By Donald Ugwu on 10/10/2017
Views: 678
•Vice President Osinbajo
Vice President Yemi Osinbajo on Monday declared that Nigeria is an investors’ delight as the Buhari Presidency is making specific efforts to enable the private sector to thrive.
Prof Osinbajo stated this at the Financial Times Africa Summit in London noting that the government of President Muhammadu Buhari, in the past months, had been working assiduously to improve macroeconomic conditions.
A copy of the speech was released to newsmen in Abuja.
According to him the administration specifically carried out extensive ‘ease of doing business’ reforms, in addition to on-going investment in infrastructure.
“After a continuous slide in growth since 2014, the trend of growth in GDP has turned around with a modest growth of 0.55 per cent in the second quarter of this year.
“Inflation, though still somewhat high, has declined from its peak of 18.7 per cent in January 2017 to about 16 per cent today,” he stated.
The Vice President noted that “the outlook going forward is quite positive based on improvements in oil prices and production and the trend of leading indicators such as positive purchasing managers indices, a revived stock exchange and increasing foreign exchange reserves.”
Highlighting some of the efforts of the administration in agriculture and power, the Vice President drew attention to the significant progress achieved in the ease of doing business initiative.
“In the first stage, reforms were introduced under a 60-day national action plan focused on eight areas that make it easier to register businesses, obtain construction permits, get credit, pay taxes, get electricity, trade across borders, facilitate entry and exit of people and register property.
“Practical examples of success include leveraging the use of technology to fast track business registration and payment of taxes, a functioning, tried and tested 48-hour electronic visa procedure, and an Executive Order mandating greater transparency and efficiency across all government agencies.
“The reforms have led to reduction in cost and time, as well as greater transparency for small and medium sized enterprises in particular.
“Following the 70 per cent success rate achieved in the first phase of the ease of doing business reforms, we recently embarked on a second national action plan which will have 11 areas of focus and will run for 60 days from October 2017,” he added.
According to Osinbajo, Nigeria is an investor’s delight because of the opportunities which the Nigerian economy offers, specifically emphasising that “the opportunities are enormous indeed.”
He added that the Buhari administration was “nevertheless determined and optimistic that Nigeria will along with the rest of the continent bring about an Africa that works for all its people and contributes to global growth and prosperity.”
The Vice President observed that the theme ‘What Africa Works’, was appropriate and remarked that with Africa’s experience in the past few years, was clear that “what makes Africa work, is what makes economies work anywhere.”
He named the indices as “honest visionary leadership and good governance, letting the private sector and markets lead, diversification from resource based revenues, developing the potential of the human resources available.”
The Vice President noted that Africa “can demonstrate with clear examples that what makes Africa work are the ingenuity and resilience of the people, especially its 70 per cent youth population, leadership and good governance.”
He said there was also the initiatives of allowing the private sector and markets to function, focusing on infrastructural development, and the incredible opportunities that abound.”
The summit was also attended by a number of Nigerian dignitaries including Gov. Godwin Obaseki of Edo, the Emir of Kano, Sanusi Lamido Sanusi, the Minister of Information and Culture, Alhaji Lai Mohammed, and Alhaji Aliko Dangote, among others. (NAN)
Source News Express
Posted 10/10/2017 11:30:35 AM
CLASSIFIED ADS
You may also like...
Host communities threaten to disrupt Super Eagles World...
Relocate your headquarters to Uyo, Akpabio tells TotalFina...
Elechi faults state assembly over frozen account
R-E-V-E-A-L-E-D: Why FG sacked Enejere as UNN Pro-Chancellor...
NEWS ROUND-UP
Nigerians march against Buhari in Lagos
_150x150.jpg)
Who wins Big Brother Naija’s N45m?
Nigerian Government and Shell should be ashamed of...
I sacrificed my senatorial ambition for peace to...
Aba shoemakers panic over possible hijack of contracts...
UN to investigate Southern Kaduna killings
Treasury Single Account has come to stay –...
Why there will be no peace in APC: Communications Minister Adebayo Shittu 
Cashier, wife, mother-in-law docked for bank fraud
APC, Presidency designing plots to frustrate PDP governors: Secondus 
Whistle blowers charged for conspiracy to rob Gov. Dickson to remain in prison
Police most violator of human rights, survey finds
Sack Tambuwal from office, APC begs S’Court 
NPA concessions Terminal B, Warri Old Port
FG blames N’Assembly for delay in 2019 Budget presentation 
Kaduna Polytechnic joins ASUP strike 
Buhari mourns Ikedife, ex-President of Ohanaeze
Ex-Trump lawyer, Cohen, sentenced to 3 years in prison
NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,881 views)
Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,815 views)
Shameless Genevieve Nnaji exposes breasts in public (327,705 views)
Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (281,121 views)
OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,830 views)
Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,266 views)
Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,113 views)
OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,316 views)
My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,591 views)
THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,442 views)
Lagos plane crash: Journalist releases victims’ names (167,231 views)
Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,691 views)
