₦airaland Forum

Vice President Yemi Osinbajo says it is important for government agencies to reduce the harassment and extortion of businesses in order for the country to improve on the ease of doing business ranking.

Osinbajo said this on Friday at the virtual edition of the Presidential Policy Dialogue hosted by the Lagos Chamber of Commerce and Industry.

He said the government aimed to continue to improve on the national ranking in the World Bank Doing Business Index Ranking to below 100 in the coming years.


Osinbajo called on private sector to lead the charge for Nigeria’s economic growth and development by keying into the Economic Sustainability Plan of the Federal Government.

He said the priority of the Federal Government in response to the economic challenges caused by COVID-19 was to ward off recession using a mixture of stimulus measures to support local businesses, retain and create jobs and ameliorate the circumstances of the most vulnerable.

The vice president said though the stimulus package was just about 1.5 per cent of the GDP, it was the best the government could do given existing realities in the economy.


He said, “I take this opportunity to encourage the private sector to be proactive in leading the charge against recession and poverty in our country.

“The Federal Government is not under any illusion that it can do this on its own.”

“The opportunities that now exist in the short-term in agriculture, infrastructural development, housing construction, in renewable energy, digital technology development, mining, financial inclusion, healthcare and pharmaceutical manufacturing call for the private sector to take the bull by the horn and make them a reality.


“The government developed the Economic Sustainability Plan with a stimulus package of N2.3tn to give fillip to the economy across various sectors. Based on the assumption of the price of crude averaging out at $30 per barrel throughout the year, we anticipate an economic growth of about -0.59% in 2020.”


According to him, the ESP was designed to boost production, prevent business collapse, and provide liquidity.


He added that it would promote the use of labour-intensive methods and direct labour interventions in key areas like agriculture, light manufacturing, housing construction and facility maintenance while increasing infrastructural investment in roads, bridges, solar power, and communications technologies.


“It is intended to do all this while extending protection to the poor and other vulnerable groups in our society,” Osinbajo added.

In his remarks, the Minister of Industry, Trade and Investment, Niyi Adebayo, said the current focus of the Federal Government in the manufacturing sector was on prioritising local production, especially in the importation of machinery that utilise local materials.

The LCCI President, Mrs Toki Mabogunje, commended the Federal Government for the management of the economy, adding that members of the chamber and the entire private sector players were willing to collaborate with the government.

https://punchng.com/govt-agencies-need-to-stop-extorting-businesses-osinbajo/

Pastors also need to stop supporting evil!

LOUDER...

One thing about this VP is that, he's very good with ideas....Say, sustainable ideas but he will always leave it halfway to go pursue another one....


Like in the case of Npower, he pushed them to that disaster woman... How about trademoni?



He should hold on to this and see to the end of it....


God bless the VP.

Kriss216:
Pastors also need to stop supporting evil!

Don't let bitterness from politics consume you. He cannot influence everything as the No 2.

CodeTemplar:
Don't let bitterness from politics consume you. He cannot influence everything anything as the No 2.

Fixed

Loud it pls

Most of this Agencies are clog in the will of Ease of doing business in Nigeria. The VP is spot on on this.

I went through the Economic sustainability plan and I must give it to Mr VP president, even though alot of country's economic have enter ressesion but this man here still hold ours as high as he can. Creating more jobs and making sure existing ones were not lost. Expansion of social investment programmes, support for formal sector, support for MSME's, support for local production and manufacturing and so on. Kudos to him and the rest of the team.

yanabasee1:
One thing about this VP is that, he's very good with ideas....Say, sustainable ideas but he will always leave it halfway to go pursue another one....


Like in the case of Npower, he pushed them to that disaster woman... How about trademoni?



He should hold on to this and see to the end of it....


God bless the VP.

My dear,in the case of a power it was his boss who created a ministry in regards to that ,so it’s not the fault of the Vp at all

The government is doing everything possible to boost our economy, Ease of doing business is one of the steps to take Nigeria to the higher level. Nigeria has moved higher in the Ease of doing business in the world.

Could this man had been a better president than what we have? Nobody can truly tell until he gets there. Though he seems more emotionally intelligent and dexterous, is that enough to preside over a country like Nigeria where our people are never satisfied. Like football viewers who think the striker didn't strike the ball hard enough or the goal keeper didn't get down quickly. It is easier to criticize others from the sideline.

This administration has shown lots of support towards MSMEs and this has in turn pushed Nigeria up the ease of doing business ranking. Undoubtedly, the coronavirus has affected lots of economy around the world and what the Osinbajo-led ESC has done is to put basic measures and plans in place to avert the impending recession and this includes a massive palliative for MSMEs, farmers, constant power supply and patronage of locally manufactured products.

Deputy1111:
The government is doing everything possible to boost our economy, Ease of doing business is one of the steps to take Nigeria to the higher level. Nigeria has moved higher in the Ease of doing business in the world.

Ease of doing business is only about registration globally (CAC) mentioned and not the real thing check the checklists

Jhayphil:
This administration has shown lots of support towards MSMEs and this has in turn pushed Nigeria up the ease of doing business ranking. Undoubtedly, the coronavirus has affected lots of economy around the world and what the Osinbajo-led ESC has done is to put basic measures and plans in place to avert the impending recession and this includes a massive palliative for MSMEs, farmers, constant power supply and patronage of locally manufactured products.

Indices is about ease of registration. Not the real doing business, like roads, phcn, markets and so on. Check the criteria for the ranking globally

This is a good call. A friend of mine who was working on his travel permit went to foreign affairs ministry before this pandamic and on getting to there, him and other people were charged N200 which the staff incharge couldn't provide answer for. So there is one of our friends who works at the EFCC, he questioned them, they started shivering after he showed them his Id card, they quickly returned his money before we say jack, other people who were extorted started collecting their Monies. The corruption in our MDAs and agencies is hand full and our law enforcement need to look into this. Although, there's a report gov by the PEBEC which is a good initiative by VP Osinbajo.

The government is doing everything possible to boost the economy, especially with the (ESP). Nigeria will surely prevail

Joyce95:
The government is doing everything possible to boost the economy, especially with the (ESP). Nigeria will surely prevail

Amen and there is need to harmonise taxes too
The environment is somehow caustic.
If we can digitalise 95% payments things will be easy
Lalastic