Vice President of Nigeria, Prof Yemi Osinbajo has stated that Nigeria currently in the process of diversifying from the oil sector so as to boost rapid economic growth through jobs.
The Vice President made this assertion when he spoke at the commissioning of the Kimberly-Clark Huggies Diaper Manufacturing Plant in Ikorodu, Lagos over the weekend.
While pointing out that seven million babies are born every year in Nigeria, Osinbajo expressed his pleasure that the factory signaled the beginning of greater investments.
‘Every new manufacturing plant is an important step towards our belief that it is private investments, both local and foreign, that must be the pathway to rapid economic growth, with jobs and prosperity’, he said.
On FG’s National Development Plan 2021-2025 sector collaboration), Osinbajo stressed that the success of the plan depends greatly on a conscious reliance on private enterprise and initiative.
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An investment of ₦348trillion will be needed over the 4-year period of the Plan, with government at all levels expected to provide about ₦49.7trillion, while the private sector is expected to invest ₦298trillion, he announced.
Osinbajo highlighted the 7th 60-day National Action Plan (NAP 7.0) on Ease of Doing Business by the Presidential Enabling Business Environment Council (PEBEC).
‘The Plan aims to deepen the reforms delivered over the past 5 years, with a focus on agro-exports, process automation, improvement in regulatory practices, judicial reforms and Executive Order 01/ReportGov.NG compliance’, the VP added.
He further revealed that the Buhari administration has highlighted key action items in all of the focus areas to ensure sustainability and is currently religiously pursuing them all.
Africa Daily News, New York reports that successive Nigerian leaders have continued to echo diversification on paper but has however failed to achieving it in reality.
AFRICA DAILY NEWS, NEW YORK
