither transparent nor efficiently run.

Read: Buhari's PINE brings education to Borno IDPs as Osinbajo launches 'container-classrooms'

Moving Forward

a. Diversify The Economy

Vice-President Osinbajo stated that the first focus is to diversify the economy. Agriculture, he stated would be very important.

He believes Nigerians need to become self-sufficient in rice and wheat production.

The self-sufficiency in both products will reduce pressure on our foreign exchange reserves.

b. Power: Power is connected to many things.

With power he says Nigeria is nowhere where we ought to be even in the administration's projections but the government is making sure progress.

Read: Vice-President warns religious leaders over comments about insurgency

Nigeria has installed capacity of about 12,000 MW but generation and transmission is a problem.

Today, generation has stabilized at about 4,000MW and there are expectations that it will stabilize at 5,000MW by the 1st quarter of 2016.

He stated that Nigeria however needs substantive investments in transmission.

Meanwhile, Yemi Osinbajo posted on his facebook page recently that until the fight against terrorism is won, himself and President Buhari will not rest.

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