Despite drop In oil price, Nigeria has what It takes to build a solid economy- Osinbajo

Despite the drop in oil prices, Nigeria has everything it needs to build and sustain a vibrant economy, according to Vice President,Yemi Osinbajo Monday.

“This country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce,” the Vice President said at the State House Abuja, at a meeting with a group of international investors looking to invest in the country .

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

A statement by the Senior Special Assistant to the Vice President, Laolu Akande,  said the Vice President alongside the Minister for Industry, Trade and Investment, Okey Enelamah, 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.

In an interactive session with the visiting global investors drawn 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 among others, Osinbajo explained that working with the State governments, the Buhari presidency will ensure that issues such as pre-investment approvals, and land titles would be reformed to attain the ease of doing business aspirations of the administration.

Government will rationalize agencies involved in granting approvals and thereby create space for businesses to thrive, where necessary the Vice President said adding that the federal government is also making further investments in the power sector. “The entire power value chain would have to be well compensated in order to produce the needed results” he told his guests.

Osinbajo also restated the commitment of the Buhari administration to creating jobs through businesses and direct action of the government to engage the youths.

The Delegation was led by the Former Minister of National Planning, Shamsudeen Usman led the delegation of the international investors, while Rachid Benmessoud, the Nigeria Country Director of the World Bank led the world bank’s Ease of Doing Business Ranking Team visit to the Vice President.