Press Release: FG’S Collaboration With Private Sector Will Facilitate Take Off Of Special Economic Zones, Says Osinbajo in Davos Day Two

The Federal Government and Private Sector will collaborate in creating Special Economic Zones, starting first with the Textile and Garment industry in the hope of spurring the nation’s economic development, according to Vice President Osinbajo, SAN.

Speaking today at an interaction with selected investors in Davos, at the ongoing World Economic Forum, the Vice President noted that “having the right mind-set and understanding where we want to go”, will affect the implementation process whilst ensuring things get done in the nation’s business environment.

He stressed that the collaboration between private sector and the government ensures consistency in the implementation of economic policies.

The Vice President added that one of the reasons he is optimistic about the forthcoming SEZ for garment manufacturing is because it is “specific and is something we can measure very quickly; working with investors and allowing them to tell us what they want to achieve. This will help us attain set objectives.”

Furthermore, Prof Osinbajo stated that having labs, where issues around effective implementation plans would be intensely discussed with expert participants drawn from the private sector and public sector, will also help ensure “that we achieve our objectives” as those labs will set up the implementation agenda and see it through to the end.

Both the Minister of Budget and National Planning, Senator Udoma Udo Udoma, and Minister for Industry, Trade & Investment, Dr. Okey Enelamah were also at the interaction.

Speaking earlier, Senator Udoma mentioned that there were many advantages for Nigeria to create the SEZ for Textile manufacturing, citing the use of English as our official language, our political stable environment and the provision of an enabling environment for the private sector.

He further went on to say that confidence is being restored in the hearts of people regarding economic policies.

In his own remarks, the Minister for Industry, Trade and Investment, Okey Enelamah noted that 2018 is a year of implementation regardless of the consequences. Enelamah went on to stress the need for a continuous active implementation of the ERGP based on three legs; investment, trade and industrialisation with an enabling environment as the thrust that runs through all three legs.

Former World Bank Chief Economist, Professor Justin Lin who was also in attendance mentioned that the Garment and Textile industry in Nigeria has huge potential because Nigeria produces cotton, as well as the availability of good locations around the country, including the large markets both domestically and internationally.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
January 24, 2018

Press Release: VP Osinbajo To Speak At Harvard As US Ivy School Starts Business Lecture Titled “Africa Rising”

Vice President Yemi Osinbajo, SAN, on the invitation of Harvard University, Boston, United States, would be delivering the inaugural, keynote lecture on “Africa Rising” at Harvard Business School on Tuesday, January 16, 2018.

In extending its invitation to the Vice President, the university noted that it deeply admired the immense progress that Nigeria has made by the Buhari presidency including the work of the Presidential Enabling Business Environment Council (PEBEC).

“It would be the highest honour for us were you to accept our invitation as we deeply admire the immense progress that Nigeria has made,” the Harvard invitation noted, commending in particular the work of the Presidential Enabling Business Environment Council.

Nigeria’s rise in world economic rankings and the vast range of business initiatives in the country were also noted.

The top US university further describes the lecture as “a historic moment” as it would be the first time that an Africa-focused course will be offered at Harvard Business School.

During the lecture, Prof. Osinbajo would highlight the progress made by the Buhari administration in the area of improving the country’s economy and investment climate.

In the latest World Bank Doing Business index, Nigeria climbed up 24 places and was placed on the list of 10 most reformed economies globally.

Alongside the President, the VP has been a strong advocate in the future of a greater Africa, and has proffered solutions on how to make the continent work better for its people and the rest of the world.

In a keynote address at the Financial Times Summit in London recently, the Vice President emphasised the depth of talent and innovation across Agriculture, ICT, Hospitality, Fashion, Energy, Manufacturing, Entertainment, and many other fields.

The Vice President, who will leave for Boston today, is expected back in Abuja later on Wednesday.

Earlier in the day, Prof. Osinbajo had, alongside President Muhammadu Buhari, laid wreaths in honour of fallen heroes of the Nigerian Army at the National Arcade, Abuja to mark the 2018 Armed Forces Remembrance Day.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
15 January, 2017