BusinessHighlightTrending Story

Nigeria’s Economic Diversification In Full Swing, Says VP Osinbajo

119

[dropcap]R[/dropcap]educing dependency on oil revenues and diversifying its income sources have been on the agenda of the Buhari administration for the past two years.

Vice President Yemi Osinbajo during a media chat at the 2017 Nigerian-American Chamber of Commerce SMEs Conference said Nigeria’s economic diversification is taking root, “we are getting positive results, he said.

Diversification is Key to unleashing Nigeria’s economic potential, according to experts.

Question: You have gone round most of the stands here. What is your impression of what you have seen here today?

Osinbajo: I am always excited to see how extremely innovative and just how energetic our own manufacturing community is and there is just a wide range of products that we have seen here today.

One of the things that strikes you is that there is so much going on that you don’t even know about. This is my second visit, I was here last year for this exhibition and there is tremendous improvement already. I am just seeing someone who has a drying technology out there which could really help with a lot of post-harvest losses and all that. There are people who are doing all manner of creative things, it is fantastic. It just tells you that what we are saying about diversification of the economy especially the agro-processing, agro-allied value chain, it is already taking root so much and we are seeing tremendous progress.

Question: Your Excellency, you signed an executive order recently to facilitate ease of doing business, how will that impact the development of MSMEs?

Osinbajo: One of the most important things is the whole business of pre-investment approvals and also the kinds of approval that you expect to get from NAFDAC, SON and the support you expect to get from BOI and I am glad to see that they are all here. So, I think that they are a lot more proactive and they are working a lot more on the time it takes to get these approvals. So that is really one of the most important things about these executive orders, just generally getting all of the relevant agencies to quicken the pace of granting approvals for all of these products and I think that we are getting positive results.

Question: At one of the business forums, the issue of dysfunctional ports especially Port Harcourt and Calabar, ships not coming in and all that was raised. What is the way forward?

Osinbajo: Just as you have pointed out, we simply, really need to develop more ports, and it has to be private sector-led. A lot of these initiatives have to be private sector driven and we have been talking to several of the business communities in those areas. Many people are talking about eastern ports, I think they are important. We have also seen a lot of indications from the private sector that they are prepared to invest in some of the ports. So, the business of government is simply to enable these things to happen and we are prepared to do so.

Question: You have been talking about the hidden opportunities in Nigeria, perhaps you would want to use this opportunity to talk more about them?

Osinbajo: The opportunities are no longer even hidden. I think what everyone has come to discover is that this country is just so blessed, so much in terms of resources. And I think what we have seen especially with the young entrepreneurs here today is that these things are already being exploited.

In this particular ecosystem, you have the USAID working with a lot of the entrepreneurs who are here and there is a lot export going on- export of Moringa, Shea butter, but the good thing is that they are not exporting raw products, they are actually processing and packaging them, and the packaging is world-class. If you look around you can’t tell that this isn’t from any of the world class supermarkets. I am really proud of what these young entrepreneurs are doing, I like going round to see what they are doing.

 

Leave a comment

Related Articles

UBA at 75: It’s testament to resilience, innovation, remarkable financial strength – GMD

In its 75 years of operation, the United Bank for Africa (UBA)...

Just in: Few hours after President Raisi’s death, earthquake hits Iran

A few hours after the tragic death of Iran’s President Ebrahim Raisi...

Rivers NSCDC busts nine stolen crude oil refiners extracted from vandalized oil wellheads

The Nigeria Security and Civil Defence Corps (NSCDC) says it has apprehended...

Just in: Court rejects Nnamdi Kanu’s bail, house arrest request

A Federal High Court in Abuja on Monday rejected the plea of...

Nigeria’s oil production nears 1.7mbpd – NNPC Ltd

Nigeria’s crude oil production is approaching 1.7 million barrels per day, according...

Renewed Hope City: FG begins construction of 1,250 housing units in four northern states

The Federal Government will begin construction of 1,250 housing units in four...

Presidential intervention: CBN withdraws circular on cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn its directive to banks...

Fresh crisis rocks Ogun APC with Gov. Abiodun and Sen. Daniel in standoff over projects

…says his comment represents a hallucination of a serial failure All is...

Nigeria’s Adekeye emerges chairperson, APPO Nigeria’s directors training institute

Mrs. Folashade Adekeye has emerged as the Chairperson, Forum of the Directors...

South African police continue senseless killing of Nigerians, another Nigerian pepper-sprayed, wasted

The South African Police continued their senseless killing of Nigerians in that...

Nigeria to stop petrol importation in June – Dangote

The Chairman of the Dangote Group, Alhaji Aliko Dangote, has said that...

NCC suspends issuance of virtual operators’ licenses

The Nigerian Communication Commission (NCC) has notified stakeholders in the communications industry...

Tinubu approves N3.3trn to defray power sector debts

Determined to end incessant power outages in the country, President Bola Tinubu...

West Africa must unite to defeat terrorism, human trafficking, says Tinubu

President Bola Tinubu on Thursday received President Bassirou Diomaye Faye of Senegal...

Breaking: Emirates Airlines to resume operations in Nigeria Oct. 1

Emirates Airlines says it plans to resume operations in Nigeria on October...

FG raked in N318.5bn revenue in Q1 of 2024 – Accountant-General

The Federal Government recorded a total revenue inflow of N318.5 billion in...

Senate approves Tinubu’s request of $500m loan for BPE

The Senate has approved President Bola Tinubu’s $500 million loan request to...

Execute only those who steal N1 trillion and above – Sen. Ndume

The Chief Whip of the Senate, Sen. Ali Ndume, has said that...

Amid probe threat: Five commissioners quit Rivers government

Following a threat by Gov. Siminalayi Fubara to probe the administration of...

International Day of Families: “Embracing Diversity, Strengthening Families”

The United Nations (UN) continues to assert that the family constitutes the...