Nigeria: Osinbajo Optimistic About Nigeria's Economic Future

13 May 2021

Vice President Yemi Osinbajo has expressed optimism about Nigeria's extremely bright economic future, which he said cannot be aborted despite current challenges.

The vice president in a statement issued yesterday by his spokesman, Mr. Laolu Akande, who spoke while inspecting SecureID facility in Lagos, said despite challenges the country's economic future was bright and issues would be resolved.

He said the Buhari's administration in following the recommendation of the Presidential Economic Advisory Council, was determined that manufacturing would be the main focus in bringing about dynamic growth, jobs and exports.

According to him, "This will mean retooling our business environment for greater competitiveness, especially with the take-off of the African Continental Free Trade Area agreement. We are rethinking our tax regimes, sorting out external and internal trade issues, getting our regulatory authorities; SON, NAFDAC, and even Customs, to see their roles more as business facilitators rather than policemen or revenue generators. Our environment must be friendly for local businesses first, foreign investments will follow enthusiastically.

"Aside from the work we are doing with other infrastructure such as rail, roads and power we are committed to a plan of democratising broad-band connectivity. Our programme, which we have reiterated in our Economic Sustainability Plan, is broadband connectivity for all by 2023. The Federal Ministry of Communications and Digital Economy launched the National Broadband Plan which is designed to deliver data download speeds across Nigeria of a minimum 25mbps in urban areas and 10mbps in rural areas, with effective coverage available to at least 90 percent of the population at affordable prices by the target date. Broadband connectivity is as important as electricity in the digital age unlike electricity we do not have to make several mistakes before getting it right."

While commending the efforts of the founder and Managing Director of SecureID, Mrs. Kofo Akinkugbe, Osinbajo described SecureID facility as a place of history, innovation and creativity.

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