Great strategic economic policy.

Osinbajo: We Will Depend on Non-oil sector to Grow Economy

December 1, 2019 6:32 am



Yemi Osinbajo
Guangdong-FTZ marks 10th anniversary of operations • China seeks stronger strategic partnership with Nigeria
Gboyega Akinsanmi

Vice President Yemi Osinbajo has disclosed that the federal government will leverage on the potentials of non-oil sector for economic growth and create jobs nationwide.

The vice president has equally said the federal government is irrevocably committed to repositioning of the economy by boosting productive capacities.

He gave the assurance at the 10th anniversary of the Ogun-Guangdong Free Trade Zone (OGFTZ) held at Igbesa, Ado-Odo Ota Local Government Area (LGA), Ogun State.

Dignitaries including federal and state government officials, Chinese diplomats and entrepreneurs, traditional rulers, leaders of the host community and other stakeholders attended the anniversary.

At the anniversary, Osinbajo noted that the federal government was particularly committed to boosting the non-oil sector to grow the economy and create jobs for Nigerians.

Osinbajo, who was represented by the Minister of Trade and Investment, Otunba Adeniyi Adebayo, described the OGFTZ as veritable platforms to attract investments and grow economies all over the world.

With its record in the last decade, the vice president said the federal government would continue to support OGFTZ and other productive entities for the benefit of the people and the country.

He noted that the administration of President Muhammadu Buhari “is driven by an unflinching commitment to reposition our economy and improve production capacities and boost our share in global non-oil trade.

‘’Our national economic policies are geared towards a Nigeria that is high producing export -oriented and productive infrastructure for businesses,” the vice president explained.

“It is our vision to achieve transformational economic growth by leveraging on our demographics and competitive advantage in agriculture and mineral deposits to provide opportunities for long-term investors.”

He explained that with over $2 billion in investments, the OGFTZ had added value to the economy and had created no fewer than 6000 jobs for the people of its host community.

He said the federal government would continue to support the FTZ to grow and create more opportunities, thus commending the Ogun State Government for its support for the FTZ and strengthening its partnership with the zone.

China’s Consul General in Nigeria, Mr. Chu Maoming said OGFTZ was a success story as it had recorded remarkable achievements since coming on stream 10 years ago.

He explained that the OGFTZ had not only developed local industries in Ogun State, but also provided job opportunities to people improving living standards.

Maoming described the zone as a creation of the economic and trade cooperation between China and Nigeria, saying its success story reflected beneficial partnership between the two countries .

He said there were great opportunities ahead for Nigeria/China bilateral relations, saying China “is looking forward to a stronger partnership with Nigeria for more successes for both countries.

“Nigeria continues to be China’s third largest trading partner in Africa and the largest engineering market for us. Nigeria is a great investment destination that is why we have seen a lot of investors coming from China.

‘’China and Nigeria have so many similarities. While China is the biggest economy and the most populous country in Asia, Nigeria is the largest economy and the most populous country in Africa.

‘’The two countries face similar challenges and have similar aspirations for development. Since the establishment of diplomatic ties in 1971 and strategic partnership in 2005,cooperation between Nigeria and China has seen fast and steady development .



‘’Under the guidance of President Buhari and President XI Jinping, the relationship between Nigeria and China has reached new heights, bringing benefits to the people of both countries.

‘’We look forward to forging a stronger strategic partnership with Nigeria through implementing outcomes of the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing.

‘’The prompt joint adoption of the initiatives will surely inject another impetus into the beneficial cooperation between China and Nigeria. Under President Buhari and President XI Jinping, the relationship between Nigeria and China has reached new heights, bringing benefits to the people of both countries.

He described China as a major driving force, saying the country had contributed an average of 30 per cent to global economic growth since 2013.

Despite slow down in global economic growth, the consul general said the Chinese economy still maintained stability with optimised economic structure and improved living standards.

‘’As we can see, the stable and progressive performance of China’s economy has also promoted trade cooperation between Nigeria and China. In the first quarter, the bilateral trade volume between Nigeria and China increased by 20.7 per cent. This shows trade between the two countries is growing.”

Welcoming the guests to the OGFTZ, President, Guangdong New South Group and promoter of the OGFTZ, Prof. Zhu Layi explained that the zone had been able to build a dream of improved industrial capacities and greater for the people of the state.

Layi, who was represented the Vice President of the group, Mr. Deng yu said the zone had been growing with investors day by day.

In the last decade, the president said: “We have been able to build a dream on the land where we are standing today. It is a dream to boost Nigeria’s industrial capacities. It is a dream to make Nigeria’s industries global. It is a dream to provide greater wealth and value.

He said no fewer than 63 companies manufacturing and other productive areas are currently operating in the zone, employing no fewer than 6,000 people.

He added that the 2.248sq km phase I of the zone project had been completed, noting that the development of the 20sq km phase II would enable the OGFTZ to generate 1,000 jobs every year.

Also at the anniversary, Ogun State Governor, Mr. Dapo Abiodun said the state government was committed to supporting businesses in the state, thus describing the OGFTZ as a catalyst for the socio-economic development of the state.

He said the state government “will continue to provide support for the zone. We are not aware of the resultant effect of the FTZ in terms of employment generation, poverty alleviation, local patronage and product renting, which will put the state on the global map of trade and investment in the long run.

‘’It is worth mentioning that the possibilities have grown beyond the FTZ. It has become a comprehensive development that covers processing of goods and manufacture of a variety of products with the use of local inputs that have boosted the economy of our state,” Abiodun said.

Abiodun promised to address some challenges faced by the FTZ, noting that the state was planning a law to strength Private Public Partnership investments in the state.

He commended the management of the FTZ for the projects executed in the host community, urging the FTZ to continue to uphold best practices, standards and competitiveness.

In his remarks, Chairman of the House Committee on Foreign Affairs, Hon. Yusuf Buba said the success of the FTZ was a testimony to the strong economic relations between Nigeria and China.

He said China and Nigeria were strategic business partners with growing volume of trade and strong government-to-government and parliament-to-parliament relations.

‘’The Ogun-Guangdong Free Trade Zone is one of those success stories of our partnership and cooperation with the people of China. Established about 10 years ago as an industrial cluster following an agreement between Ogun State government and a few Chinese businesses.”

https://www.thisdaylive.com/index.php/2019/12/01/osinbajo-we-will-depend-on-non-oil-sector-to-grow-economy/

That is what needs to happen, we just need to stop talking about it and DO IT

Diversify the economy and increase its productivity base

Doing this has a ripple effect on taxes, quality of life and disposal income

Not doing this assures a place amongst the worlds poorest, a society where the media's attention is on an on-going diatribe between two well-fed Nigerians

I think to use the word "depend" is quite —i mean not totally— disputable in this context.
Our oil is a fortune and any dream to rely on anything else apart from oil is surreal.

Other resources can only help to support the fortune we make from oil.
If someday, the world move on from the use of oil, then Nigeria is finished.
This is not 1965 where cocoa trading was self sufficient.
This is 21st centuries where you must spend alot to acquire trending luxuries
Cocoa and groundnut can no longer buy armored tanks and fighter jets

Only mouth like bean cake!

Officialgarri:
I think to use the word "depend" is quite —i mean not totally— disputable in this context.
Our oil is a fortune and any dream to rely on anything else apart from oil is surreal.

Other resources can only help to support the fortune we make from oil.
If someday, the world move on from the use of oil, then Nigeria is finished.
This is not 1965 where cocoa trading was self sufficient.
This is 21st centuries where you must spend alot to acquire trending luxuries
Cocoa and groundnut can no longer buy armored tanks and fighter jets

Damnnnnn niggarrr
I agree niggarrr

Our oil is a blessing only if we can reduce corruption

Really

Mere commissioner....

Of course, it is easier said than done. Keep deceiving the gullible by saying the right things and doing the wrong ones.

Lip service government.

Too much talk talk.

Tired of listening and reading long speeches.

Bull sh1t

OK..we have heard you. our able VP academics and logistics

Lol. Oil well owners and oil cabals looking at Osinbajo like..

We shall........
We would.........

That’s all they know how to say.

Audio Economy....!
When The whole Oil n Gas sector is fully taken over by the core North including all its physical and logical security?? Tueh

All the CPs and Military commands of Niger Delta are all in the hands of core north. For security

Osinbajo is the next president of federal republic of Nigeria.

mulki is my name

They just realized that after almost 5 years in office

Audio Development. No be hate speech o.

We've been hearing same thing since 2015......

But we keep on exploring oil even in the North.

Are you in Port Harcourt? Are you a Movie person? Do you have an External drive that needs to be filled with movies?check number now on profile

The FG should allow each state and regions to manage their resources.

I miss the old positive competition between the old western and eastern regions.

Bad news for the iPods


Sorry iPods

If you read the whole article you definitely deserve an award.

Osinbajo is the next president of federal republic of Nigeria. Where are you from?

Interesting

Brandstudio01:

Truth be told sir. We already know there's somuch money in Government. Our concern at this critical point should be why the country is very broke in the midst of plenty sir. I don't know why the black man is his own enemy

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It's simply due to the high volume of looting of public funds.