- Vice President Professor Yemi Osinbajo is confident that investments in Nigeria will succeed
- Osinbajo says this is possible because the Buhari administration is committed to doing things right
- According to him, the government has grown taxpayer base from 14 million in 2016 to 19 million today
Vice President Yemi Osinbajo is confident that investments in Nigeria will succeed because according to him, the Buhari administration is committed to doing things right.
Osinbajo made the comment at the Direct Investors’ Summit 2018 held on Tuesday, May 22, in Abuja.
He said Nigeria has emerged from its recent economic recession determined more than ever to make up for lost time and missed opportunities.
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He said: “We have grown our taxpayer base by 5 million new taxpayers; from 14 million in 2016 to 19 million today, as part of efforts to diversify Nigeria’s revenue base and to bring more people and businesses into the formal sector.
“Our Sovereign Wealth Fund, as I said, has gone way up, especially with the fresh investments, a new investment of about $640 million, and this is devoted to infrastructure. We have put together an infrastructure fund, which we hope will, in the next few weeks, be launched. And we expect that this infrastructure fund will be the beginning of some of the work that we intend to do on road infrastructure in particular. This, of course, will offer fresh opportunities for those who would want to either partner with us in the PPPs that we intend to do in roads and other infrastructure, or those we simply want to contract.
“I think that the question that we should ask is: what does all of this mean for us as investors and potential investors who might be in the room? It means you can rest assured that there is a government in place that is committed to doing right by Nigeria, and to ensuring that everyone with a stake in Nigeria, especially those who would be investing and citizens alike – that all of us can succeed, that it is possible to do things properly, it is possible for us to create the right environment and for our investors to feel confident that government would always have their backs when they are investing here, and that things will be done properly.”
The vice president noted that due to the Buhari's government's policies, there have been so many successful partnerships between the public and private sectors, giving the example of Nigeria LNG, a Nigerian run company that liquifies Nigeria’s natural gas for export all over the world and helped Nigeria earn her place as the 4th largest LNG exporter in the world.
He also gave the example of MTN, telecommunications operator that operates in more than 20 countries, but earns more than half its revenues from Nigeria.
“One of our biggest priorities and commitments as a government has been the creation of an enabling business environment, one in which property rights and the rule of law are respected, and in which markets take the lead, while government efficiently fulfils its role as a protector and enabler.
"Since 2016, we have launched a number of efforts in this regard. The most ambitious is the Ease of Doing Business Reforms, being implemented by the Presidential Enabling Business Environment Council (PEBEC), which I have the honour of chairing.
“PEBEC has implemented a series of National Action Plans, targeted interventions aimed at dismantling specific bottlenecks around business and property registration, access to finance, payment of taxes, importing and exporting goods, entry into and exit from Nigeria, and so on,” Osinbajo said.
Meanwhile, Professor Osinbajo has said for Nigeria to succeed and move forward, Nigerians must learn to imbibe the principles of creativity, innovation and hard work.
He stated this when he attended the Sunday, May 20 service at the Commonwealth of Zion Assembly (COZA), Abuja, with renowned US preacher, Bishop T.D. Jakes as guest minister.
He further noted that character and integrity are also pillars for nation building.
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