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Nigeria making progress in technology – Osinbajo

Osinbajo urges Africa to deepen cooperation with the world to attain development

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Vice President Yemi Osinbajo has said Africa’s developmental aspirations can be actualized by deepening cooperation and collaboration with the rest of the world.

But the imperative of Africa’s economic sovereignty also exists as there are areas where public and private sector leaders must continue to strive for it.

Osinbajo stated today when he spoke at the opening panel of the ongoing Africa CEO Forum holding in the Ivorian city of Abidjan. The panel was themed- “Economic Sovereignty: From Ambition to Action.”

The Vice President who had arrived Ivory Coast last night was welcomed at the Felix Houphouët-Boigny International Airport by the Prime Minister of Cote d’Ivoire, Mr Patrick Achi.

Other speakers at the opening panel were, President Nana Akufo-Addo of Ghana; the Managing Director of the International Finance Corporation, Mr Makhtar Diop; the Governor of the Kenyan Central Bank, Dr Patrick Njoroge; the CEO of Telcar Cocoa, Kate Kanyi Tometi-Fotso and CEO of Instadeep, Karim Beguir.

Emphasizing the need for collaboration between Africa and the rest of the world, Osinbajo said: “I think that we have to be a bit more careful with the concept of economic sovereignty because we really need to collaborate more and with the way that development is going, we need to watch some of these things.

“For instance, if we look at the way that technology is going which is key for us in Nigeria, particularly issues of taxation of tech companies and all of that, it is evident that this is difficult and it is a major expression of sovereign power – the power to tax.”

Continuing, the Vice President said “the way that the world and technology is structured today, there is no way that you can use the same basis – personal and territorial basis for taxation. These are multinational enterprises that spread across countries and continents.”

Osinbajo noted that “we have got to cooperate with the world and the international tax system to ensure that we are able to derive maximum benefit. We have got to take a seat at the table and ensure that all of the various initiatives on international taxation favour us in Africa.”

According to him, “while we are looking inwards, we have to be very careful to look outwards as well because a lot of money is obviously used by tech companies across the world and a lot of our countries are value creators for these companies.

“There is a great need for us to look inwards and at the same time keep our eyes on the ball because we need to recognize that the world has gone beyond brick and mortar. The world is now more about intellectual capital. We have to think of how we can work with the world to achieve maximum benefit for our intellectual capacity.”

In another chat with organisers of the forum, the CEO of BUA Group, Alhaji Abdulsamad Rabiu spoke about the concept of economic sovereignty, urging Africa to look inwards as a way of fast-tracking development on the continent.

He cited leveraging opportunities provided by the Africa Continental Free Trade Agreement (AfCTA) and improving infrastructure as some of the key areas that leaders in the continent must focus on.

Earlier at the opening ceremony of the forum, President Alassane Ouattarra of Cote d’Ivoire commended the initiative of the organisers to bring together public and private sector leaders across the continent and beyond to discuss and develop new paths aimed at boosting the transformation of economies across Africa.

He noted that though the COVID-19 pandemic may have negatively impacted growth projections in the continent, the vision of the forum and similar efforts are geared towards “building new partnerships between the public and private sector, especially providing opportunities for young Africans with particular focus on green economy.”

On his part, the President and Founder of the Africa CEO Forum, Amir Ben Yahmed, commended leaders across the continent for their efforts despite the disruptions in the global economy occasioned by the COVID-19 pandemic and the Russia-Ukraine conflict. 

He noted that economic sovereignty, green economy and industrial transformation, among others are new paths to Africa’s prosperity, adding the projected impact of the AfCFTA on economies across the continent was premised on a viable and productive economy.

The Vice President is also billed to hold bilateral meetings with the Managing Director of the International Finance Corporation (IFC), Mr Makhtar Diop, and the United Nations SG’s Special Advocate on Inclusive Finance for Development, her Majesty, Queen Maxima of Netherlands.

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Osinbajo woos investors to Nigeria’s gas industry 

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The Vice President Yemi Osinbajo, on Tuesday in Abuja, wooed investors to invest in Nigeria’s gas industry.

Osinbajo spoke at the opening ceremony of a two-day Domestic Gas Summit 2022 holding at the Abuja Chamber of Commerce and Industry (ACCI).

The summit with the theme, “Building a Sustainable Gas Economy”, was initiated by the Energy Trade Group of ACCI.

Represented by Amb. Adeyemi Adebolu, Special Adviser on Economic Matters, Office of the Vice President, Osinbajo urged investors to cease opportunities that exist in Nigeria gas sector.

According to the Vice President, the development of oil and gas resources is critical to Nigeria’s economic growth and revenue expansion as priority places on the transit from fossil fuel to gas.

“Government has adopted policies and passed legislation to increase the production and use of natural gas as a means of powering economic development.

“Most recently, the petroleum industry has provided clear terms and conditions for investment in the various aspects of gas development.

“The private sector and members of the chamber can now take advantage of the new laws and opportunities by rolling out investment in vast Infrastructure at this very time.

“It will not only ensure energy stability but also provide the need of various sectors of the income including transportation and agriculture as well as manufacturing,’’ Osinbajo said.

He said that the opportunities in gas industry were limitless.

“Indeed the opportunities abound around things like cylinder, oil injections, auto gas, conversion of petrol and diesel, gas engines for transportation and logistics, gas for power and property liaison for steel and other productive uses.

“Invest in the sector through the various opportunities that exists.

“Government will continue to work hard to improve business environment, attack constraints and resolve concerns,” he added.

The Minister of Industry, Trade and Investment Otunba Adeniyi Adebayo, pledged that Federal Government would continue to encourage the utilisation of gas through the national gas expansion programme and the natural liquefied gas implementation plan.

While highlighting high gas pricing, foreign exchange fluctuation and inadequate gas transportation infrastructure as major challenges affecting the gas sector, Adebayo said they would be addressed by the new Petroleum Industry Bill 2021.

He added that the Federal Government would continue to provide the needed infrastructure to ensure that gas contributed more to the development of the economy by creating jobs, drive foreign investments and improve Nigeria’s energy mix.

On his part, the President of ACCI, Dr Al-Mujtaba Abubakar, described gas as an important area of focus that must be given attention by stakeholders across the various government and business spectrum.

Represented by Prof. Adesoji Adesugba, 2nd Deputy President of ACCI, Al-Mujtaba said that gas had been identified as the energy of choice across board because it is cleaner, greener and safer.

According to him, within the context to save the planet movement, countries in Africa are working to device appropriate responses to explore gas as the alternative to energy.

“The debate is on as to what energy transition should mean for the peculiarities of each country.

“For Nigeria, the fossil fuel question stirs us in the face.

“Even though Nigeria is not a major contributor to global emission, the country, as a responsible member of the international community has its commitment to keep.

“The need to diversify and consider gas above all becomes necessary due to its benefits economically, domestically and otherwise.

“The carbon reduction pledge made under the Paris agreement must be complied with.

“Unlike other countries without sustainable alternatives, Nigeria has an option and that is gas, a cleaner, green energy source,’’ Al-Mujtaba said.

Small and medium enterprises

Osinbajo commissions projects, attends MSME clinic in Borno

Vice President Yemi Osinbajo has commissioned projects executed by the State Government and headlined the 30th edition of the National Micro, Small and Medium Enterprises (MSMEs) Clinic held in the State.

At the MSMEs Clinic, the Vice President emphasised that in furtherance of its efforts towards providing infrastructure and improving the business environment, the Federal Government will continue to work with private sector partners to support the MSMEs sector.

The VP also commissioned a number of projects, including the Legacy Doctors’ Quarters and the Resilience Commercial Centre, a business hub facility.

Afterwards, he went to the Children Learning Centre, a school set up by the North-East Children’s Trust, a charity he had championed during his 60th birthday to support orphans who are victims of the insurgency in the North-East.

There, Prof. Osinbajo and the Governor interacted with the children who were obviously excited on seeing and meeting the VP, and were singing and chanting joyously all through the short visit to the school. In particular, the pupils were chanting, “welcome ‘Daddy Osinbajo!’”

From the centre, the Vice President went to the palace of the Shehu of Borno, Abubakar Ibn Umar Garbai, El-Kanemi of Borno, to pay courtesy call on the paramount ruler, where he spoke about his visit to the State, thanked the Shehu for his fatherly support and also commended the visionary leadership of Governor Zulum.

He said: “I am always excited to come to Borno State; this State has proved so many things; it has proved what Nigeria can be; how resilient we are; how courageous we are; how committed we are to the Nigerian project.

“From the days of former Governor, Kashim Shettima, now Senator, I have seen a steady hand of progress here in Borno State; a commitment to development, a commitment to growth. And then over to Gov. Zulum, who has proved that it is possible to do incredible things with very little.”

In his remarks, the Shehu of Borno, Abubakar Ibn Umar Garbai, praised the Buhari Administration for the restoration of peace in the State and the North-East in general, noting that the entire people of Borno were appreciative of government’s efforts and Prof. Osinbajo’s dedication to the cause of peace in the region.

While commending the Federal Government for ensuring the restoration of peace in Borno, Gov. Zulum thanked the VP for his personal commitment, stating that “we want to thank you for the enormous contributions that you have been making towards to the reinstatement of the displaced communities in Borno State.”

The other projects commissioned by the Vice President before attending the 30th MSMEs Clinic include an ultra-modern senior secondary school, named after the late Alhaji Mai Deribe, and a 4.3km road project.

Again, at the school commissioning some of the orphans who attended the Children Learning Centre and now mainstreamed into Senior Secondary School (SSS) in the State were on hand to show appreciation to the Vice President with a big greeting card signed by 171 of them.

They narrated how it is that they are all being referred to as “Osinbajo’s children.”

On arrival at the venue of the MSMEs Clinic, the Vice President inspected the exhibitions by participants. One of the products was an electric car, which the VP drove briefly, with the Governor sitting in.

In his remarks, Prof. Osinbajo announced the establishment of a shared facility for use by small businesses in the State to be completed within four months.

According to the Vice President, “the FG government working with our private sector partners will put up a world-class Shared Facility for MSMEs here in Maiduguri.

“Furthermore, Mr. President has directed that such facility, which must reflect the choices of the people of the State, must be commissioned within 4 months. With these marching orders, the relevant Federal and State Government agencies and the relevant private sector partners must get to work and quickly identify a viable cluster for the benefit of MSMEs in the state.”

Shared Facilities, the Vice President said, “are provided to MSMEs clusters by the Federal Government and involves installation of specialised machinery that can be used or rented for short periods by business owners. Such facilities spare MSMEs from the financial burden of having to purchase their own equipment while giving them access to the latest equipment.”

Prof. Osinbajo added that “in addition to its other interventions, especially in providing infrastructure and improving the business environment, the Buhari Administration is committed to supporting MSMEs because we know that the can-do spirit of Nigerians, when given necessary impetus, is a driving force for innovation and creativity, which are known catalysts for rapid economic progress.”

Speaking on the MSME Clinics and gains recorded over the years, Prof. Osinbajo explained that “they serve as a bridge between the Federal Government, State Government and small businesses in each State.

It does this by bringing all relevant regulatory agencies – whose work impact on the business experience of MSMEs – together in one place to consult and solve problems over a one- to two-day period.  The idea is similar to providing an opportunity for patients to consult doctors in a mobile clinic.”

Encouraging States to leverage opportunities created by the Clinics, the VP noted that “all the needs and queries of MSMEs cannot be met in a one-day period, which is why we also encourage State Governments to establish MSME One-Stop-Shops.

Reiterating the commitment of the Federal Government to the growth of small businesses in Borno and the country at large, the Vice President said people of the State had benefitted from other interventions by government.

“It is pleasing to note that MSMEs in Borno State benefitted fully from all tracks of the Survival Fund Scheme. The data shows that close to 30,000 MSMEs benefited across all its tracks with the total amount of N1.5 billion helping both business owners and employees alike.”

He commended Governor Zulum of Borno for the giant strides recorded in the state, noting that “the entire country has observed, with admiration, the dedication, commitment, compassion and integrity that you have approached your duties as a Governor of this State, at a time of such immense security and economic challenges.

“In the midst of the crisis, you have built 8,000 housing units, the first flyover in Borno State, several mega schools. You have demonstrated what is possible with clarity of vision (even with limited resources), and a love for the people you serve. Well done and keep it up.”

On his part, Governor Zulum thanked the Vice President for sparing time to visit the state and commission projects, aside from attending the 30th MSMEs Clinics.

He pledged the commitment of the State government to work in partnership with the Federal Government and other partners to improve the lives of the people.

The VP also stopped by the camp of surrendered insurgents and their families before departing the State on Thursday.

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Osinbajo drums support for non-oil exports

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Nigeria’s Vice President Yemi Osinbajo has said that focusing on non-oil exports, with the Zero-Oil Plan actively promoted by the Nigerian Export Promotion Council (NEPC), is on the right path to economic diversification.

Osinbajo, stated on Thursday during a courtesy visit to the Presidential Villa by a delegation from the NEPC led by its outgoing Executive Director/CEO, Mr Segun Awolowo.

According to the Vice President, “we are set on the right path and I like the fact that we are focused on non-oil exports, and we are facing the challenges and we are facing them head-on.

“In the next few years, those of us who are policymakers and looking at the future, must, today, have a plan. In fact, we have set ourselves on an inevitable course of a zero-oil plan.”

The VP then commended the outgoing NEPC CEO for his foresight, stating that “I really want to commend you for your foresight for putting in place a plan that is very well-structured and detailed.”

“It is very important to note that we are certainly getting away from the oil and gas era. In the past, we used to think that it will still take a while but today, with the circumstances and all of the various factors around the world (less dependence on oil, Climate Change, and COP), it is inevitable.”

 “Public investments from the EU, from the multilateral organizations for oil and gas, are fizzling out,” he said.

Speaking on the efforts put in place by the NEPC to ensure that the objectives of government were realized, the VP noted that “the Export Expansion Facility Programme (EEFP) is a natural progression for the Zero-Oil Plan.”

“If you say you have a zero-oil plan, then you must have a way of improving exports in particular because oil is our major foreign exchange earnings. So, if you are going to replace it, then you must have a robust plan, and I think that the EEFP is an incredibly wide door for exports in our country,” the VP added.

Osinbajo however tasked stakeholders in the sector to brace up for the challenges ahead, stating that “the years to come will test our resolve even more because we are going to be challenging ourselves the more.”

Earlier in his remarks, Mr Awolowo gave an overview of the EEFP which he said has been crucial to the economic diversification agenda of government, disclosing significant increase in non-oil revenues at over one trillion naira which is now 15% above target. 

Mr Awolowo praised the support the Council enjoyed from the President and the Vice President in the discharge of its mandates and noted that it enabled the “NEPC to significantly re-energize the country’s non-oil exports.”

According to him, “for instance, the Export Development Fund of the NEPC has been activated for the first time under the Buhari administration through the Economic Sustainability Plan.”

He said that through the activities promoted by the Council, Nigeria is on track in growing its non-oil sector, and urged all stakeholders not to relent in their efforts.

Mr Awolowo who is completing his tenure as NEPC’s ED/CEO was accompanied on the visit by the management and some staff of the Council.

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Osinbajo urges states to focus investment in areas of economic strength

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The Vice President, Prof. Yemi Osinbajo, has advised the state governors to focus their investments in areas where they have comparative advantages to boost the internally generated revenues.

Osinbajo gave the advice on Thursday at an Ekiti Economic and Investment Summit tagged: “Fountain Summit 2021” in Ado-Ekiti.

The summit was organised by Gov. Kayode Fayemi-led administration to proffer solutions to some of the socioeconomic challenges confronting the state.

Osinbajo said that such investments would ensure the desired sustainable economic growth and make the states less dependent on the Federal Government’s allocation for survival.

The vice president, who was one of the panelists at the summit, said it was high time for chief executives of the states to start thinking about how to grow the economy like a nation.

According to him, they can achieve this by investing in most appropriate ways in areas of their economic strength.

“The attractiveness of investments to any state should be radical, because that is the revenue hub and determinant of how happy the people of any state will be in terms of economic development in relation to their standard of living.

“But, while trying to grow investments, we must be cautious about multiple taxation, it weighs down businesses. Ekiti is a business-friendly environment.

“Ekiti has also excelled in the aspect of ease of doing business. You have vast arable lands for agriculture.

“Also, of recent the Government of Ekiti divested 76 per cent of shares in the Ikun Dairy Farm for Promasidor for the production of 80,000 litres of milk daily.

“Let me say that Ekiti has a bigger economy than many Africa nations.

“The question we should ask ourselves is that if I were the landlord of this nation, how do we survive?

“During my time as a Commissioner in Lagos State, we started with N600 million monthly Internally Generated Revenue in 1999.

“The seizure of Lagos State funds by former President Olusegun Obasanjo made us to think like a sovereign state. Today, Lagos is making over N45 billion monthly.

“The surest way forward is to deepen investments in the areas where Ekiti has comparative advantage.

“We should also make good investment in technology to grow the knowledge-economy, which is education,” he said.

The vice president commended the foresight of Fayemi, especially in the area of technology advancement, for having the foresight and to know that technology is the best way to go.

“I am, even, happy that the low in charges of the broadband airwave has already started attracting investments to Ekiti.

“What is in vogue now is that, well trained people in technology are the game changers,” he said.

Osinbajo, however, urged the people of Ekiti to leverage on their values in education, which he said they had acquired for the development of the state’s investments.

“I believe Ekiti have not lost this value. It has to be Fountain of the Knowledge Economy, not just the Fountain of Knowledge,” he said.

Earlier, Fayemi insisted that the multi-level policing system remains the best way out of the present conundrum.

“This request does not mean abrogation of the central Police. If you have problem of security in Kaduna, Gov. Nasir el-Rufai can easily take charge.

“My recent experience and many of our governors were not even palatable where we wanted to procure drones and Mr President was with us on the issue, but the NSA (National Security Adviser) refused us; the End User Certificate, but we got it one year after.

“As of now, security is on the exclusive list. Even, if the Federal Government is ready to allow us procure some arms, we have to sign MOu with the Nigerian Air Force.

‘We have to work together collaboratively, because investors consider security as number one in any state,” he said.

Fayemi said that his government had signed a Bill into Law establishing Ekiti Economic Council to plan and implement this summit and ensure that the outcome outlives his administration.

He said the dwindling revenues to states had taught a lesson that governors must block leakages in the revenue collection and leverage on areas where they could get support from the Federal Government, especially the social intervention programmes.

Fayemi said he had completed many of the projects left behind by former Gov. Ayodele Fayose.

He said that abandonment on the basis of lack of interest and change of party were constituting great impediment to growth and development.

Supporting the calls for a State Police, Gov. Godwin Obaseki of Edo, said that police should be removed from the exclusive list.

“If you have a business, you have to protect them and you must have the apparatuses.

“Security is on the exclusive list and we are looking up to the Federal Government to remove it for the states to take charge.

“We must provide facilities for the police to be able to train our local vigillance group, because in Edo State that was what we did.

“We raised a vigillance group to police our villages from the kidnappers and other criminals.”

Speaking about the role of ICT to driving economy at the subnational level, Obaseki advised the states to use ICT to recast the primary education by making children at that age to see computer as part of their lives.

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Osinbajo advises states to invest in talent, knowledge economy

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Vice President Yemi Osinbajo has called for increased investments in local talents, more focus on the knowledge economy, and greater attention to niche areas of comparative advantage.

This way, States can attract investors and boost their economic development.

Osinbajo gave the advice on Thursday in a keynote at the Ekiti State Investment and Economic Development Summit and the third anniversary celebration of the government of the State.

He spoke on the theme, “Investment Attractiveness and Economic Development: Lessons for Sub-nationals”.

He noted that “the future of fast-growing economies is in the knowledge economy,” while also referencing Ekiti State’s potential in agriculture and dairy production, and technology.

Commending the farsightedness of the Ekiti State Governor with the planned establishment of the Technology Special Economic Zones, the VP advised that “for a digital SEZ to be successful, it must be attractive to digital companies; that means there must be high-quality, well-trained local talent.”

“I’m glad to hear already that on account of the reduction in charges for laying of cables for broadband connectivity, the State is already attracting investments in the laying of cables,” he said.

The Vice President then added that despite Ekiti State being small in terms of population and federal allocation, the State has a bigger economy and GDP than countries like São Tomé, Gambia, Cape Verde, and Seychelles.

In this regard, the VP noted that a collective change of mindset for States is vital towards leveraging comparative advantages and achieving more economic growth.

“Thinking differently, there is a need for a sub-national to think like a sovereign State. You have a bigger GDP and even more revenues than many nations. There is a different mindset when you are sure of a monthly allocation of cash at least enough to pay salaries, whether you generate income or not. This is the challenge. The so-called Dutch disease, one becomes complacent.

“But what if you had to take responsibility for all those who reside within your borders, pay all salaries, from internally generated revenue?” 

The VP recalled how Lagos State improved its IGR from N600million monthly in 1999/2000 to about N45billion today. He said the illegal seizure of the allocations to the State by the then Federal Government was the shock that forced the State to rethink.

Speaking further, Prof. Osinbajo noted that although a State within a Federation is not a nation, it must behave like one, to further boost its economic development.

“The economy of the sub-national is a peculiar animal. The State within the Federation is not a nation, but it must behave like one, it derives some resources from the Federal pool, and generates some income, the overall sum will provide infrastructure and services to the community.

The size of the sum and the quantum of opportunity available to provide livelihoods for the populace will depend on how the State enables local and external investors, small and large to put their resources into business and commercial activity business in the State, he observed.

He continued: “The funded portion of the State’s budget is after all a mere fraction of the sum total of economic activity or income-generating activity, formal or informal within the State. So, the attractiveness of a State to commerce is a radical issue.”

He asserted that “the very lives and livelihoods of the people within the borders of the State, whether the people will live prosperous and happy lives, be educated, have access to affordable medical care, depends on it.”

Osinbajo  also highlighted how Federal and State governments can benefit from a private-sector led economy, noting that the private sector-led model is the right way to go, as “business is the business of the private sector, while governments should as much as possible facilitate, or at best, collaborate.

“An excellent example is the formerly State-Owned, Ikun Dairy Farms at Ikun Ekiti. After 40 years of inactivity, the State Government divested 76% of its shareholding to a private dairy company, Promasidor, resulting in a company that is now producing over 80,000 liters of milk per month from a herd of about 500 cows.

“There is also the recent concessioning of hospitality facilities such as the iconic Ikogosi Warm Springs, affirming the same principle (of collaboration). This is a very important principle, the idea that it is the private sector that really should lead the economy,” he said.

States must find ways to harness the potential of their people through STEM education in order to become a more attractive destination for investors, noting that the key to the knowledge economy is education, he declared.

“Gone are the days when you could argue that you should be an attractive destination for investment because you have cheap labour. Today, well-trained technology and innovation talent is the game-changer.

“It would therefore be very important for Ekiti State to leverage its famed love and passion for education by focusing on Science, Technology, Engineering, and Mathematics.

“STEM education is vital for being able to participate in the 4th Industrial Revolution which is at once a digital age and a knowledge age.  This must be the Fountain of the Knowledge Economy,” referencing the State’s alias.

He went on: “the importance of having a pool of healthy, well-trained workers such as electricians, fitters, mechanics, laboratory technicians, welders, machine toolists, and even web designers, is vital for an ecosystem that will be attractive for technology and innovation investments

In the same vein, the Vice President commended the State Government for establishing the foundations for a modern and thriving economy.

Prof. Osinbajo also pointed out the State’s business-friendly environment, having ranked 18th overall out of the 36 States and the FCT in the inaugural edition of Nigeria’s “Subnational Ease of Doing Business Baseline Survey.”

Ekiti State also had the highest score amongst all the States in the Technical and Professional Skills category of the Ease of Doing Business Rankings, he noted.

According to the VP, “the fundamentals are there; a modern, strong, consistently improving legal and Justice sector. Ekiti State was strongest in the Skills and Labour and Infrastructure and Security indicators where it had an average score of 5.35 and 5.05, respectively.

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ESP is to mitigate macroeconomic shocks – Osinbajo

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Vice President Yemi Osinabjo says Nigeria’s Economic Sustainability Plan (ESP) is to mitigate the macroeconomic shocks of the COVID-19 pandemic.
Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the vice president spoke virtually at a UN High-Level Forum on Jobs and Social Protection.
The vice president said that social protection schemes could break the cycle of poverty, give real access to jobs, economic opportunities, and improve human capacity and productivity.
He said that Nigeria’s response to the fallouts of COVID-19 was guided by the conviction that social protection schemes were crucial.
” The ESP is aimed at restoring growth by mitigating the macroeconomic shocks, tackling the health challenge, averting business closures, protecting and creating jobs, protecting the poor and vulnerable while repositioning the economy for future resilience.
“In addition to scaling up health interventions, the plan contained labour-intensive interventions in agriculture, housing, and public works programmes and the provision of solar energy to 5 million homes.
“The ESP also had a Survival Fund which gave payroll support to small businesses in manufacturing and services as well as to artisans and transporters. As a result of our interventions, we have been able to provide finance and off-take opportunities for millions of farmers.
“We have also been able to save up to 1 million jobs and prevented the close-down of at least 150,000 small businesses.
“We are also able to extend support to vulnerable groups by deepening our existing social intervention programmes and the development of a Rapid Response Register for cash transfers to the urban poor.”
He said that poor financial resources remained a constraint to achieving set objectives
Osinbajo acknowledged the importance of the recently approved increase of 650 billion dollars in the Special Drawing Rights(SDR) allocations for improving global liquidity.
The SDRs are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF).
They represent a claim to currency held by IMF member countries for which they may be exchanged.
The vice president also restated the call for improved access to vaccines and
sustained funding of gas projects.
“W believe also that the already challenging global environment is now being further complicated by lack of access to vaccines as well as by policy moves in developed economies and international financial institutions to defund gas projects.
“It is clear that climate change and environmental damage will harm the prospect of creating jobs in many countries of the world including ours.
“Yet we know that access to energy is vital for generating the fast growth required to create jobs and to provide the resources for social protection.
“For a gas rich country like Nigeria, we have to deploy gas not only for electricity but also to reduce the carbon emissions that result from the use of firewood and coal for cooking,” he said.

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Osinbajo revisits economy, sees poverty eradication achievable

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Vice President Yemi Osinbajo has said that eradicating poverty, developing human capital and building up Nigeria’s infrastructural backbone in a sustainable manner is certainly doable, especially with a sense of urgency.
He said these could be archived despite the current turbulent socio-economic conditions in the country and the tough challenges they pose.
In that effort therefore, all the tiers of government and critical partners ought to be focused, open-minded and collaborative in meeting shared aspirations, providing better and fuller lives, and decent jobs for Nigerians, especially the youths.
Prof Osinbajo expressed these views while virtually declaring open, the 20th meeting of the Joint Planning Board and the National Council on Development Planning holding today in Maiduguri, Borno State. Members of the Board and Council are drawn from the Federal Government and Economic Planning Commissioners from State Governments.
The Vice President who spoke mainly on the COVID – 19 Pandemic, Security, Climate Change, Education, the Fourth Industrial Revolution, and the African Continental Free Trade Agreement, noted that these issues require deliberate policy responses and deserve the attention of economic managers.
Speaking on the government’s response to the pandemic, the VP said “the COVID-19 pandemic has had a unique and devastating impact on our health, economic systems, and social life.
For a vibrant and enterprising people like ours, the whole experience of lockdowns and social distancing has been quite trying while economic difficulties made existing socio-economic conditions even harder.
“The Federal Government responded by way of the Economic Sustainability Plan which focused on saving and creating businesses and jobs while boosting local production.
Thus we had the very impactful MSME Survival Fund, the Agriculture for Food and Jobs, Mass Housing, the Rapid Response Register, and the SolarPowerNaija Programmes amongst other things.
“It can be said that the ESP worked in the sense that the economy recovered quite early from the recession occasioned by the pandemic, but it must also be said that we are not yet out of the woods.”
He said “some people have described the current wave as a pandemic of the un-vaccinated in the sense that it is people who have not been vaccinated in developed economies that are most seriously affected.
“As economic managers, we are faced with two related challenges that might hinder our return fully to economic activity.”
“First we must find the resources to procure and administer sufficient quantities of COVID-19 vaccines and actively encourage our people to get vaccinated to enable us as a country to reach herd immunity. Secondly, we must ponder on ways and means of restoring and boosting local capacity to produce vaccinations, not only for COVID-19 but for the other diseases that continue to stalk the land.”
On climate change, Prof. Osinbajo restated his earlier calls for a just transition to net-zero emission, noting that Africa has contributed least to global warming but is expected to suffer the most from its consequences.
According to him, “global efforts to tackle climate change and ensure environmental sustainability will challenge us here in Nigeria in a number of ways. Quite evidently, the global drive to reduce the use of fossil fuels to mitigate the rise in global temperature will reduce demand for fossil fuels. This will affect us because of our dependence on oil and gas for revenues and foreign exchange earnings. We just have to find alternative sources.
“At the same time, we have limited resources with which to finance the technological and lifestyle changes needed to adapt to climate change. This means that the push by multilateral finance institutions to defund oil and gas projects will be particularly hurtful.
“This is why I continue to join other well-meaning leaders across the world to call for a just transition and a standstill of attempts to defund gas projects at the forthcoming 26th Conference of Parties of the United Nations Climate Change Conference in Glasgow.”
On security, the VP said the Federal Government has over the past few years invested huge resources in equipment and human resources, noting that the emphasis for stakeholders including economic planners, “must be on effective synergies with the Federal Government.”
Emphasizing the focus on human capital development, Prof. Osinbajo expressed the view that with adept planning, Nigeria can leapfrog into the digital age.
He explained: “there are those who wonder how a country like Nigeria will cope with the 4th Industrial Revolution given that we have struggled to catch up with the 2nd and 3rd Industrial Revolutions. But the answer is simple: education, education, education, especially basic education. It is scandalous for us to be dealing with out-of-school children.
“We must put resources into education; today we have no choice but to focus on relevant education. Education that will prepare our young people for 21st-century jobs and opportunities.
“At the same time, we must find the resources to invest in technology and related broadband infrastructure if we are to help the budding technology ecosystem in our country to continue to excel.”
“This is why the Federal Government is working assiduously with the African Development Bank to launch the Nigerian Innovation Programme which will be backed by a $500 million fund to support the technology and creative sectors of the economy,” he added.
On the African Continental Free Trade Area, the VP said “it is another development with great promise for Nigeria’s economic prospects but one for which we have to be well prepared.
“First, we must especially, as sub-nationals, take a more active interest in the agreement, its implications and opportunities for our States. The businesses and enterprises that will benefit or be at disadvantage on account of the free trade agreement are in our States. And we owe them and our governments a duty to look out for their interests.”
Prof Osinbajo also commended the Borno State Governor, Prof Babagana Zulum, acknowledging “the great strides that he has been making.”
The VP observed that “looking at the work he has done in housing, education, small businesses, with little resources and in one of the worst-hit States in terms of terrorist disruptions, it is evident that our problem is often not the paucity of funds, but a paucity of dedication to the people and their wellbeing. Your Excellency, we are proud of the incredible achievements you have made in barely three years.”
Earlier in his remarks, Governor Zulum said the hosting of the annual meeting of economic planners across the country affords the State the opportunity to showcase its efforts across different sectors aimed at improving the lives of the people.
He said the reforms the State government introduced are rejuvenating the State’s economy despite the challenges posed by the insurgency and the COVID-19 pandemic and acknowledged the support of the Federal Government in the implementation of the measures.
On her part, the Minister of Finance, Mrs (Dr) Zainab Shamsuna Ahmed said the challenging times confronting the global and local economies required constant interactions among policymakers and synergy of ideas and resources with a view to finding possible solutions.
In a goodwill message, the United Nations Humanitarian Coordinator in Nigeria, Mr Edward Kallon while commending the efforts of the Federal and State governments, said addressing the security challenge in Borno State and the entire Northeast will be critical to economic stability and general wellbeing of the people of the entire Lake Chad region.
Other officials present at the event include the Deputy Governor of Borno State, Alhaji Umar Kadafur; Minister of State for Budget and National Planning, Prince Clem Agba; Commissioners of Budget & Economic Planning across the Federation, and representatives of development partners, among others.

Nigeria making progress in technology – Osinbajo

Nigeria places priority on job creation – Osinbajo

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Vice President Yemi Osinbajo has reported that the government was determined to create more opportunities for Nigerians and close the unemployment gap.
He said the administration has over the years, prioritized employment generation by integrating job creation in all its major policies, projects and programmes.
Osinbajo disclosed at the formal presentation of the Research Report of Course 29 of the National Defence College, titled “Creating Jobs & Opportunities for Africa’s Largest Youth Population”, at the Presidential Villa.
According to him, If you recall, when the President was speaking concerning the budget in 2019, he mentioned that one of the critical things to do, concerning every Minister, is that, with every policy, we must state how many jobs to create.
“So, the key question that we ask regarding any government policy is how many jobs will this bring about, how many jobs it will create. And aside from that, there have also been several engagements with different policy bodies and ideas concerning job creation.”
Continuing, the VP said, “the whole idea of creating jobs and opportunities especially in an economy this size, is that government’s involvement must be in creating the enabling environment.”
Speaking on some of the programmes specifically designed to create jobs, Prof. Osinbajo noted that “you are probably aware of the current effort of the Presidential Economic Advisory Council which was launched recently – the National Poverty Reduction with Growth Strategy, which I have the privilege of chairing its Steering Committee. This is another of the very broad plans of creating opportunities and more jobs.”
The VP noted that “there are also other several job initiatives. The Economic Sustainability Plan (ESP) is a major plan of job creation, as a matter of fact, the major focus of our ESP is job creation – sustaining existing jobs and then being able to create other jobs.”
“The Food for Jobs programme which is an agricultural programme is a major initiative that has led to the identification of 5 million farmers, and these farmers are geo-tagged to their farmlands which is the first time that this has been done in the history of the country.
“They now have BVN numbers so that loans can be given to them and farm inputs as well. So, the Food for Jobs Programme is a major agricultural plan” Prof. Osinbajo added.
The Vice President also spoke about the social housing and solar connections being components of the ESP which have been prioritized by the Buhari administration to create jobs directly and indirectly for thousands of Nigerians, especially youths across the country.
Commending the management of the College, the VP said the NDC research initiative has been “extremely useful in agitating the ideas, thoughts and policies that could influence the direction of government.”
His words: “I really want to commend the resourceful and insightful work that has been done especially with this issue of job creation, as you can imagine, this is obviously one of the critical problems that we have as an economy and a nation.”
Earlier in his remarks, the Commandant of the National Defence College, Rear Admiral Oladele Daji, said the presentation of the research report was in response to the request by the Vice President to look into job creation scenarios and strategy.
He noted that Course 29 of the College which comprised 96 participants across services within and outside the country, was presenting the report in fulfillment of the Higher Defence Management and Strategic Research.
The research report was presented on behalf of the Course 29 participants by Navy Capt TS Ngada.

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Osinbajo happy with massive entries for 4th National MSMEs Awards

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Vice President Yemi Osinbajo says the large  number of entries received for the 2021 National Micro and Small and Medium Enterprises (MSMEs) Awards is  encouraging.

Osinbajo spoke on Sunday at the 4th National MSMEs Awards held at the State House Banquet Hall, Abuja.

The vice president said that since it was introduced, the National MSMEs Award had grown appreciably and had become a key feature of the national MSMEs space.

“I bring you warm greetings from President Muhammadu Buhari, who is, as you know, particularly proud of the impact and contributions of MSMEs in the economy.

“I am particularly delighted to have another opportunity to see some of our young and innovative entrepreneurs, here in this hall today.

“Since its inauguration in 2018, the National MSMEs Awards has grown in leaps and bounds.

“It has become a prominent feature in the annual event calendar of the MSMEs community in Nigeria, attracting thousands of prospective business owners, established entrepreneurs, regulators and financiers.

“In the first edition of the awards in 2018, some 500 applications were received; I am told that over 10,000 entries were received for this year’s edition alone.’’

He said that the large number of entries had demonstrated that the interest shown in the awards by Nigerian entrepreneurs was tremendous.

Osinbajo said that in the past years, winners in the different categories had gone home with various prizes that had impacted their businesses and profiles – cash prizes, cars, and of course local and international media attention.

“The awards have also inspired many young entrepreneurs to greatness and some of the stories are simply incredible.

“This year we also have a selection of outstanding winners.

“Our MSME of the Year “Bold Artistry” is a company with a team of young and creative artists working on improving the arts industry by introducing polystyrene to their works.

“ With this they have created impressive artworks and are providing jobs for many budding artists.

“Osky Integrated has created its niche in the business of catfish farming; the founders are adding value to fish farming through processing for the local and export market

“Other winners such as Vegas Gold and the Footwear Academy are promoting made in Nigeria products  in the  fashion and footwear industries respectively.’’

He said that the decision to make the annual celebration of excellence and innovation in the sector a week-long event was to draw more attention to the challenges and prospects in the MSMEs sector.

According to him, all the finalists typically get, as part of the prize package, two weeks of media attention to showcase and market their products.

“I am glad to note that this year will be even bigger when compared to  the limitations experienced during the 2020 edition due to the COVID-19 pandemic,’’ he said.

The vice president also gave highlights on some of Federal Government’s  support for the MSMEs sector.

He said that in the aftermath of  the pandemic, the Federal Government  designed the   Economic Sustainability Plan (ESP).

Osinbajo said that the plan was to save jobs and create new opportunities.

“ One of the interventions in the plan was the MSMEs Survival Fund which comprises of a Payroll Support scheme for qualifying businesses, a Guaranteed Offtake Scheme–a grant scheme for artisans and transporters, and free business name registration,’’ he said.

The vice president had earlier, presented Best MSMEs State One-Stop Shop to Gombe State and Best MSMEs Clinic Support to the FCT.

In her remarks, Hajia Mariam Katagum, Minister of State for Trade and Investment, said the event was innovative  as it coincided with the UN MSMEs Day, June 27.

In an overview, Amb. Adeyemi Dipeolu, Special Adviser to the President on Economic Matters, Office of the Vice-President, said that the event was intended to celebrate and acknowledge the contributions of small businesses to Nigerian economy.

The awards which came in 13 categories saw the awardees winning various sums of money, six brand new cars, among others.

Tola Johnson, Special Assistant to the President on Micro Small and Medium Enterprises (MSMEs), Office of the Vice President, had recently announced that portal for the fourth National MSMEs Award would be open from May 10.

Johnson, who is also the Coordinator, Project Delivery Office (PDO), said that a new portal www.msmeclinics.gov.ng was created for the fourth National MSMEs Award.

President Buhari, through the vice president, moved to empower and reward MSMEs across the country which gave birth to National MSME Clinics in 2017.

Some offshoots of the clinics include the MSMEs One-Stop Shop, the Shared Facility Initiative and the MSMEs Awards conceived in 2018.

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