FG making serious efforts to revive Nigeria’s economy – Osinbajo

Vice-President Yemi Osinbajo has assured the business community of the federal government’s unrelenting efforts to restore the country to a path of economic growth.

He said on Friday in Lagos that the target was to make the growth rate higher than population growth rate.

Osinbajo gave the assurance at the 2021 Presidential Policy Dialogue organised by the Lagos Chamber of Commerce and Industry (LCCI), saying the efforts would drive inclusive economic prosperity.

The vice-president said part of the government’s plan was the creation of the National Medium Term Development Plan, the Economic Sustainability Plan and similar others to mitigate the impact of the Covid-19 pandemic.

He added that plans were underway to help the nation’s economy to adapt to climate change and match the disruptions of the digital economy and the fourth industrial revolution.

Osinbajo noted, however, that the appropriate regulatory environment was critical and urged for private and public sector partnerships to formulate and implement policies to drive economic growth.

“Nigeria needs to adopt value addition practices in order to create wealth that will accelerate economic recovery post-Covi-19.

“The medium-term development plan when implemented in full; the strategic orientation of becoming a value added economy will help to create a number of good paying jobs.

“Our aim is to focus on the development of the local industry beyond crude oil with focus on technology so that we can create wealth value chains.

“The success of the plan is greatly dependent on the partnership between the public and private sectors, especially as huge investment inflow is required.

“It is important for the Nigerian youth to get necessary skills and key into the Nigeria Jubilee Fellowship Programme which seeks to engage 20,000 youths yearly over a five-year period.”

Also, the Lagos state Commissioner for Budget and Economic Planning, Mr. Sam Egube, lauded LCCI for its consistency in promoting harmonious relationship between government and the private sector.

“Covid-19 transformed business models and processes and we are faced with the necessity to come up with ingenious strategies to ensure the wheels of commerce keeps moving.

“Africa remains at the lower rungs of the ladder in spite of its abundant natural resources and potentials for growth and development, but the AfCFTA would position the continent as a global competitor.

“We understand the importance of formulating policies to drive the business community and we are always ready to engage with it at all times,” he said.

In her remarks, the president, LCCI, Mrs. Toki Mabogunje, said the short-term outlook of key economic indicators looked fragile but bright.

“Our natural resources endowments are vast; the sustained rising price of crude oil, the domestic market is large, and our people are resourceful and enterprising.

“What is much needed are the enablers as times like these offer tremendous opportunities for innovation, creativity, export growth, and import substitution.

“These are the silver linings even as we expect to see the economy navigate an upward curve in its recovery journey,” she said.


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