We Don’t Need The Oil at N’Delta to Build Strong Economy – Yemi Osinbajo


osinbajo-ring-2Nigeria’s Vice President, Yemi Osinbajo‎ has said, Nigeria has everything it needs to build and sustain a vibrant economy.

This is even as he has reiterated Federal Government’s commitment to creating jobs and providing employments for the youths of the country.

Osinbajo stated this yesterday during an interactive session with the visiting global investors drawn from various companies including Renaissance Capital, Russia-China Investment Fund, China Africa Development Fund, Invest Abu Dhabi, Actis, Emerging Capital Partners, ECP, KKR & Co. LP, and Old Mutual of South Africa.

“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.

According to Osinbajo, the President has already given the mandate to ensure that a conducive environment is created for business investments in the country, disclosing that work has already started with government looking at the different aspects involved.

The Vice President explained that working with the state governments, the Buhari administration will ensure that issues such as pre-investment approvals, and land titles are reformed to enhance ease of doing business aspirations in the country, promising that where necessary, government will rationalise agencies involved in granting approvals to create space for businesses to thrive.

On the critical role of electricity in creating a conducive business environment, he stated that while the Federal Government would be making further investments in the sector, assuring the entire power value chain would have to be well compensated in order to produce the needed results.

Osinbajo also restated the commitment of the Buhari administration on job creation to engage more of 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.

He said the Federal Government would also create opportunity for about 370,000 youths who are not graduates to receive vocational training and acquire skills.

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.

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