Nigeria does not need oil to develop — VP Yemi Osinbajo

Professor Yemi Osinbajo, Vice President, Nigeria.
Professor Yemi Osinbajo, Vice President, Nigeria.

The drop in oil prices not withstanding, Nigeria has everything it needs to build and sustain a vibrant economy, Vice President Yemi Osinbajo has said.

“This country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce,” the Vice President said Monday during a meeting with a group of international investors looking to invest in the country in the light of the new administration.

According to Mr. Osinbajo, the President already directed that a conducive environment be created for business investments in the country, adding that work had already started with government looking at the different aspects involved.

The Vice President, alongside the Minister for Industry, Trade and Investment, Okey Enelamah, had held a meeting earlier Monday with the World Bank Ease of Doing Business Ranking Team, where issues were laid out and specific lines of action identified on how to improve the business climate in the country.

At the the interactive session with visiting global investors, drawn from companies such as Renaissance Capital, Russia-China Investment Fund, China Africa Development Fund, Invest Abu Dhabi, Actis, Emerging Capital Partners, ECP, KKR & Co. LP, Old Mutual of South Africa, among others, Vice President Osinbajo explained that working with state governments and the Buhari presidency would ensure that issues such as pre-investment approvals, and acquisition of land titles would be reformed to ease investment in the country.

He said where necessary, government would reduce or merge agencies involved in granting approvals, thereby creating space for businesses to thrive.

Regarding the critical role of electricity in creating a conducive business environment, the Vice President stated that while the federal government would be making further investments in the sector, the entire power value chain would have to be well compensated in order to produce the needed results.

Prof. Osinbajo also restated the commitment of the Buhari administration to creating jobs through businesses and direct action of the government to engage the youths.

He said the 500,000 teaching positions for unemployed graduates worked into the 2016 budget is a means of engaging the youths in paid voluntary occupations in their communities until such a time they can find jobs in their different disciplines. Besides, he noted that the programme would also address the critical need for teachers in the public school system.

He also said the federal government would create opportunity for about 370,000 youths who are not graduates to receive vocational training and acquire skills, while one million artisans and market women would receive soft loans through the Bank of Industry as already proposed in the 2016 budget.

A former Minister of National Planning, Shamsudeen Usman, led the delegation of international investors, while Rachid Benmessoud, the Nigeria Country Director of the World Bank led the bank’s Ease of Doing Business Ranking Team’s visit to the Vice President.

Both meetings were attended by the industry, trade and Investment minister.

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  • ukoette ibekwe

    This is good news, can you advise your man to get his murder squad out of the Niger Delta.

  • NinjaK

    True True!
    Nigeria only needs a Redeem Professor of Law to develop!

    • PolyGon2013

      Do not forget to praise him when you see improvement in our economy.

  • Ben

    this is cheap propaganda. it’s aimed at convincing and securing the interest of investors and making nigerians feel good against what reality shows. nigeria can’t survive without oil for 6 months. every so-called investments- job creation the vp talk about would be based on oil money and hope that more oil shall be pumped as the product’s price dropped to meet these needs. loans the govt may secure shall be based on oil and gas not non-oil commerce and trade. international creditors wouldn’t give nigeria money in this age without oil. investors can’t show serious interest where there is no market/people to buy their product which purchasing power they know in this case is largely dependent on oil money. although possible, there is currently no science and technology-based economy nor are there other instant result commerce, trade and services in the country for investors and creditors to rely upon. oil is the only visible product nigeria has that needs little or nothing for near immediate result.

  • igboham

    The height of ingratitude – Nigeria has milked the oil in the Delta for years developing Abuja and everywhere else in the North. Now the price is down and Nigeria has discovered that oil is no longer needed for development. Why is Buhari still bombarding/terrorizing Delta and Bayelsa states for broken oil pipes? We still remember that the terms of the Nigerian Federation was unilaterally changed by Gowon and Awolowo representing the Hausa/Fulani/Yoruba interest concerning crude oil – military decree which I call armed robbery. If Nigeria have truly found other sources of exploitation, I pray it works out for them as long as they leave us alone in every way to clean up our environment and do what ever we desire.

    • Paul Young

      who is us?

      • igboham

        take a wild guess.

  • ceweeco projects

    Then no need chasing Tomopolo!!!

  • Ituri

    OK. But Buhari is in Europe at this moment looking for another loan, this time $3.5 billion dollars. Just go to Google and type “Nigeria $3.5 billion”. This is happening today. This will be in addition to the $2.1 billion Buhari borrowed without approval from house of assembly. This $3.5 billion too was never presented to national assembly for approval. And we say we have a democracy.

    • Julius

      Like Jonathan shared $2.1 Billions for political and special assignment purposes . Did we have democracy then ? At least we will know what Buhari will be doing with the loan. Now, that would be democracy !

  • TAWANDA INCOMMUNICADO

    The only alternative to oil as at today is “cap in hand borrowing”. Osibajo probably believes in voodoo economics. Buhari is off to another loan negotiation in Europe as we speak.

  • agbobu

    AND I WEPT WHEN I HEARD THAT NIGERIA IS GOING CAP IN TO THE WORLD BANK AND THE INTERNATION FINIANCE COMMUNITY TO GET A LOAN OF 3.4 BILLION USA DOLLARS, WHEN GOODLUCK JONATHAN, DEZIANI, NGOZI, NNPC AND THEIR AGENTS CAN NOT ACCOUNT FOR OR RATHER STOLE FROM OUR TREASURY THE SUM OF 20 BILLION DOLLARS. THIS FIGURE IS NOT MINE, BUT THAT OF THE FORMER GOVERNOR OF THE CENTRAL BANK OF NIGERIA SANUSI. YET SOME NIGERIANS ARE QUEING TO GLORIFY GOODLUCK JONATHAN AT ANY AVAILABLE OPPORTUNITY. THESE VERY SHAMELESS, CHARLATANS AND PRAISE SINGERS OF GOODLUCK JONATHAN, MUST HIDE THEIR FACES IN PERMANENT SHAME. ALL WELL MEANING AND PATIOTIIC NIGERIANS MUST NOT ONLY ENCOURAGE PRESIDENT BUHARI AND ASSIST PRESIDENT BUHARI TO MAKE SURE THAT THESE THIEVES AND LOOTERS ARE MADE TO RETURN ALL STOLEN AND LOOTED MONEY. ANY MEASURE USED BY PRESIDENT BUHARI MUST BE SUPPORTED BY ALL WELL MEANING NIGERIANS. ANY THING SHORT OF THIS IS NOT AN OPTION AND VERY UNACCEPTABLE

    • TAWANDA INCOMMUNICADO

      You are on your own Sanusi Lamido already revised down that amount of $20 billion twice. Buhari is borrowing Nigeria into extinction.

      • saheedl

        The news on world bank loan is fake. Finance minister denied it. At least the budget covers the unemployed and would be implented successfully.

        • Mo Mody

          Do not spread falsehood. The Finance Minister only tried to prevent the impression that Nigeria is near bankruptcy by denying the “Emergency” of the loan.

      • Julius

        You mean like Jonathan and Dr NOI took out loan of $2.1billion for arms purchase but shared it for re-election ?

    • saheedl

      The news of borrowing has been denied by finance Minister. I like your submission. Kudos!

    • Damilola

      You’re here with ur epistle again? Thought I spoke to you on Guardian to be happy and stay hopeful this case will be opened. Which one should we have gone for at first to raise more money. $20b or $2.1b. Remember even the revelations from the latter that has took the life of its own has nothing coming closer to that amount yet. Stay hopeful bro, we’ll get to the big show soon… 20b in dollars no be small money oo, Nigeria will be rich and bounce back once we get it back from the yam eaters even though we don’t trust the Judiciary. I pity u

  • Chukwuka Okoroafor

    I am just not sure if some in the elite understand this. Some are out for power and want absolute control of the resources while others just don’t get it (and probably never will). The Nigerian people and the society is also beginning to understand that there is more to economic growth and wealth generation than just oil. However, it is just some of those in government that I don’t have much faith in and they will hold us back.

  • samuel juliet

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  • favourtalk

    Anytime the vice president talk, he always bring out wisdom in his word, he is too and very brilliant to have not like the past one who was more of the assistant carrying bag around. He always know solutions to Nigeria problems and ready to solve them. Change is here and we have many brilliant ways of solving them

    • share Idea

      Just like he proposed Zero budgeting and when the budget was finally presented, it showed that the government ‘Xerosed’ previous administration budget according Soludo.

      • Burbank

        Which government in the world does not?

    • Mo Mody

      The VP is quoted as saying that Nigeria does not need oil to develop. Truely? May be the VP thinks that the country can always apply for a world bank and IMF loan to cover the budget deficit. After $ 3.5 billion in 2016 perhaps $ 6 in 2017 and $12 billion 2017. With such possibilities who needs oil? St*pid talk of an i*competent lot!

      • Burbank

        Many non-oil countries in the world “does not need oil to develop.”

        • Mo Mody

          Why alternatives has Nigeria? Palm oil or Cocoa and why did not function in more than 45 years?

          • Burbank

            Nigeria was once one the world’s largest player in cassava, palm oil and rubber, but with PDP misrule and corruption, all were neglected and left in ruins.

    • Burbank

      Gbam

  • GEJ FOREVER

    BUT CAN WE REALLY DEVELOP WITH WORLD-CLASS LOOTERS LIKE BOLA TINUBU, ROTIMI AMAECHI, RAJI FASHOLA & OF COURSE YEMI OSINBAJO?

    • Burbank

      Proof?
      Hearsays are ok for beer parlor.

  • grant niger deltans freedom

    Sambo Dasuki (rtd) has given his side of the story on the arms procurement saga which has pitted him against the incumbent federal government led by President Muhammadu Buhari.

    In a statement on Wednesday, Dasuki insisted he was never invited to appear before an Investigative Panel on the Procurement of hardware and munitions in the armed forces.

    The full statement reads: “In a theatrical manner, the Presidency fed the public with many allegations against my person and yet to be named former public officers.

    “To draw sympathy, the presidency quoted some absurd findings including extra-budgetary interventions; award of fictitious contracts; 53 failed contracts; payment for jobs without contractual agreements; non-execution of contracts for the purchase of 4 Alpha jets, bombs and ammunition.

    “For undiscerning Nigerians, they may tend to assume that the allegations were true and pronounce the former National Security Adviser guilty as charged.

    “The statement issued by the Special Adviser on Media and Publicity, Mr. Femi Adesina, who should know better as a former President of the Nigerian Guild of Editors and a witness to history, was nothing sort of propaganda to cast aspersions on Dasuki.

    “To set the records straight, Nigerians should appreciate that the AVM Jon Ode-led panel did not invite the ex-NSA under any guise before arriving at its ambiguous findings. At least, fairness demands that the panel ought to hear from Dasuki instead of its recourse to hasty conclusions. If the panel had been more patient and painstaking, it would have been availed of all relevant documents on some of the jaundiced findings.

    “As if acting a script, the Presidency alleged that the Panel accused Dasuki of awarding fictitious contracts between March 2012 and March 2015. Contrary to this claim, Dasuki was not the NSA in March 2012 and he could not have awarded any contract in whatever name. The ex-NSA was appointed by ex-President Goodluck Jonathan on June 22, 2012.

    “All contracts and accruing payments were with the approval of the President and Commander-In-Chief of the Armed Forces. Once the ex-President approved, the former NSA paid. So, there was due process for every purchase in line with regulations guiding arms procurement for the Armed Forces.

    “And Nigerians should note that all the services generated the types of equipment needed, sourced for suppliers most times and after consideration by the Office of the NSA, the President will approve application for payment. For sensitive sectors (military/security), there was no room for awarding fictitious contracts. The conclusions of the panel were presumptive, baseless and lacked diligence.

    “There were no fictitious contracts; contract sums were not diverted and the relevant services in writing acknowledged delivery of equipment. For all procurements, the Nigerian Army, the Air Force and the Nigerian Navy have their contractors.

    “While awaiting judicial process on these allegations, it is proper to make some references to show that the presidency was just desperate to hang some former public and military officers who served this nation at the risk of their lives.

    “It is laughable for the panel to assume that 4 Alpha jets and 12 helicopters were undelivered. In a memo to the Office of the National Security Adviser(ONSA), referenced NAF/905/D/CAS of November 28, 2014, the immediate past Chief of Air Staff, Air Chief Marshal Adesola Amosu acknowledged the receipt of the 4x Alpha jets attack aircraft and the helicopters.

    “On 10/21/14, the Chief of Air Staff also confirmed the receipt of F-7 N1 aircraft combination of 250kg bombs and accessories at $2,894,000 with the cost of freight at $1,200,000. The same Air Force confirmed getting 2xTri Shield 36DG Tactical radars

    “In another letter of December 1, 2014 signed by L.S. Alao(on behalf of the Chief of Air Staff), the Air Force said it received five containerized fuel storage and dispensing units with equipment.

    “The Nigerian Army wrote the ONSA to acknowledge the delivery of 14 armoured tanks. In a December 13, 2014 memo, the Brigade of Guards thanked ONSA for releasing N30m for RCA, Operation allowance for Troops on Op Urban Sweep II for third and fourth quarters of 2014. This is apart from the installation of CCT Cameras at the Brigade Headquarters, 2 backscatter bomb detection vans and other equipment.

    “On November 26, 2014, the immediate past Chief of Defence Staff, Air Chief Marshal Alex Badeh sought for approval of the award of one pair of uniform(in the interim) for the Armed Forces at N165, 375 to El-Jahab Mubarak Nigeria and N330,750,000 for two pairs.

    These are some of the acknowledgement letters submitted to me by the end-users(the services). It is not for me to go and find out whether the equipment were delivered or not. I am not the one keeping the inventories.

    “To show that I have nothing to hide, I submitted a comprehensive list of all requests for procurements by the services, the items bought and those equipment being awaited to His Excellency, President Muhammadu Buhari long before I left office. If there were issues, I should have been questioned. I was just the clearing house, I did not award contracts to my company or proxies. There was no contract awarded or equipment bought without approval from the then President and Commander-In-Chief. I am not a thief or treasury looter as being portrayed.

    “In order not to endanger the nation’s security, there are many salient issues and contracts which I cannot put in public domain. I am ready for trial on all these allegations in order to prove to Nigerians that I did nothing untoward in office. We will certainly meet in court.

    I have a lot to tell Nigerians but in the interim, they should not believe some of the allegations as the gospel truths. The good thing is that some of the key actors in the present administration were parts of the past process being viciously challenged.

    “As for my tenure as the nation’s NSA, I acted in the interest of the nation and with utmost fear of God. I did not use the office for any self-serving agenda. I occupied the Office of the National Security Adviser at a difficult moment in Nigerian history when terrorism was at its peak and I am leaving posterity to judge me accordingly.”…………………

    • Burbank

      Too bad for you that Dasuki’s fantasies are debunked.

  • let my people go

    Oil Do Not Belong To Niger Delta People.

    It is Irritating for Niger Deltans to Lay Claim to the Oil in Their Community – Buhari

    According to PUNCH, the President said those of them, who participated in the nation’s 30-month civil war that left millions of Nigerians dead, found the belief of Nigerians, who lived in oil-rich areas that the natural resources belonged to them, very irritating.

    Addressing Nigerians in Addis Ababa at a town hall meeting President Buhari said, “The theft of oil by some Nigerians that happen to live there, who feel that the oil belongs to them and not the country, is an irritating thing for those of us, who participated in the civil war for 30 months in which at least two million Nigerians were killed”. – Muhammadu Buhari. – Hope

    • Burbank

      And Jonathan as president NEVER changed the Petroleum Act that stated all oil and gas deposits belongs to the federation.

  • Susie

    Nigeria is slowly borrowing herself into a depth of debt she can never recover from. Nigerians beware! Say no to the world bank, say no to IMF!

    • Ajantala

      I do support your fear BUT this govt would have to cover itself in shame and get some LOANS to run the economy for now or there would be social disorders. jonadaft’s govt destroyed the country financially. A complete “prodigal son”

  • Burbank

    Bravo to VP Osinbajo.
    Nigeria must diversify her economy widely from one that was basically oil-based for decades.
    Agriculture, mining, tourism and fisheries can be developed to be the next engines of growth for Nigeria.
    Dubai, which was once oil-based, now has tourism as the major foreign exchange earner for the city.