Office Of The Vice President: Press Release

World Bank Doing Business Report On Nigeria Fantastic, & Is Proof That Buhari Administration's Reforms Are Working, Says Osinbajo.

FG Will Not Rest On Its Oars On Improving The Nigerian Economy.

*VP Adds That Presidency Will Make Dramatic Policy Changes In Oil & Gas Sector If Necessary.

*“The present administration remains focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s Oil and Gas Sector” – VP Osinbajo.

Despite Nigeria’s latest impressive ranking in the World Bank’s latest ‘Doing Business’ report, the Buhari administration will continue to actively pursue its reform agenda to keep improving the nation’s economy, according to Vice President Yemi Osinbajo, SAN
Prof. Osinbajo further said the oil and gas industry in Nigeria stands to benefit greatly from the administration’s Ease of Doing Business reforms.

He said this in his speech on Thursday to mark the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chambers Of Commerce and Industry (LCCI) at the Eko Hotel & Suites, Lagos, with the theme: Nigeria: An Investor Friendly Destination.

The Vice President noted that Nigeria’s latest ranking in the World Bank’s report was an indication that the Buhari administration’s reforms were producing results.

“On Tuesday, the World Bank released its latest report, in which Nigeria achieved the unprecedented step of climbing 24 places in the rankings, and earning a place on the list of 10 most improved economies in the world.

“This is fantastic news, but by no means an excuse for us to slow down. Instead we’re taking it as the very reason why we need to ramp up our reforms, for the benefit of Nigeria. There is still work to be done in reducing bureaucratic bottlenecks in the award of contracts and generally in obtaining approvals.

"It is for this reason – the creation of a business environment that catalyses business activity and investment - that this year alone we have issued an Executive Order focusing on improving the business environment, and launched two National Action Plans designed to be short-term interventions aimed at implementing specific business environment reforms. The second National Action Plan is ongoing, and we expect that it will yield results across every sector of the economy, including the OPTS.”

Prof. Osinbajo further said the Federal Government, through its sector road map launched in October 2016, is making inroads towards reforming and repositioning the nation’s oil and gas industry.

He added that the administration has developed and obtained the approval of the Federal Executive Council for a new National Oil Policy and a new National Gas Policy.
Prof. Osinbajo said, “The roadmap has very specific time-focused targets and like the many bold steps we have taken in this sector since the inception of the present administration, we remain focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s Oil and Gas Sector.

“In 2016, the Nigeria upstream sector of the oil and gas industry was challenged by the menace of upstream assets vandalism. From a peak production of over 2.30 Million barrels per day recorded at the beginning of 2016 we witnessed a decline to an almost all-time-low of about 1.0 Million barrels per day per day due to incessant vandalism. Many indigenous producers suffered perhaps more than other players in the industry.

“Thankfully due to our sustained engagements with the Niger Delta, our production has ramped up to about 2.1 million barrels per day from our 2016 crude oil production average of about 1.80 million barrels.”

While calling for more private sector participation in the oil and gas infrastructure development projects, the Vice President emphasised that the Buhari administration will continue to address development in the Niger Delta through its New Vision for the region.

“We will continue to address Niger Delta issues and build a peaceful and prosperous Niger Delta, with emphasis on job creation for our teaming unemployed youths, investment in infrastructure, energy and promotion of sustainable livelihood,” he said.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
2nd November, 2017

really?

nice move o

That's great.
Also remember that achieving a status is not as difficult as maintaining it.

More effort should also be put in training artisans.

Meanwhile do we have a verification outlet for such news.

Rubbish

Ok

Proudlyngwa:
That's great

E no go better 4 FG and those benefiting from FG.

I DEY VEX WALLAHI.

.

D economy is u people's primary responsibility to make is in order. So don't tell us what we already know.

F

presidency:
Office Of The Vice President: Press Release

World Bank Doing Business Report On Nigeria Fantastic, & Is Proof That Buhari Administration's Reforms Are Working, Says Osinbajo.

FG Will Not Rest On Its Oars On Improving The Nigerian Economy.

*VP Adds That Presidency Will Make Dramatic Policy Changes In Oil & Gas Sector If Necessary.

*“The present administration remains focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s Oil and Gas Sector” – VP Osinbajo.

Despite Nigeria’s latest impressive ranking in the World Bank’s latest ‘Doing Business’ report, the Buhari administration will continue to actively pursue its reform agenda to keep improving the nation’s economy, according to Vice President Yemi Osinbajo, SAN
Prof. Osinbajo further said the oil and gas industry in Nigeria stands to benefit greatly from the administration’s Ease of Doing Business reforms.

He said this in his speech on Thursday to mark the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chambers Of Commerce and Industry (LCCI) at the Eko Hotel & Suites, Lagos, with the theme: Nigeria: An Investor Friendly Destination.

The Vice President noted that Nigeria’s latest ranking in the World Bank’s report was an indication that the Buhari administration’s reforms were producing results.

“On Tuesday, the World Bank released its latest report, in which Nigeria achieved the unprecedented step of climbing 24 places in the rankings, and earning a place on the list of 10 most improved economies in the world.

“This is fantastic news, but by no means an excuse for us to slow down. Instead we’re taking it as the very reason why we need to ramp up our reforms, for the benefit of Nigeria. There is still work to be done in reducing bureaucratic bottlenecks in the award of contracts and generally in obtaining approvals.

"It is for this reason – the creation of a business environment that catalyses business activity and investment - that this year alone we have issued an Executive Order focusing on improving the business environment, and launched two National Action Plans designed to be short-term interventions aimed at implementing specific business environment reforms. The second National Action Plan is ongoing, and we expect that it will yield results across every sector of the economy, including the OPTS.”

Prof. Osinbajo further said the Federal Government, through its sector road map launched in October 2016, is making inroads towards reforming and repositioning the nation’s oil and gas industry.

He added that the administration has developed and obtained the approval of the Federal Executive Council for a new National Oil Policy and a new National Gas Policy.
Prof. Osinbajo said, “The roadmap has very specific time-focused targets and like the many bold steps we have taken in this sector since the inception of the present administration, we remain focused on making necessary even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s Oil and Gas Sector.

“In 2016, the Nigeria upstream sector of the oil and gas industry was challenged by the menace of upstream assets vandalism. From a peak production of over 2.30 Million barrels per day recorded at the beginning of 2016 we witnessed a decline to an almost all-time-low of about 1.0 Million barrels per day per day due to incessant vandalism. Many indigenous producers suffered perhaps more than other players in the industry.

“Thankfully due to our sustained engagements with the Niger Delta, our production has ramped up to about 2.1 million barrels per day from our 2016 crude oil production average of about 1.80 million barrels.”

While calling for more private sector participation in the oil and gas infrastructure development projects, the Vice President emphasised that the Buhari administration will continue to address development in the Niger Delta through its New Vision for the region.

“We will continue to address Niger Delta issues and build a peaceful and prosperous Niger Delta, with emphasis on job creation for our teaming unemployed youths, investment in infrastructure, energy and promotion of sustainable livelihood,” he said.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
2nd November, 2017

Lies of the highest order

Who is the Presidency?

D economy is u people's primary responsibility to make sure is in order. So don't tell us what we already know.

If this is the case , then i rest my case!!!

Proudlyngwa:
That's great

pls explain, as if you understand the rubbish that written

May thunder strike both the president and the presidency
Nonsense!!!

Same story everyday...

Who's the presidency?

mosegifted:
Rubbish

You voted for change na!

bayocanny:
May thunder strike both the president and the presidency

Nonsense!!!

You never see anything!!

So the president can not talk again, everything now is said by a shadow called the presidency. The president don't have mouth to comment on anything concerning this country. OK o

The same federal government dat destroyed the economy to the core wants to build it... What an irony. We are watching and waiting

These people can blow grammar!

Okay. FG will do this... FG will do that... 2019 dey come.

This Administration doesn't feel the need for a connection between them and the people

Nothing has Happened under this Administration to better the Lives of the people. All I can see is NewsPaper Headlines, and nothing much.

No real impact. Nothing.
No economic Blueprint or road map. All we get by the day is noise

The Economy keeps improving, yet the people are dying of hunger and starvation.

Which Economy? Is it the one of ASOROCK or that of National Assembly? Just Asking oh!

Story

We hope so