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

Daily Trust - - NEWS - From Zakariyya Adaramola, Jo­han­nes­burg

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.

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