MANofMEN:
OFFICE OF THE VICE PRESIDENT
PRESS RELEASE

NIGERIA IS ON THE PATH OF PROSPERITY, SAYS OSINBAJO

*VP lists notable marks of progress, key projects to be completed in next few years

Having instituted reforms covering critical sectors of the economy over the past four years, Nigeria under the Buhari administration is making steady progress on the path of prosperity, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo stated this on Saturday in Lagos in a keynote address he delivered at the Redeemer's Men Fellowship Conference themed “Galvanized for Geometric Growth”.

The Vice President, while noting that much still needs to be done in the different sectors of the economy, restated that the country had enormous potential which would be realised.

According to the VP, who referenced the recent US-based Newsweek magazine's special cover edition which described Nigeria as the Black China and Africa's first super-power, “despite our challenges, Nigeria is the ‘last major open market, and like China and India, its population and economic size will enable economies of scale and attract international investment.”

Prof. Osinbajo said reforms by the Federal Government have over the past few years spurred progress and attracted investors’ interests across different sectors comprising agriculture, technology, tourism and entertainment, manufacturing amongst others.

“Just this week, the Spur Group, an IT company from China indicated that it will be establishing a computer hardware manufacturing plant in Nigeria.

“In the course of last year, the Mara Group of Ashish Thakkar had also indicated that it will set up a manufacturing plant for Mara Phones in Nigeria.

“Kobo360, which was one of the start-ups in a group that I led to Silicon Valley in July 2018, aggregates end-to-end haulage operations and raised $30m in a Series A round led by Goldman Sachs and Nigerian commercial banks.

“Using technology, Kobo360 has made it possible for providers of haulage services to find cargoes for their trailers on return journeys, in effect halving the cost of transporting goods,” the Vice President added.

Continuing, the Vice President said the potential of the Nigerian economy has also been boosted by the Buhari administration through direct and indirect investments in agriculture, manufacturing, technology and creative industries.

According to Prof. Osinbajo, “the story of increased rice production in Nigeria is well known, with production of paddy rice in 2019 estimated at 7.3 million metric tonnes compared to about 5 million metric tonnes in 2015.

“A little noticed phenomenon taking place in agriculture is the use of technology to attract crowdfunding into the sector. Given the huge interest in agriculture and the relative ease of investing through such platforms, we will see a huge increase in investment in agriculture and subsequent increases in agricultural output across the value chain.”

In the manufacturing sector, the Vice President said all critical indices have so far indicated significant improvements between 2018 and 2019.

He said, “this positive outlook for the manufacturing sector can be seen from the Leventis Group which, for instance, continues to make substantial investments in the Nigerian manufacturing sector through its subsidiaries, the Nigerian Bottling Company and Beta Glass.

“The Nigerian Bottling Company will soon be commissioning its Asejire Plant, which has taken a substantial part of a recent $500 million investment in Nigeria, while Beta Glass which makes the bottles for the pharmaceutical sector and for beverages like Coca-Cola and Star Beer, has invested another $30 million to expand its furnace capacity.”

The technology sector, according to Prof. Osinbajo, “continues to hold out great promise.”

Citing recent industry reports, the Vice President said, “Nigerian start-ups attracted $122 million out of the $492 million in funding to the African start-up sector in 2019.

"Perhaps more compelling is the increasing use of e-payment channels within the economy. The value of Point of Sale (POS) transactions is reported to have reached over N3.2 trillion in 2019 as compared to N2.3 trillion in 2018, an increase of 38%, while the volume also increased by 153 million transactions to a total of 438 transactions in 2019.”

In the area of infrastructure, the Vice President disclosed that the Federal Government’s interventions through the various reforms would yield greater results.

Noting the efforts of the Buhari administration to address the country’s major infrastructure deficit, the VP said, “So our focus in the last few years has been on investing in roads, rail, and power. We have a major road project going on in every state of the federation.

“Some of the road projects scheduled for substantial completion in 2020/2021 include: Dualization of Suleja-Minna road, Ilorin-Jebba-Mokwa/Bokani road, Nnewi-Oduma-Mpu (in Enugu)-Uburu (Ebonyi), Yenagoa-Okaki-Kolo-Nembe-Brass road, Bodo-Bonny road with a bridge across the Opobo channel, the rehabilitation and expansion of Lagos-Badagry expressway and, of course, the Lagos-Ibadan expressway.”

He added that 19 other road projects measuring about 800 kilometres have been prioritised in 11 states across each of the six geo-political zones, which would be done by 10 local companies that have applied to join Dangote group and NLNG in the Investment Tax Credit Scheme of the Federal Government encouraging private sector investments in infrastructure.

Also speaking on the new Finance Act 2019, the Vice President said the law is government’s fiscal response to the issues of limited revenue sources and the need to improve the business environment, especially for small and medium businesses.

“The Act has two main purposes with extremely beneficial effects on the Nigerian economy. It addresses the issue of domestic revenue mobilization on which Nigeria has often paraded quite a low record.

“However, even while achieving this objective for the public sector, the Finance Act is calibrated to improve the ease of doing business in Nigeria and actively foster private sector growth.”

The event was also attended among others, by the President of the African Development Bank, Dr. Akinwunmi Adesina and the National Overseer of the Redeemed Christian Church of God in Nigeria, Pastor Joseph Obayemi, who is also President of the Fellowship.

Earlier in his own speech, Dr. Adesina, commended the Buhari administration for the achievements recorded in the agricultural sector, noting that the efforts of the Federal Government have revolutionized agriculture in the country. Pastor Obayemi also delivered a welcome message.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
25th January, 2020

Very interesting speech Nigeria will surely great let have patient it will prevail the giant will show up

He has be doing so great we cannot see it now but surely I know Nigeria will Prevail the giant will show up late

EjaikreTheViper:
fvck osibaje!!!

You can spell but you want to insult, what did you see Osinbajo did to you that you are insulting him, He has be doing so great we can't see it now but surely I know Nigeria will Prevail the giant will show up late

EjaikreTheViper:
fvck osibaje!!!

You can't even spell Osinbajo, any insult an innocent your brain empty

Osinbajo has being all he can make this country a better place

The President Buhari gave he's trust to the vice president he know he can deliver well

I don't think you know what you're about, because it have no sense

Thanks Mr Doyin, Amotekun is the best option at the moment

Enemy of progress you should let Southwest alone with this Amotekun issue

How this Amotekun come be your business, are you the southwest Govenors their don't need your faking money Amotekun is for the southwest community policing security, if you need anything like that in the east you can create one there and stop bothering people that serious

On January 27, 2017 the Acting President held a meeting with the Executive Director of the World Food Programme (WFP), Ms Er-Tharin Cousin.

On February 1st, he presided over the Federal Executive Council (FEC) meeting, during which the Presidential Task Force on food security was mandated to reduce price of food items in the country.

Acting President Osinbajo on February 7, 2017, sent Justice Walter Onnoghen’s name to the Senate for confirmation as Chief Justice of Nigeria after controversially hanging as Acting Chief Justice for a while.

February 8, 2017, Professor Yemi Osinbajo chaired the FEC meeting and gave approval of 21 billion Naira for the construction of Ilorin -Omu Aran, Kabba road section; On February 15, he approved the award of 126 billion Naira road project spread across Kano, Bauchi, Adamawa, Kwara, Gombe, Enugu and Kaduna States to be constructed with immediate effect.

February 10 to 13, 2017, Professor Yemi Osinbajo visited Yenagoa, the Bayelsa State capital in continuation of his interactive engagement with the oil producing communities in the Niger-Delta region.

He then proceeded to Port-Hacourt, Rivers State to meet stake holders of the oil producing communities. During the meeting, he rolled out the frame work for the clean-up exercise of Ogoniland; this is in response to the report submitted by the United Nations Environmental Programme in 2011, warning about the deplorable condition of the community.

On February 16, 2017 Professor Osinbajo presided over the first National Economic Council meeting of the year and directed the Central Bank of Nigeria to review the foreign exchange policy.
The meeting also resolved that fresh $250 million be injected into the sovereign wealth fund (SWF). The CBN subsequently released about $500 million through the inter-bank market where the 23 banks bought $371 million.

On February 17, Professor Osinbajo signed seven bills into law. The bills were: Oaths (Amendment) Act 2017; Defence Space Administration Act 2017; Veterinary Surgeons (Amendment) Act 2017; and others.

Feb 23, 2017 the Vice President paid an unscheduled visit to the Murtala Muhammad International Airport in Lagos as part of the 60 days action plan for business reform in the country.
The visit which took many airport workers by surprise went viral; during the visit, Professor Osinbajo inspected facilities and interacted with airport officials on the welfare of the workers and the travelers. In less than 24 hours after the visit, the Federal Government announced the sack of 10 directors of the Nigeria Civil Aviation Authority (NCAA). Three new Directors and General Managers were also appointed for the Federal Airport Authority of Nigeria (FAAN).

The Federal Executive Council (FEC) meeting Osinbajo chaired on February 22, 2017, approved 32 billion naira for the resuscitation and completion of 50 km dual carriage Kaduna eastern bypass highway, the council also approved $39.9 million for the construction of the Cameroon - Nigeria border-line bridge at Ikot – Efiem.

If this man can do this much (these are just a few) in 38 days, there’s no telling what heights Nigeria will climb if he’s given 4 full years.

Health is the best, we need to keep ourself clean

Malnutrition can make someone look awkward, another way to improve this is helping each other as brothers and sisters, we can still eat healthy meal without been wealthy.

Yes ooo Amotekun stay now

Thank God Amotekun is here to stay

Osinbajo you're indeed the son of soil, Amotekun ever stay

BuhariAdvocate:
Amotekun will stay but with conditions.

Which condition? Just Accept Amotekun because it a community policing security

Impressive: great work have done in Ogoniland Buhari and Osinbajo are indeed next leave administration

Yes best news ever Amotekun stay

This is fake news, the (FG) has agreed on the Amotekun

Amotekun is just a community policing security, for me ooo Amotekun should stay

Amotekun is just community policing security, Amotekun should stay

With development of the (FG) people Ogoniland kingdom will be will be ease with the pollution

The the most special man in Nigeria will become the president 2023

Wait till then

What do you mean by that your so call poem, you people should let Osinbajo rest

BlackSeptember:
Osibanjo will tell them to back off from Amotekun

Yoruba: We want Amotekun

FG: Amotekun will not be allowed

Yoruba: It's Malam that said that nonsense and not buhari because Buhari knows he has a strong support in the SW so he will never try to break our heart


Me: Abeg who is Malami working for? Which party is Malami working under and which party is supporting the proscription of Amotekun.

Yorubas don't know what they want and their noise will end here because Amotekun is DOA. They should continue supporting their Apc oppressors

Amotekun is community policing security it has come to star

Thanks for the information

ANSWERS TO YOUR QUESTIONS ABOUT TRADERMONI


You having asking where is TraderMoni,

Interesting news : the meeting will be successful,
And people will be enlighted too

Why keep on saying rubbish all the time, we are one Nigeria together let fight for the Peace of this country

We don't call that fear, their are community policing not like the Nigeria police men

Well say Mr president may God help us to overcome all the Boko Haram terrorist in Nigeria

seguno2:


What happened to the billions spent on the same school meals by Buhari and Osinbajo’s APC?

What did you hear about the programme? For your information APC haven't fuk up is on going