• Monday, July 22, 2024
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 Vice President Osinbajo expresses optimism on Nigeria’s crawling economy

Yemi Osinbajo-2

Despite the current economic situation in Nigeria, Vice President Yemi Osinbajo says he is optimistic and foresees the national economy moving in a northward direction.

The vice president made this known on Tuesday in his opening remarks at the 10th edition of the BusinessDay CEO Forum in Lagos.

Rather than being compelled by the difficult economic situation Osinbajo said he remained “optimistic as l foresee the national economy in a better shift”.

With a GDP growth rate that has remained lower than the country’s population growth since 2015, Nigeria’s economy is likened to an adult that crawls like a child.

The Nigerian economy continued to expand at a sluggish rate in the third quarter of 2019 after state data agency, the National Bureau of Statistics (NBS), reported a 2.28 percent growth for the period.

Although that was the fastest growth in four quarters, the GDP rate is lower than the country’s population growth rate of 2.6 percent.

This means that in the last four years, Africa’s largest economy has been producing more people than it can feed.

“Of course l knew beforehand that the CEO Forum will not be a gathering to chorus hallelujah to the government of the day,” Osinbajo said.

The Vice President however stated that the advent of technology holds huge opportunities for a country like Nigeria.

“We live in a world where technology is unlocking a lot of opportunities and challenging us to achieve the best results,” he said.

The VP assured that the current administration remained committed to working with the private sector for economic growth and development.

“Let me use this opportunity to reassure you that the Buhari-led administration is committed to working with the private sector,” Osinbajo said.