Why investors should stake their money in Nigeria - Osinbajo …says banks need to reform

Vice President Yemi Osinbajo said Nigeria remains one of the best investment destinations in Africa even as ease of doing business continues to improve.

The Vice President disclosed this yesterday at the ongoing Africa Investment Forum holding in Johannesburg, South Africa.

Speaking during the second Presidential Investment Chat panel, Osinbajo said all bottlenecks hindering businesses were being done away with, adding that certain incentives were planned for new businesses in the country to encourage more investors.

“We have established industrial council and this works on policy and our vision on industrialization in the next coming years,” he said.

He said a number of technology companies were spring up across the country and in next few years tremendous improvement would be witnessed in this sector.

He said Fintech firms are especially giving hope to the government and the people of Nigeria that job creation would keep improving.

Osinbajo also allayed the fears of the banks. “This AI is not about taking their lunch but payment systems are happening much faster so we have to change our systems,” he said.

“We’re trying to work with the banking system. Major issue is that the technology is disrupting the financial space so banks need to reform.”

VP Osinbajo spoke on the panel along with Presidents Nana Akufo-Addo (Ghana), Alpha Conte (Guinea), Prime Minister of Cameroon Philemon Yang, and the Chairman of African Rainbow Limited Mr Patrice Motsepe.