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Nigeria diversifying from oil – Osinbajo

Vice President Yemi Osinbajo says Nigeria is diversifying from the oil sector so as to boost rapid economic growth through jobs.

The VP spoke on Friday at the commissioning of the Kimberly-Clark Huggies Diaper Manufacturing Plant in Ikorodu, Lagos.

Noting that seven million babies are born every year in Nigeria, Osinbajo expressed excitement that the factory signaled the beginning of greater investments.

“Every new manufacturing plant is an important step towards our belief that it is private investments, both local and foreign, that must be the pathway to rapid economic growth, with jobs and prosperity”, he said.

On FG’s National Development Plan 2021-2025 sector collaboration), Osinbajo stressed that the success of the plan depends greatly on a conscious reliance on private enterprise and initiative.

An investment of N348trillion will be needed over the 4-year period of the Plan, with government at all levels expected to provide about N49.7trillion, while the private sector is expected to invest N298trillion, he announced.

Osinbajo highlighted the 7th 60-day National Action Plan (NAP 7.0) on Ease of Doing Business by the Presidential Enabling Business Environment Council (PEBEC).

“The Plan aims to deepen the reforms delivered over the past 5 years, with a focus on agro-exports, process automation, improvement in regulatory practices, judicial reforms and Executive Order 01/ReportGov.NG compliance”, the VP added.

He further disclosed that the Buhari administration has highlighted key action items in all of the focus areas to ensure sustainability.

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