BEVERLY HILLS, October 10, (THEWILL) – The Vice President, Prof. Yemi Osinbajo on Monday disclosed that efforts by the Muhammadu Buhari administration to institutionalise ease of doing business and boost investment in infrastructure have made Nigeria an attractive destination for investment.
Addressing a global audience comprising international business leaders, investors, public sector officials, media gurus and intellectuals, he stated that Buhari has in the past months been working assiduously to improve the country’s macroeconomic conditions.
Osinbajo, who was speaking at the Financial Times Africa Summit holding at the Claridge’s Mayfair Hotel in London, pointed out that, “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 while 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 added that future outlook is quite positive based on improvements in oil prices and production and the trend of leading indicators such as positive purchasing managers indices, a revived stock exchange and increasing foreign exchange reserves.
Highlighting some efforts which the Buhari administration have put into agriculture and power, the Vice President drew attention to the significant progress achieved in the ease of doing business initiative of the Federal Government.
His words, “in the first stage, reforms were introduced under a 60-day national action plan focused on eight areas that make it easier to register businesses, obtain construction permits, get credit, pay taxes, get electricity, trade across borders, facilitate entry and exit of people and register property.
“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. The reforms have led to reduction in cost and time, as well as greater transparency for small and medium sized enterprises in particular.
“Following the 70 per cent success rate achieved in the first phase of the ease of doing business reforms, we recently embarked on a second national action plan which will have 11 areas of focus and will run for 60 days from October 2017,” he added. The Vice President also noted that Nigeria is an investor’s delight because of the opportunities which the Nigerian economy offers, specifically emphasizing that “the opportunities are enormous indeed.”
Osinbajo maintained that the Buhari government is “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.”
He said the theme ‘What Africa Works’, was appropriate and remarked that with Africa’s experience in the past few years, it is clear that “what makes Africa work, is what makes economies work any where; 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.”
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