VP says Nigeria can build solid economy without oil

chika ebuzor

February 2, 2016 5:40 AM

According to the vice-president, President Muhammadu Buhari has already given the mandate to ensure that conducive environment is created for business investments in the country.

Vice-President, Yemi Osinbajo

The Vice President, Prof. Yemi Osinbajo, on Monday, said that the country had everything needed to build and sustain a vibrant economy in spite of the drop in global oil prices.

The vice-president said this during an interactive meeting with a group of international investors at the State House, a statement issued by the Senior Special Assistant, Media and Publicity to the Vice-President, Mr Laolu Akande, said.

Akande stated that the interaction involved 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.

The senior special assistant quoted Osinbajo as saying "this country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce.’’

According to the vice-president, President Muhammadu Buhari has already given the mandate to ensure that conducive environment is created for business investments in the country.

He added that work had already started, with government looking at the different aspects involved.

The Vice President, alongside Dr Okey Enelamah, the Minister for Industry, Trade and Investment, also met with the World Bank Ease of Doing Business Ranking Team.

At the meeting, issues were laid out and specific lines of action identified on how to improve the business climate in the country.

The vice president explained that working with the state governments, the Buhari presidency would ensure that issues such as pre-investment approvals and land titles were reformed to attain ease in doing business in the country.

He explained that where necessary, government would rationalise agencies involved in granting approvals, thus creating space for businesses to thrive.

Regarding the critical role of electricity in creating a conducive business environment, the vice president said the Federal Government would continue making further investments in the sector.

chika ebuzor