Osinbajo: FG to Reform Agencies Responsible for Attracting Investors

Vice-President Yemi Osinbajo (SAN) has said government will take necessary steps to make it easier to register and operate business in Nigeria.

A statement by the Special Assistant to the vice-president on Media and Publicity, Mr. Laolu Akande, said Osinbajo spoke during a meeting with a group of international investors interested in investing in the country.

Some of the visiting investors included 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.

The statement said Osinbajo promised to make doing business faster by removing obstacles that made it difficult to get approval to start a business.

He said the President Muhammadu Buhari administration would work with states to ensure that issues such as pre-investment approvals, and land titles were reformed to attain the ease of doing business aspirations of the administration.

The vice-president said where necessary, government would reform agencies involved in granting approvals and thereby create space for businesses to thrive.

Osinbajo said the drop in oil prices not withstanding, Nigeria had everything it needed to build and sustain a vibrant economy.

He said: “This country has practically what it takes to run a solid economy that is not dependent on oil but on business and commerce.”

Osinbajo said Buhari had already given the mandate to ensure that a conducive environment was created for business investments in the country.

The statement said the vice president alongside the Minister of Industry, Trade and Investment, Dr. Okey Enelamah, also held a meeting yesterday 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.

Regarding the critical role of electric power in creating a conducive business environment, the vice president stated that while the federal government would be making further investments in the sector, the entire power value chain would have to be well compensated in order to produce the needed results.

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

He said the 500,000 teaching positions for unemployed graduates worked into the 2016 budget were a means of engaging the youths in paid voluntary occupations in their communities until a time they could find a job in their different disciplines.

He noted that the programme would also address a critical need for teachers in the public school system.

Osinbajo said the federal government would also create opportunity for about 370,000 youths who were not graduates to receive vocational training and acquire skills, while one million artisans and market women would receive soft loans through the Bank of Industry (BoI) as already proposed in the proposed 2016 budget.

Former Minister of National Planning, Alhaji Shamsudeen Usman led the delegation of the international investors, while Dr. Rachid Benmessoud, the Nigeria Country Director of the World Bank led the bank’s Ease of Doing Business Ranking Team visit to the Vice President. Both meetings were attended by the Industry, Trade and Investment Minister.