Vice President Yemi Osinbajo said on Thursday that a Presidential Economic Committee had been inaugurated by the Federal Government to ease the cost of doing business in the country.

Osinbajo said this during a Presidential Policy Dialogue Session organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos

According to the vice president, the task ahead of the government is clear. It is to ensure security, fight corruption, improve the economy and business environment.

“Our immediate task is to reduce fiscal and foreign exchange imbalances, boost foreign exchange liquidity, curb inflation, lower interest rate, ensure lending to the real sector.

“These challenges are significant but the opportunity to get it right is even more significant. For us, focus, steadfastness and consistency are crucial,” Osinbajo said.

He said that the government was committed to engage the private sector and institutionalise quarterly meetings with the sector to achieve an enabling environment for businesses to thrive.

Osinbajo said that the cornerstone of this administration was increased investment in infrastructure and diversification of the economy for growth.

According to him, the economy is resilient, has robust market with innovative and dynamic entrepreneurs, huge natural resources endowment that will be leveraged upon for economic recovery.

Sen. Udoma Udo Udoma, Minister for Budget and National Planning, said that the target of the presidential committee was to move the country 20 places up in the ease of doing business.

He said that the government would remove bottlenecks to create an expansive and productive economy.

Udoma said that the government would leverage on agriculture, mining and manufacturing to transform the economy.

Alhaji Aliko Dangote, Chairman, Dangote Group said that the three tiers of government should collaborate with the private sector to solve the country’s economic challenges.

According to him, Nigeria is still the number one economy in Africa with a vibrant private sector.

He urged the government to address challenges that hindered the performance of the private sector for improved contribution to GDP.


Dr Ousmane Dore, Country Director, African Development Bank, said the bank was committed to accompany Nigeria grow economically.

Dore said that the bank would provide $2 billion intervention fund for the real sector of the country to improve employment opportunities and feed the nation.

Mrs Nike Akande, President of LCCI, urged the government to improve its dialogue engagement with the private sector to generate feedback for favourable policies and economic growth.

She said that creating an enabling environment through Infrastructure improvement would increase the level of investment in the country.

Akande urged the government to fast track palliatives to cushion the harsh effects of the economic climate. (NAN)


August 11th 2016