The Number Two man in Nigeria, Professor Yemi Osinbajo, is at first a legal luminary, being a member of the select group, Senior Advocate of Nigeria, SAN. Although he is an acclaimed cleric, his foray into the realm of politics and economics has become quite distinguished also. When he talks economics people listen because he not only understands what he is talking about, but he also knows how to present the intricate issues and how to drive home his points.
That is why his recent declaration that President Muhammadu Buhari’s administration is making specific efforts to enable the private sector to thrive attracted many listeners. According tothe Vice President, Nigeria is undertaking extensive reforms in the area of ‘ease of doing business’ in addition to on-going investment in infrastructure.
Prof. Osinbajo, who stated this at the just-concluded Financial Times Africa Summit at the Claridge’s Mayfair Hotel in London, said that the government had been working assiduously to improve macro-economic conditions. He told the global audience made up of international business leaders, investors, public sector officials, media gurus and intellectuals that ‘the outlook going forward is quite positive based on improvements in oil prices and production and the trend of leading indicators such as positive purchasing managers indices, a revived stock exchange and increasing foreign exchange reserves.
The Nigerian Vice President said “Practical examples of success include leveraging the use of technology to fast-track business registration and payment of taxes, a functioning, tried and tested 48-hour electronic visa procedure and an Executive Order mandating greater transparency and efficiency across all government agencies.
The reforms have led to reduction in cost and time, as well as greater transparency for small and medium sized enterprises in particular.”
He stated that the Buhari administration was “nevertheless determined and optimistic that Nigeria will, along with the rest of the continent, bring about an Africa that works for all its people and contributes to global growth and prosperity.”
In a related development, the Nigerian Minister of Finance, Mrs. Kemi Adeosun, has assured that the administration of President Muhammadu Buhari will not saddle Nigerians with unserviceable debts. According to a statement released by her Special Assistant on Media, Mr. Olayinka Akintunde, Mrs. Adeosun in an article entitled, “The debt debate: Deconstructing the debt story,” stated that the President has resolved to ensure that the debts continue to remain sustainable.
The Finance Minister stated that anyone, who thought the economy the administration inherited in 2015 need only a minor adjustment, was deluded.
