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HomeBusinessNigeria On A Long Journey To Economic Posterity Says VP Osinbajo

Nigeria On A Long Journey To Economic Posterity Says VP Osinbajo

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By Babajide Okeowo

Following reports that Nigeria has slipped once again into recession, Vice President, Professor Yemi Osinbajo has stated that the country is on a long journey to economic prosperity.

He delivered this bombshell during the National Economic Summit (NES#26) Group Conference, titled: “Building Partnerships for Resilience” held virtually and on-site at the Transcorp Hilton Hotel, Abuja.

According to the Vice President who represented President Muhammadu Buhari, it has become important that public and private sectors must work together to transform the economy.

“Our national journey to economic prosperity is a long one, so we must all certainly work together. As we saw, partnerships were essential when we were faced with the serious challenge of combatting the COVID-19 pandemic. They are also necessary for framing medium and long-term development plans. They are needed for transforming our economy and certainly indispensable to ensuring that we build a fair and just society.

We saw the key role that partnerships played in our national effort to combat the COVID-19 crisis. While, Federal and State Governments worked together to manage the health response and ensure the establishment of isolation centers, availability of test kits, personal protective equipment, and medicines. The private sector also played an active role as individual entities and also worked together in groups like the Coalition Against COVID-19” the Vice President said.

Earlier in his address, the Chairman of NESG, Mr. Asue Ighodalo, said the focus of the summit is primarily on building partnerships for the resilience of Nigeria’s households, businesses, and the general economy.

“This became important due to the pandemic and its far-reaching health and economic consequences. The restiveness of our huge youth population, a population growth rate that exceeds our rate of economic growth and development; the high rate of unemployment and underemployment as well as the resultant high levels of poverty in our economy” he said.

On her part, the Executive Secretary/CEO of Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, who spoke during the session on a topic, “Attracting Foreign Investments” said there is greater improvements by Nigeria as shown in the Ease of Doing Business ranking in the last five years and more could be achieved if the government institutionalize its economic reform process.

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