Foreign

Creating enabling environment key to boosting local investment – Osinbajo

Published

on

Vice President Yemi Osinbajo says creating an enabling environment is key to boosting local investment in the country.

Osinbajo said this on Friday in Abuja at the Nigerians in Diaspora virtual Investment Summit (NDIS), organised by Nigerians in Diaspora Commission (NiDCOM) in collaboration with Nigeria Diaspora Summit Initiative.

The News Agency of Nigeria reports that the summit, holding between Nov. 20 and Nov. 21, is the third edition. It has the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment”.

The summit is targeting investors in the health, education, Agric-business, creative industry and sports sectors.

Other areas include entertainment, Telecom, in-tech and manufacturing sectors.

The vice president said that the Federal Government was keen on improving the country’s economy after the outbreak of the Coronavirus (COVID-19) pandemic.

”This is the third summit and this is my third appearance. The reason each time I accept invitation is the same – our Diaspora is one of the vital resources that we have.

“literally, Diaspora is an endless reservoir of talents, trade and investment opportunities in tourism, education, culture and sports.

“ But, even more important is the shared range of well trained and experienced talent that the Diaspora represents. It is that potential that makes our Diaspora network an endless source of economic hope and social aspirations.

“When we met last year little did we know that the world will be afflicted by possibly the worst health crisis and the most devastating economic down turn in a generation.

“For us in Nigeria as with many developing countries, it means as of this quarter a minus six per cent slow down in GDP. It is a sad development especially after 12 conservative quarters of growth.

“So, in response, we designed a plan and the focus is on creating jobs, first via agriculture propgrammes where we have already enumerated five million farmers,’’ Osibanjo said.

He said that government had also begun a mass housing programme where 300,000 homes would be built across states in the country using local materials to create job opportunities.

“For this housing project, we have block makers and producers of panel and windows all from local companies. The whole idea is to generate job opportunities and income in every locality.

“We also have a solar programme to makes five million connections across the country to service 25 million indigenous people,’’ he said.

The vice president further said that the project involved a credit extended to solar home system assemblance and retailers by the Central Bank of Nigeria (CBN).

“ All our pragrammes are supported by credit facilities which CBN is offering. We have N1.3 trillion in all, so the whole idea is that the CBN is offering these credit facilities through the commercial banks to support our housing programme, solar home system and the agriculture programmes.

“What we try to do in response to COVID-19 and also improvising our own economy policy is to attempt to make the physical environment as attractive as possible.

“This is important to us because the only way to attract local investment is to ensure that we have  physical environment that is attractive and make sense for people to invest in,’’ Osibanjo said.

Edited By: Chinyere Bassey and Ephraims Sheyin
(NAN)

Maureen Okon

Maureen Okon: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

Latest News

Coronavirus – Kenya: COVID-19 updates (2 December 2020) SouthBridge Group announces Two Major Transactions in the Republic of Togo Fabio Aru signs for Team Qhubeka ASSOS Signing of the Advisory Services Agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Xalq Bank, Uzbekistan African Energy Chamber Starts a Working Visit to Mozambique to Push for Natural Gas Adoption and Jobs Creation UN Global Compact partners with African Media Agency (AMA) on Virtual SDG Summit Over 3.3 million children vaccinated in Chad in large-scale polio campaign How the world’s highest HIV-prevalence country turned around, and in record time World’s governments must wind down fossil fuel production by 6% per year to limit catastrophic warming Gruesome Boko Haram Killings in Northeast Nigeria Foreign fighters a ‘serious crisis’ in Libya, UN mission chief tells high stakes political forum Ethiopian Government and UN strike deal for ‘unimpeded’ humanitarian access in Tigray Mali: COVID-19 and conflict lead to rise in child trafficking AERC to host Bi-annual Plenary on the COVID-19 Pandemic and Public Finance in Africa African Union to Launch the African Single Electricity Market (AfSEM) Communiqué on H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission's two day working visit to the Republic of South Africa Coronavirus – Malawi: COVID-19 Daily Information Update (1st December 2020) Rugby: The General Assembly of the Rwanda Rugby Federation (RRF) Elected New Conflict and Resolution Committee Lionesses Graduate from Isuzu East Africa (EA) Life Skills Program Ecobank Group wins Awards from EMEA Finance, The Banker and Global Finance COVID-19 drives wages down, new International Labour Organization (ILO) report finds Coronavirus – South Africa: MEC Anroux Marais on suspension of summer initiation season due to Coronavirus COVID-19 pandemic Coronavirus – South Africa: COVID-19 statistics in South Africa (01 December 2020) Brown, Tanfield and Vinjebo sign-on for Team Qhubeka ASSOS Coronavirus – Nigeria: COVID-19 case update (1 December 2020) Coronavirus – Zambia: Daily status update (1st December 2020) Uniting Business for A Stronger Africa Coronavirus – South Africa: COVID-19 update for South Africa (1 December 2020) Coronavirus – Kenya: Distribution of Cases by Counties (1 December 2020) Coronavirus – Kenya: COVID-19 updates (1 December 2020) Coronavirus – Ethiopia: COVID-19 reported cases in Ethiopia (1 December 2020) Coronavirus – Zimbabwe: COVID-19 Update (1 December 2020) Nestlé partners with Nomanini and Standard Bank to empower informal retail traders across the Eastern and Southern Africa Region LaLiga signs Mondia group as strategic technology and commercial partner for Europe, Middle East, Africa and Asia Pacific African Energy Chamber projects Africa’s Power Demand to Keep Rising Between 4-5% per year African Development Bank Board approves People Strategy for 2021-2025 Rugby Africa provides Massive Kick Start to Unions for 2021 Season Financial services brands foster a community spirit to drive innovation (By Nikolai Stankau) CrossBoundary Energy Access open sources their Project Financing Approach for Mini-grids to accelerate Energy Access for all in Africa by 2030 Vertiv Ranked as Global Leader in Rapidly Evolving Data Center Cooling Market Uniting Business for A Stronger Africa Violence against Women and Girls; financial and economic inclusion of women among key outcomes of AU Ministerial meeting African Union Commission set to launch a Multi-Donor Action against Illicit Financial Flows in Africa South Sudan: For the people of Juba, an African Development Bank Group (AfDB) supported water project brings better health – and peace “It Brings Us Hope”: African Development Bank Leads Drive to Deliver Electricity to All Coronavirus – Rwanda: COVID-19 update (30 November 2020) Coronavirus – Malawi: COVID-19 Daily Information Update (30th November 2020) Coronavirus – South Africa: COVID-19 statistics in South Africa (30 November 2020) Webb Fontaine announces Important Investments to Open an Artificial Intelligence R&D Centre in Africa Coronavirus – South Africa: Premier Alan Winde update on Coronavirus COVID-19 on 30 November