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

So shall it be, my amiable VP.

And their is nothing the homeless jews can do about it.

[s]

Simplyleo:
And so shall it be, my amiable VP.

[/s]

Even as an avid reader, God knows that I didn't read the nonsensical epistle. Press release indeed.

Simplyleo:
So shall it be, my amiable VP.

And their is nothing the homeless jews can do about it.

Bandits attack have made 110,000 people displaced in Shiroro community villages at Niger State in the last couple of weeks. Who is homeless again ?

Path of death you meant sir.... innocent blood is being spilled everyday by bandits in a country that is not at war. Is that what you call prosperity

[s]

Mykel51:


Bandits attack have made 110,000 people displaced in Shiroro community villages at Niger State in the last couple of weeks. Who is homeless again ?

Path of death you meant sir.... innocent blood is being spilled everyday by bandits in a country that is not at war. Is that what you call prosperity

[/s]
Do you realize I don't have time for ipob?

Ok

Prosperity were hunger wan kill people for street finish, even garri were poor man been dey carry console himself come cost sef

e be like say na aso rock alone dey feel this prosperity cos joy no dey street,
i know say i never too old like dat, but since i born i never see this kind hardship for people face were i dey see now.

Simplyleo:
[s][/s]
Do you realize I don't have time for ipob?

I am not IPOB... neither am i Igbo...I am a Nigerian...one who loves stating the obvious truth... People are dying everyday in the country from bandits and terrorists attack... that is not prosperity...

[s]

Simplyleo:

Do you realize I don't have time for ipob?

[/s]
omenka dey sleep dey share only post
he can't like

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.

A good and better Nigeria is all we want.
So shall it continue to be for our darling nation IJN.
It will end in praise for us all.
God bless Nigeria.

[s]

post=86107138:
A good and better Nigeria is all we want.
So shall it continue to be for our darling nation IJN.
It will end in praise for us all.
God bless Nigeria.

[/s]

post=86107138:
A good and better Nigeria is all we want.
So shall it continue to be for our darling nation IJN.
It will end in praise for us all.
God bless Nigeria.

Shut up

Nigeria is truly on the part of prosperity and we are blessed and endowed with what can really transform us into dependable nation,thank to Buhari/Osinbajo

Hedonini:
Even as an avid reader, God knows that I didn't read the nonsensical epistle. Press release indeed.

The ones wey you read, who you epp?

Seems the promise is for our great grand children......because I don't see a ray of hope soonest

Hedonini:
Even as an avid reader, God knows that I didn't read the nonsensical epistle. Press release indeed.

Is not even meant for you to read but for those who can reason well

Mykel51:


Bandits attack have made 110,000 people displaced in Shiroro community villages at Niger State in the last couple of weeks. Who is homeless again ?

Path of death you meant sir.... innocent blood is being spilled everyday by bandits in a country that is not at war. Is that what you call prosperity

I think you don't know the meaning of prosperity

Mykel51:


Bandits attack have made 110,000 people displaced in Shiroro community villages at Niger State in the last couple of weeks. Who is homeless again ?

Path of death you meant sir.... innocent blood is being spilled everyday by bandits in a country that is not at war. Is that what you call prosperity

Did you post this on the social media pages of the Niger State governor? I doubt if you did. That is even if you have any facts to back up your claims of hearsay.

Mykel51:


I am not IPOB... neither am i Igbo...I am a Nigerian...one who loves stating the obvious truth... People are dying everyday in the country from bandits and terrorists attack... that is not prosperity...

But, he has been advocating for community policing to better protect lives and property.

Like they noticed you didn't read it

Hedonini:
Even as an avid reader, God knows that I didn't read the nonsensical epistle. Press release indeed.

ursullalinda:
Seems the promise is for our great grand children......because I don't see a ray of hope soonest

What have you done to help yourself first?

ursullalinda:
Seems the promise is for our great grand children......because I don't see a ray of hope soonest

Just wait and see but there is a big difference compare to the previous administration

I doubt this man is facing reality

This is a giant stride towards improving our economy. It may not be obvious now but with time things will for in place

GamalNasser:
I doubt this man is facing reality

What is the reality to you?

why do people always make it seem like there is a flip to get us to El Dorado, we are already on the path to prosperity with all the modern roads and rail infrastructure that this administration is putting up. As for the security challenges across the country, good thing Operation Amotekun is being speeded up now that Prof Osinbajo has wadded in to ensure an amicable solution for all parties. It won't all fall in place in a day but we all can't be pessimistic about the positive strides we are making

Mykel51:


I am not IPOB... neither am i Igbo...I am a Nigerian...one who loves stating the obvious truth... People are dying everyday in the country from bandits and terrorists attack... that is not prosperity...

Sorry what has happened has happened so Nigeria should now stand still because people have died. Be optimistic make it your New week resolution

Jhayphil:


What is the reality to you?

The reality is that every single day Buhari spends as a president the gloomier the future of Nigeria is

fvck osibaje!!!

Zeesugar:
This is a giant stride towards improving our economy. It may not be obvious now but with time things will for in place

There is no positive giant stride happening with this govt so stop deceiving yourself , poverty and unemployment keep escalating daily , the future of Nigeria gets gloomier daily ,the countrys debt is is piling up by the minute ..The only giant stride Buhari has made is making us the number 3 most terrorized country on Earth and the poverty capital of the world