Why Nigeria’s economy is working under Buhari

Vice President of Nigeria, Professor Yemi Osinbajo, on Monday at ‘Financial Times Africa Summit’, holding in London, told his audience the reasons Nigeria’s economy has been working under President Muhammadu Buhari.

He said that President Buhari’s administration was making specific efforts to enable the private sector to thrive. This he said the government has done particularly by undertaking extensive ‘ease of doing business’ reforms, in addition to on-going investment in infrastructure.

At the Claridge’s Mayfair Hotel in London, where the event is holding, Osinbajo noted that the government of President Buhari in the past months has been working assiduously to improve macroeconomic conditions.

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 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.”

Speaking to a global audience made up of international business leaders, investors, public sector officials, media gurus and intellectuals, the Osinbajo said that “the outlook going forward 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 of the efforts of the Buhari Presidency in agriculture and power, the Vice President drew attention to the significant progress achieved in the ease of doing business initiative of the Federal Government stating that “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.”

He went further to say “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.”

He added, “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.”

Osinbajo equally noted at the event that Nigeria is an investor’s delight because of the opportunities which the Nigerian economy offers, “the opportunities are enormous indeed,” he said.

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Osinbajo also assured that Buhari-led government of Nigeria is determined and optimistic that the country “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.”

Also in attendance for the summit from Nigeria were Governor Godwin Obaseki of Edo State, the Emir of Kano, Sanusi Lamido Sanusi, the Minister of Information and Culture Alhaji Lai Mohammed, Alhaji Aliko Dangote, and Mr. Yemi Cardoso among others.

The address of the vice president’s at the event was made known to newsmen by his Senior Special Assistant on Media and Publicity, Laolu Akande.

 

 

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