Vice President Yemi Osinbajo has said the government of President Muhammadu Buhari, in the past months, had been working assiduously to improve macroeconomic conditions.
Prof Osinbajo stated this at the Financial Times Africa Summit in London noting that the Buhari Presidency is making specific efforts to enable the private sector to thrive.
He said after a continuous slide in growth since 2014, the trend of growth in GDP has turned around with a modest growth of 0.55 per cent in the second quarter of this year. “Inflation, though still somewhat high, has declined from its peak of 18.7 per cent in January 2017 to about 16 per cent today,” he stated.
Highlighting some of the efforts of the administration in agriculture and power, the Vice President drew attention to the significant progress achieved in the ease of doing business initiative.
“Practical examples of success include leveraging the use of technology to fast track business registration and payment of taxes, a functioning, tried and tested 48-hour electronic visa procedure, and an Executive Order mandating greater transparency and efficiency across all government agencies.
According to Osinbajo, Nigeria is an investor’s delight because of the opportunities which the Nigerian economy offers, specifically emphasizing that “the opportunities are enormous indeed.”
He added that the Buhari administration was “nevertheless determined and optimistic that Nigeria will along with the rest of the continent bring about an Africa that works for all its people and contributes to global growth and prosperity.”
The Vice President observed that the theme ‘What Africa Works’, was appropriate and remarked that with Africa’s experience in the past few years, was clear that “what makes Africa work, is what makes economies work anywhere.’’
He named the indices as “honest visionary leadership and good governance, letting the private sector and markets lead, diversification from resource based revenues, developing the potential of the human resources available.”
The Vice President noted that Africa “can demonstrate with clear examples that what makes Africa work are the ingenuity and resilience of the people, especially its 70 per cent youth population, leadership and good governance.’’
He said there was also the initiatives of allowing the private sector and markets to function, focusing on infrastructural development, and the incredible opportunities that abound.”
The summit was also attended by a number of Nigerian dignitaries including Gov. Godwin Obaseki of Edo, the Emir of Kano, Sanusi Lamido Sanusi, the Minister of Information and Culture, Alhaji Lai Mohammed, and Alhaji Aliko Dangote, among others.