Remarks by VP Osinbajo at the 7th Presidential Quarterly Business Forum in Abuja

Opening Remarks

Before I go into my few remarks, I just want to add to some of the questions that have been asked. A question was asked on the railways and what has been happening especially with respect to being able to evacuate goods from the ports. Two things happening; first, I’m sure some are already familiar with the concession given to General Electric, to refurbish the Narrow Gauge Lines, which starts from the Ports itself. That concession is already in place, and we expect that things should begin to happen very quickly. Also in the private sector, one of the members of that consortium – APM Terminal, is going to do something on a railway station on the way to Ibadan and trying to develop an inland port there. They say they can do this in 10 weeks and we hope that means a further reduction in the pressure on the Apapa port.

Asides from that, the Standard Gauge Line which is funded by the China EximBank has already started and taking off from the Apapa port. We expect that by the end of this year, we should see significant progress between the Lagos-Ibadan end of that Standard Gauge Line. As a matter of fact, our target is to have that bit of it concluded by the end of this year and we hope we can achieve that. So that would move goods from the Apapa port out of Lagos to at least as far as Ibadan, before going to Kano which is the terminal point of the Standard Gauge Line.

The other question I would like to add to is concerning the Eastern ports, because someone asked about the Onitsha port. The concession agreements on that have been finalised, all the technical evaluations have been done, it is going to the Attorney-General’s office and we expect that it should be sorted out very shortly.

In that same Eastern port axis, there is a Warri port, the technical evaluation is still going on, it hasn’t been concluded yet but we expect that it should move on very quickly.

The other point is the frustration that many of us feel when we come into Nigeria through our airports and of course, some of the frustrations around the seaports in bringing in goods.

The point that was made especially about two people sitting together, questioning you and passing your passport from one person to the other, is what we are all generally irritated about. What we require is i-check, which is quite an elaborate device which enables us to get advance passenger information ahead of passengers arriving at the ports. This enables us to do two things; one, it enables us to give visas on arrival because you already have the information of the passenger. Secondly, it removes the necessity of more than one person checking the passport because you already have advance information, the other security person works from the backend. We expect that when that is installed, we would be able to achieve that and remove the nuisance of two/three people checking passports.

Last week, we held a meeting with all the agencies that are usually at the ports, and you find that there are several of them. The idea is to reduce this number and ensure only those who must absolutely be there are there. There are some who don’t need to be there but rather be summoned when their services are required.

The permanent solution we are proposing for bringing in and taking out goods from our ports is through our single window, the National Trading Platform. We have gone very far with that, and we expect that should be on stream very shortly. We are at the point where this is going to FEC for a final approval.

With the single window, a lot of the stress will be greatly reduced, and with the appropriate scanners run by concessions with PPP arrangements, we should be able to achieve greater ease of coming into our ports and exporting goods from our ports.

Main Speech

Let me join my cabinet colleagues in thanking you for making the time yet again to attend the Quarterly Business Forum (QBF). This is the 7th Forum, and there are many here who have attended all seven, to them we are of course, especially indebted for their consistent faith and support for this process; even those who haven’t attended seven, have attended several and there are some who are attending for the first time.

It is important that we continue to emphasize that for us both philosophically and as a practical matter, our partnership with the private sector is fundamental. Aside from the QBF, we have established other platforms to harness the partnership, these include the Industrial Policy & Competitiveness Advisory Council and the Presidential Enabling Business Environment Council. These are interactive platforms where we bring the private sector to collaborate, develop and think through policies with us and in the Competiveness Council to even implement policies with us.

I think this is the way we ought and have to continue because when you consider the size of the Federal Government’s budget, and even when you total the aggregate States’ government budget, you find that the absolute amounts are very small indeed but once you factor in the private sector, that becomes the real economy of Nigeria and there is no way of talking about the economic development of Nigeria without the private sector seating at the table, playing a critical role.

I have asked the question, and I ask again? What was wrong with the Nigerian economy and what did we need to do to correct the flaws?

There are several issues, many of which have been well articulated in all earlier presentations. But I want to talk about what I think is probably the biggest problem but which we for some reason hardly talk about when discussing our National economy. This is grand corruption in the public finance space!

Sometimes, the way we talk about the Nigerian economy, it appears like it is the economy of say Norway or Sweden, where all things are equal. Even when we refer to what has taken place in our economy, we almost sound as if this is a normal business environment, a normal public finance environment but that is not the case. I don’t think that any considerations of our economic development can be properly or honestly done without fully analysing the role of grand corruption in the public finance space.

So despite record high levels of oil prices, very little was invested in infrastructure and record levels of leakages were recorded, especially in the past few years. This is the fundamental issue in our economy. Corruption affects everything, it even affects judgement as to what sort of infrastructure to put in place or whether to even put infrastructure in place or whether it would be completed. It is so fundamental that we cannot even think of our economy, without thinking of what to do about it.

Sometimes when we talk about our economy, we say that we have relied on a single commodity, and that is one of the reasons why we are where we are. Yes, that is true but it is the fact that the proceeds of that single commodity were regularly hijacked consistently by a few. That is really the problem. If we spend the proceeds of that single commodity the way we ought to spend it, we won’t be where we are today.

That most of the proceeds go to rent seekers, who invest little in industry and production.

So for example, I’m sure many of us are familiar with the so called strategic alliance contracts with the NNPC and NDPC, the promoters of the companies made away with close to 3billion US dollars, almost a tenth of our reserves at one point! There is no way if someone made away with that amount, a tenth of your reserves, that there won’t be a major economic shock! If we don’t deal with it and talk about it, how do we really discuss our economy in any real honest way with a view to ensuring that these things do not happen again?

In one single transaction, a few weeks to the elections in 2015, the sum of N100billion and $289million in cash were embezzled by a few. When you consider that in 2014, when oil prices were an average of $110 per barrel, only N99billion was spent on Power, Works and Housing, and in one day, N100billion was issued and people essentially shared it and N99billion was spent on Power, Works and Housing. When we talk about our economy, we talk about it like it is normal but it is abnormal by every standard, completely abnormal. Nobody should talk about the economy when you have these huge leakages and corruption; corruption that makes what you allocate to capital and infrastructure nonsense.

From the presentation of Minister of Finance, N14billion was spent on agriculture in 2014, transportation N15billion. The total spend on capital in those critical areas was N153billion and in two weeks to the 2015 election, N150billion was shared and essentially shared! So if your total capital spend is N150billion and you can share N153billion, let’s face it, that is completely incredible! It is the sort of thing that doesn’t happen anywhere else in the world. When we talk about the economy, we absolutely must understand that is the problem

Today with less revenue, we have increased capital funding by 400% in Power, Works and Housing, Defence, Transportation and Agriculture. Economic analysis in Nigeria is either fraudulent or ignorant if we do not bring the money lost to corruption into the maths.

This is what distinguishes this administration from any other. It is the fight against corruption especially in public finance. And I can say that will all sense of responsibility, if you have a President who is not corrupt, at least 50% of your financial problems, especially in public finance, is over. This is what I have seen, and I can prove it with facts and figures.

If the President is corrupt, the entire financial system of the country is compromised, that is what we have seen from the figures. That is an absolute important point that we must take into account.

I am not saying that corruption under this administration has been completely dealt, certainly not. Where corruption has become systematic, you can’t deal with it all in one fell swoop. In any event you still have to deal with corruption fighting back, the system fights back, it is both an internal and external fight, and you have to be steadfast and strategic to win the battle. There is no way you have a system that has consistently thrived on corruption and proceeds of corruption and public finance in particular that will just roll over, no! It is a system that had actively dealt on corruption and the system affects all aspects of governance. So clearly trying to deal with it is not a walk in the park.

I want to say that task has already begun and being done consistently, I believe that going forward in the next few years, no matter how we slice it, if we stick to policies especially in controlling excesses and corruption in public finance, this country will make the kind of progress it deserves to make with all of the resources at our disposal. If we stick to a policy that ensures that as far as public finance is concerned, there is no impunity, and we hold people to account, I am absolutely confident this country has everything it takes to make the sort of progress that we deserve to make as a nation.

Again, let me thank everyone for your participation and continued support and confidence in the work we are doing. I want to say all the comments and issues are taken seriously. We will go back, and look at what we need to do to ensure that all our objectives, plans and thoughts come to fruition, and that our country becomes a better place for doing business and the economy of our country grows to the benefit of our people.

I want to thank you again very much. God bless you.

Released by:

Laolu Akande
SSA, Media and Publicity to the President
Office of the Vice President
March 19, 2018

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

VP Osinbajo’s Address at the Southwest Regional Summit in Oshogbo, Osun State

I am greatly honored to have been given an opportunity to say a few words here today. And I do not say this merely for correctness. Only a fool will reject an opportunity to speak to the future and the coming generation. I decided, as soon as I was told about this summit, that I must make effort to be here because it is an opportunity to speak to the future.

I must also commend the farsightedness and sense of purpose of the South-West governors under the auspices of the Development Agenda of Western Nigeria (DAWN) for initiating and thinking through a 25-year master-plan for the region. It is also eminently logical that those who are likely to be here in 25 years time should be here to make an input into this very important master-plan. People accuse us in this part of the world of not planning enough but I think that the DAWN Commission and the South-West governors have shown great foresight and they have presented a great example by planning 25 years ahead from today.

It is important because we are told that by the year 2050, we would be the third or the fourth most populous nation in the world. Anyone who knows that you are going to be the third most populous nation in the world must begin to plan now because that future is already here with us.

The Acting Director of DAWN has told us why we are here and he said in particular that they want to get the inputs of the young people who are here and I would like to throw in a few thoughts on what I consider fundamental to the success of individuals and societies.

I am not going to talk about the things that are in the master plan. The master plan already talks about education, healthcare, technology and innovation.

I want to talk about something that I consider the foundation of the success of any community, society or nation and individuals wherever they may be. That foundation is something that is called values. If you look at any society or any individual that has succeeded, values are crucial. Whatever you are seeing that is successful, underlying it are values, if there are no values the society does not work.

Values are the fundamental principle of any society. In the Yoruba culture, they call it “Omoluabi.” It just denotes character, hard work, integrity, courage, and the pursuit of excellence. In other cultures, they call it different names but the principles are the same. The principles that have made other countries successful are the principles that we must work on.

When our fore fathers developed the ethos of “Omoluabi,” they knew even then that those were the principles that would lead to success. And there is no country on the surface of the earth whether they are Afro-Asians, Arabs or whoever they are and wherever they may be, they have had to rely on these principles. So, there is nothing new about what we are saying when we say “Omoluabi” is the fundamental principle for our own development.

I will just take you through a few of those principles so that you will understand that as part of our 25-year development plan, if we don’t enthrone values as a fundamental principle, not much will happen.

The first is to recognize that talent by itself, (is potential & by itself means nothing. If there is no character, if there is no integrity and hard work, talent is nothing at all. The richest place in the world today, the place with the richest mineral potential, is in Africa and that is in the lake region. That is where the largest mineral deposit in the world is but it is also the poorest place in the world. The reason is that no matter how much talent you have, without character there is no way that progress can be made.

The greatest problem that our own country has is the absence of integrity, the greatest problem we have is corruption. If we remove corruption, we would have solved 70 percent of our problems, so, integrity is key anywhere in the world. Some people must make the sacrifice for others’ sake.

Somebody was telling me the other day of a business she started, it was a business of making greeting cards and after about a year she found out that she was not making money but she suddenly found that two graduates who she had employed and were working for her had opened their own stores somewhere in another part of Lagos, they were stealing from her and selling in their own shops. The truth of the matter is that if we do not ensure that businesses can thrive, nobody would be able to create opportunities for others. The reason why it is difficult for people to open branches of their businesses is that if you are not there yourself, you might as well forget your business.

Every society that does not emphasize integrity always fails. I always tell the story of my days as a post-graduate student in the United Kingdom. There was a particular occasion when I could not pay my school fees because we had delays with the Central Bank and so it was very difficult to send money across. So, I went to one of my supervisors and explained that I couldn’t pay my fees and it was getting late and he said to me, “Why don’t you go to the bank and borrow money”, and I said how can I go and borrow money when I don’t have any collateral but he said, “no, go and explain”.

So, I went to the bank and spoke to this lady across the counter, and she looked at my ledger and saw how money had come in and out and I had about 30 pounds left in the account. She asked how much I wanted and I said 600 pounds, she asked when I was going to pay back and I told her maximum two months. She brought out some papers for me to sign and she gave me the money and of course when my cheque came I paid back, and that was in 1981.

By 1984 in the same United Kingdom it was difficult for anyone who had a Nigerian passport to even open an account because many young Nigerian students had assumed that these people must be very stupid; that anybody that can give credit in the way that I was given money must be stupid. Many Nigerians just went in there took money and ran home and by such reason it became impossible for a whole generation of Nigerians to even open bank accounts let alone get money.

There is no question at all that any society that does not emphasize integrity and does not stand on integrity cannot succeed. The whole of the economy is based on trust, even the currency that you spend is based on trust, and business is based on trust. Many times as Nigerians we have lost that trust even dealing with international partners we have lost that trust.

So, it is important for us to understand that no matter what we do we must emphasize this Omoluabi ethos, the ethos of integrity. It is so crucial, without hard work it is impossible to do much. People say all sort of things, they say if you are well connected, you will be a success. There is a limit to what connections can do, even when you are connected enough to be given a job, if you are not serious and hardworking at that job you won’t move up on that job, so hard work is crucial.

I was listening to Governor Aregbesola when he was saying that he met Asiwaju during his participation in the struggle for June 12. I met him-Ashiwaju- in 1998 just after the elections when we were planning for the new government in Lagos State, and the conversations we had at that time were conversations about how to build great societies and it is incredible to note that even till now, anytime I meet him our conversations have always been on how to make the society better.

I listened to the MD of No leftovers, the lady who spoke so well about her progress, it was a short presentation but very powerful because she told how she started and told us where she is today but you must also recognize that in between her starting and now, there is so much she didn’t tell us, she could not have told us how many times she failed in that business before she attained the success that she is today.

I remember a lady also who owned a restaurant just close to a church i pastored in Ikoyi many years ago. She owned a Chinese restaurant called Chinaville and I remember going there with a group of people on this particular day and we were the only ones that were there and while we spoke to her she told us that we were the only customers that she had in three days. She said that some days she had no customers and that every day she will throw away food. She said that she was working in a bank and had to resign, sold her car and raised little money from her parents and started the business. But we encouraged her. That is the way to behave, if you stick at it and remain steadfast, one day you will see progress, Chinaville today is in Victoria Island.

I remember one day, myself, my wife and a minister in our church, we saw this woman driving a red jeep and the minister pointed to her and said “is this not the Chinese restaurant woman, this Chinese business is so easy to make money from”, and I had to tell the minister that there were days when this women used to throw away food, losing money but because she stuck to it and worked hard, and remained at it long enough, today people see her driving a jeep and all that.

It is only hard work, it is only the courage and persistent to remain focused that can get us as individuals and as a nation, from one point to the other.

I study very closely what young people are doing all over Nigeria. I have a group of young people working with me, I’m sure they are over 60 in different fields of expertise; some working in power, some in oil and gas, some in management, and a few of them are here with me, in various fields. These are Nigerian young people, very dedicated, very hard working, experts in their fields; and they are multitasking individuals, they can do a variety of things. Some of them are engineers; but when you hear them talk about agriculture, you will be amazed; some of them who are power experts, when you hear them talking about public health, you will be amazed; young people, almost all of them under 40, but they are so talented, and they are all over the place doing great things.

Like I said, I study very closely what young people are doing, and the reason why I said I study them is because I recognize that this country, which is the largest economy in Africa, is the key to the future, not just of Africa, but of the development of our world.

The places that are left to make the kind of growth and progress that the world can make are not very many. Africa is one such place. So we must watch closely what is happening in Nigeria, and that is one of the reasons why I watch and see exactly what young people are doing and try to encourage them. Today, you see that so many young people are into technology, doing all sorts of things. If you look at it, I’m sure that so many of us have come across Iroko TV, which is something in the world of entertainment and they show and distribute a lot of Nollywood films. A young man is the proprietor, it has become so successful that so many international parties want to buy into that thing. That is just one example.

There is Jobberman. I’m sure most of us know Jobberman, that employment website. Three young Nigerians started the site in 2009 – Olalekan Elude, Ayodeji Adewunmi and Opeyemi Awoyemi. They were young undergraduates at the time they started it, they were students of Obafemi Awolowo University, Ife. They did not have any money, they only had that idea and they pursued that idea. Today, they have grown that investment into a major investment. As a matter of fact, they have divested their interests and have started investing in other start-ups all over Nigeria and the world.

I’m sure many of us have come across the website called Nairaland. Nairaland was started by a very young man, 20-year-old at the time, and also an undergraduate in the university. N10,000 was what he started Nairaland with. Today, Nairaland has more readership than probably all other print newspapers put together, and he started it in a room in the university. He didn’t complain, he didn’t come out to say, “we don’t even know what they are doing here, or what they are doing for us.” No. He saw the opportunity and took the opportunity, and it has become what it has become today. Innovation is critical, we must tell ourselves, we of this nation, and young people in particular, we must tell ourselves that it is good to hear stories of the good old days. I was talking to a group of young people and they were telling me about how “oh, you know in those good old days; your days were much better than our own.” But I would say, no. You must be very suspicious of people who are always talking of the good old days. There are no days that are better than the present, and no days would be better than the future. If we look at it, the opportunities that you have today I cannot have.

I remember as a young university lecturer, when I was doing a research, just one, I was researching an issue on “illegitimacy in Nigeria”, it took me eight weeks to just find the right materials. Today, I can sit at my desk in my study and just online, in a matter of hours, I can do all the research I need. We have all manner of opportunities now that nobody would have dreamt of some years ago. In fact, I remember a conversation we had in 1992 when one man was talking of technology, and he said one day, everybody would have telephones, he said even a beggar on the streets would have telephones and everybody laughed. But today, almost everyone has a telephone. The opportunities today are great, the opportunities are many. We must not keep looking back and saying, oh, maybe the good old days; but the good old days are here already. The days of today are your own days. You owe yourself the responsibility of ensuring that you maximise what you have today.

Education is critical. Everybody knows that education is so important, but let me just say to you, self-education is probably more important–educating yourself. A lot of us, of our own generation and even before, did a lot of self-education. I remember Ogbeni Rauf Aregbesola who was telling me how he came across Marxist principles. He picked it up from reading some sheets of paper scattered across all over the place, I think, in front of the mosque, Marxist literature, literature talking about Karl Marx, etc.

I remember in 2005, Ogbeni and I went to Cuba for his son’s graduation; he was on scholarship in Cuba then. We were met by all his old compatriots from the communist days. Fidel Castro was excited to see him in Cuba. And here’s a man who was living in Ikare at the time, he had not travelled anywhere, but because he was curious and was looking for information and he was educating himself, he made friends, without the Internet, just by writing letters. He made friends across the world, such that when we were going to Cuba in 2005, he was welcomed as a hero.

So it is important that we understand self-education. The Internet is full of ideas, so much information.

There is no reason why a young Nigerian should speak only one language; there is no reason why he/she should not speak French or Spanish or German, and you can learn everything now on the Internet. It is easy to learn. There is no excuse. Some of you young people who are here today would be working in the United Nations, in different UN and international agencies. But you can’t do so if you are speaking only one language. You must be multilingual or at least bilingual. If they ask, what language do you speak, and you say English and Yoruba, or English and Itsekiri. No. You must be able to speak at least two international languages, and there is no reason why not. At any age, you can learn a language, and you must do so. We must self-educate ourselves.

The other thing I want to leave with you before I go is the value of small beginnings. I think it was Governor Ajimobi who emphasised that point, that don’t ever assume that because today does not look good, that today you don’t have anything or a job, it means that tomorrow is going to be the same; of course not. The value that thrives, what endures forever is the courage and persistence of human beings. That is the only thing that keeps human beings going; it is their courage and persistence. The difference between success and failure is your ability to see today and say although things are not working today, I am sure that tomorrow will be brighter and you make sure that you work towards it.

I was telling some people that I graduated early in life. At the age of 21, I was already a law graduate. I started teaching at the age of 24. So, in every way, I could be considered fortunate because I graduated early. But at that period of my life, teaching and being involved in legal practice, I was earning very little, because in the university we were paid N20 a month but we were able to do a few things. And I explained to these people who I was talking to that I never used a brand new car until 1998. Anybody seeing me in my old car in 1998 would have said, “Well, this man, what is he up to? He’s a professor, he is an advocate, but he must be keeping some money somewhere.” But I recognized even then that, it was important to build something, it was important for me that, in the future, I must be able to look back and encourage some people, young people, and let them know that they don’t have to steal, they don’t have to cheat or do anything untoward to get money. And I was saying that it is possible for a person to earn a salary, it may not be enough, but you are developing yourself, you are building up yourself.

A time came in my life that people would give me cars. Life itself is a journey; it is not a hundred-meter dash. If you hurry too much and you go around shortcuts, you would end up in big problems. There are people who would say, at the age of thirty-something, I must have built a house. Why must you build a house at the age of thirty-something? I built my own house at the age of 50. I moved into my house at the age of 51 and I enjoyed the house. Before then I used to live in a house that I rented. It was a rented accommodation. So there is nothing to be said for saying that by the age of 20, you would do this. So what? If God helps you and you are successful honestly, at the age of 20, fantastic. But don’t be under any pressure; don’t let anybody put you under pressure. You must be determined to work hard, you must determine to be a person of integrity, determine to ensure that you build your works correctly, so that at the end of the day, you are able to enjoy whatever you have in peace.

Finally, let me just say that we must also recognize that every generation owes itself the duty of converting its challenges to opportunities and success. And you must not see yourself as young people of the South-West alone. Yes, you are South-West citizens, you were born and bred here, but you are actually citizens of the world. You are citizens of Nigeria. You must make contacts across the country, you must build bridges across the country; you must see yourself first and foremost as a Nigerian citizen. It is from this Nigeria that we would make the kind of progress that each and every one of us need. There is no point doing our business only in the South-west, Nigeria is our playing field; this country is big enough. The advantage of our country is that it has everything that we need, and we must take advantage of it.

So while we are here locally, we must think nationally, and we must think globally. And we must act nationally, and we must act globally.

Thank you very much.

Released by:

Laolu Akande
Senior Special Assistant to the President (Media & Publicity)
Office of the Vice President
January 09, 2018

Press Release: There is now a New Orientation To Grow Business In Nigeria – VP Osinbajo

“I think a new orientation has been birthed which is that as bureaucrats, we are meant to facilitate trade and commerce and business in our environment”, says Vice President Yemi Osinbajo, SAN.

Speaking today at the State House to heads of Federal Government regulatory agencies at a meeting convened to review the implementation of the Micro Small and Medium Enterprises Clinic (MSME Clinic) in the out-going year, the Vice President congratulated the implementing agencies saying “ I think that a tremendous improvement we’ve seen in the quality of service to the people is worthy of commendation and I want to congratulate you all.”

The Vice President told the implementing agencies not to rest on their laurels noting “next year will also be a more intense period where we will be required to double our efforts.”

Vice President Yemi Osinbajo later presented certificate of recognition to agencies who contributed to the success of the MSME Clinics namely; Federal Inland Revenue Service (FIRS), Bank of Industry (BOI), Corporate Affairs Commission (CAC), Small and Medium Enterprises Development Agency (SMEDAN), National Export and Import Bank (NEXIM), National Food and Drugs Administration & Control (NAFDAC), Standard Organisation of Nigeria (SON) and Nigerian Export Promotion Council (NEPC) as well as the project coordinator, Brown Valley Partners Ltd.

Earlier at the review session chaired by Minister of State for Industry, Trade and Investment, Aisha Abubakar, the heads of agencies namely Federal Inland Revenue Service (FIRS), Bank of Industry (BOI), Corporate Affairs Commission (CAC), Small and Medium Enterprises Development Agency (SMEDAN), National Export and Import Bank (NEXIM), National Food and Drugs Administration & Control (NAFDAC), and Nigerian Export Promotion Council (NEPC), during their various presentations lauded the visionary leadership of the Vice President, commending him for ensuring that the clinics were held in 11 (eleven) cities across the six geo-political in the country.

It would be recalled that the MSME Clinics was launched by Vice President Yemi Osinbajo on Januray 24 in Aba, Abia State. It was conceived in view of the Buhari administration’s consideration of MSME space as critical to the growth and diversification of the nation’s economy from oil given its capacity as a potential contributor to the GDP.

The Clinics are driven by the Presidency and the Federal Ministry of Industry, Trade and Investment in conjunction with 14 MDAs which are critical to the operations of MSMEs in Nigeria.

Laolu Akande
Senior Special Assistant to the President (Media & Publicity)
Office of the Vice President
December 19, 2017

Press Release: Working Together Will Boost Economic, Technological Growth, VP Osinbajo Tells Young Innovators

Nigeria’s youths will achieve more if they collaborate more on projects that will benefit them and also boost the nation’s capacity in innovation and technology, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo said this when he received a delegation of young Nigerian innovators and beneficiaries of grants from the Growth and Employment (GEM) Project, an initiative of the Federal Government under the Federal Ministry of Industry, Trade and Investment, which is supported by the World Bank and the DFID.

In furtherance of the Buhari administration’s economic empowerment initiatives, the project empowers young Nigerian innovators and entrepreneurs with sustainable and innovative business models that will create more jobs for Nigerians and contribute to the nation’s economic growth.

“I am happy that everyone is a co-founder; it speaks to what we say about collaboration and working together, and also with international players,” the Vice President said.

At the meeting, the young entrepreneurs showcased their business models during short presentations to Vice President, who commended them for their efforts and engaged them with questions on the sustainability of their laudable projects.

It will be recalled that the innovators were selected following the Aso Villa Demo Day (AVDD), a technological innovation competition organised by the Presidency earlier in the year.

Also, at the meeting was the Minister of Health, Prof. Isaac Adewole.

In his remarks, the Project Coordinator of the GEM Project, Mr. Ugo Ikemba, thanked the Vice President for all the support the Buhari administration has given to the project since its inception. He said the project will continue to find platforms to support Micro, Small and Medium Enterprises (MSMEs) by enabling them get more access to funding.

In the same vein, the Director-General of Nigerian Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu, thanked the Presidency for providing leadership that supports and empowers young Nigerians to dream and innovate.

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

Press Release: NEC 83rd Meeting

An update of the ongoing forensic audit of revenue accrued from revenue generating agencies and meant for the Federation Account was given today at the National Economic Council, NEC meeting presided over by Vice President Yemi Osinbajo, SAN.

The Chairman of the Ad Hoc Committee of NEC on the audit, Governor Ibrahim Dankwambo, of Gombe State said the forensic audit is ongoing and assured Council that the full detail of the report would be ready in January, 2018.

He mentioned the Nigerian Customs Service and the National Communication Commission as the two agencies that are now being audited in a review that has included other agencies including NNPC.

The report is expected to detail the extent of revenue meant for the Federation but never made it to the Consolidated Account under the past administration.

This was one of the highlights at the monthly NEC meeting earlier today at the Council Chambers of the Presidential Villa, Abuja.

Also the details of inflows and outflows of special accounts of the Federal Government would be provided beginning from 2015 to date, according to the Minister of Finance, Mrs Kemi Adeosun.

The Minister also disclosed that several States have not been complying with conditions for the Budget Support facility as agreed under the Fiscal Responsibility Plan.

She added that particular states are yet to publish the mode of their financial disbursement, while some others have also not completed the Biometric Data of their staff list as agreed by the Council.

The Fiscal Responsibility Plan endorsed last year by NEC details the conditions State governments are expected to meet to qualify for FG’s Budget Support Facility which ranges from N800m to over N1B per State, per month.

BELOW ARE HIGHLIGHTS OF TODAY’S NATIONAL ECONOMIC COUNCIL MEETING PRESIDED OVER BY VICE PRESIDENT YEMI OSINBAJO, SAN

(10TH IN 2017) 83rd NEC MEETING – THURSDAY, 14th DECEMBER, 2017

UPDATE ON FORENSIC AUDIT OF REVENUE ACCRUED FROM REVENUE GENERATING AGENCIES (RGAS) INTO THE FEDERATION ACCOUNT, EXCESS CRUDE ACCOUNT AND CONSOLIDATED REVENUE FUND BY THE CHAIRMAN OF THE COMMITTEE, GOVERNOR OF GOMBE STATE,

His Excellency the Governor of Gombe State, and Chairman of the Forensic Audit Committee, Dr. Ibrahim Dankwambo, informed Council that the audit firm Messrs. KPMG, is still conducting the forensic audit of some establishment and that a full report will be ready by January 2018.

UPDATE ON THE BALANCE IN THE NATURAL RESOURCES DEVELOPMENT FUND

Council was informed by the Accountant-General of the Federation that the balance in the Natural Resources Development Fund Account as at 13th December, 2017 stands at N106.984 billion.

REPORT ON EXCESS CRUDE ACCOUNT (ECA)

The Accountant-General of the Federation also informed Council that the balance in the ECA as at 13th December, 2017 stands at $2.317 billion.

UPDATE ON THE CURRENT BALANCE OF THE STABILIZATION FUND ACCOUNT

The Accountant-General of the Federation informed Council that the balance in the Stabilization Fund Account as at 13th December, 2017 stands at N7.78 billion.

UPDATE ON BUDGET SUPPORT LOAN FACILITY

Council was informed that payment for the months of June, July and August to States has been effected, and that preparations are underway to do same for the month of September, 2017.

GENERAL COMMENTS ON SPECIAL ACCOUNTS

Council would be furnished with details of inflow and outflow beginning from 2015 to date regarding some of these special accounts: stabilization fund Account and Natural resources development fund

The Honourable Minster of Finance informed Council that the Budget Support facility to States is based upon certain conditions as agreed to under the Fiscal Responsibility Plan. But most of the States are yet to comply, she added. She said most of the States are yet to publish the mode of disbursement and most of them also have not completed the Biometric Data of their staff list as agreed in Council.

A. PRESENTATION ON CURRENT DEVELOPMENTS IN THE WATER RESOURCES SECTOR BY THE HONOURABLE MINISTER OF WATER RESOURCES

The Honourable Minister of Water Resources, Engineer Suleiman Adamu, presented a memo to Council, asking for urgent steps and action in the water sector if the country is to overcome the challenges of water supply, sanitation and water governance issues, as well as achieve the 2030 targets of the Sustainable Development Goals (SDGs) on water supply and sanitation.

He informed Council that Nigeria is lagging behind in terms of water supply, with access to pipe-borne water dropping from 32% in 1990 to less than 7% in 2017, with a corresponding increase of 25% in open defecation and the

prevalence of water-borne diseases.

He told Council that an estimated investment of N1.9 trillion is needed in the next 15 years to meet the SDGs by 2030.

He outlined a three-phase Action Plan to revitalize the water, sanitation and hygiene sector to include the following:

(a) A 12-month emergency plan beginning from the 2nd quarter of 2018 to April 2019.

(b) A five-year recovery programme to last up to 2022

(c) A 13-year revitalization strategy that will last till 2030

These plans, he said, will involve the urgent establishment of an institutional and funding framework for Water Supply, Sanitation and Hygiene (WASH) Services, and the engagement of Urban and Rural (WASH) sectors on an accelerated development path towards 2030.

The plan also calls for tripling the current investment in water supply, establishment of a WASH fund, fast-tracking the development of the National policy on Sanitation and the presidential launch of a National Sanitation Campaign to eliminate open defecation.

Furthermore, the plan is seeking the massive rehabilitation of existing infrastructure in the sector, and sectoral reform towards cost recovery and promotion of private sector participation in the sector, all aimed at taking care of the estimated 182 million population.

The National Water Reserves Bill now before the National Assembly provides for the establishment of Catchment Management Committees, with representatives of States within each hydrological area as permanent members.

In a similar development, the Minister informed Council that Nigeria requires an average annual investment of N59 billion to attain 78,000 hectares of planned irrigation by 2019, and a total of N1.5 trillion to attain 500,000 hectares of irrigation by 2030.

Council was also informed that the River Basin Development Authorities across the country are undergoing structural reforms towards partial to full commercialization.

Council thanked the Minister of Water Resources and urged collaboration between stakeholders in the approach to National Water Supply.

ANY OTHER BUSINESS (AOB)

SECURITY

The Chairman Governor’s Forum, Alhaji Abdullazeez Yari, informed Council that Governors have offered to contribute over $1 billion to support Military Operations in the North East. Governors said money should be taken from the ECA.

SGF/SSG’S RETREAT

The SGF informed Council that there will be a retreat in the coming days, 18th – 19thDecember, between the SGF and all Secretaries to the State Governments for better collaboration on issues of security and governance in all tiers of government.

FUEL SUPPLY

Honourable Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, told Council that fuel queues will disappear nationwide in the next 48 hours. All logistic arrangements to this effect have been concluded. He assured that there is enough fuel in the strategic reserve to last till the end of January.

In his closing remarks at the meeting, His Excellency, the Vice President, wished the Governors and the people of their States Merry Christmas holiday as the meeting is the last in the year.

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

Speech: VP Osinbajo’s Address at Akarigbo’s Coronation

Oba Babatunde Adewale Ajayi, the Torungbuwa II (the Second); your Royal Highness.

Today we are witnesses to a rare historic event of monumental importance for the people of Remo and for the Yoruba race; the installation and coronation of the Akarigbo of Remo, the paramount ruler of Remoland.

Through the ages, this throne has proved to be a bastion of freedom, hope and egalitarianism. From the days of its founding, when men fleeing from the jihad of Uthman Dan Fodio, and the collapse of the Oyo Empire, were offered succour and safety on this very land upon which we stand today.

It is from this throne that some of the most significant ideas on the development of Remo emerged. And it is here that the culture and ethos of the Remo person is defined and propagated. Here is the sum and substance of who we are as a people. The throne of the Akarigbo has long represented the attributes of justice, enterprise and integrity. Very few have the love of the Remo man for fairness and justice.

And so we, the people of Remo, are fortunate. Our Akarigbo combines disciplines of law, accountancy and commerce, being an accomplished accountant and a barrister and solicitor of the Supreme Court of Nigeria. We could not have made a better choice.

Kabiyesi, we are all proud of your unblemished career in both professions and your outstanding successes. We are confident that your sterling attributes will benefit the governance of Remo land and its great people.

On behalf of President Muhammadu Buhari, President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, and the people of Nigeria, I congratulate you on your preferment to this illustrious throne and your coronation as the 19th Akarigbo of Remo land.

This extraordinary honour done to your Royal Majesty by the traditions and acceptance of our people undoubtedly comes with a huge burden of responsibility. This is the task of galvanizing the Remo people, for the great task of developing our towns and villages. This is a land of incredibly gifted men and women, from the professions to the arts and politics. Your reign must mark the coming together of all sons and daughters of Remo to take this historic land to its rightful place in the 21st century.

Your pedigree, commitment to our people and avowed trust in the power and grace of God, gives us great hope and confidence that you will exceed all expectations. Permit me your Royal Majesty, to say a word of prayer for you as you ascend the coveted throne of your fathers.

I pray that Remo and its people will prosper in your reign; I pray that the Almighty God will hear and answer all your prayers for this land; that the hand of God will be upon you to guide and direct you daily. Your days will be longer than anyone who has sat upon this throne, and as your days so shall your strength, your wisdom and your favour be with God; in Jesus name.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
07 December 2017

Speech: VP Osinbajo’s Remarks At The 6th Presidential Quarterly Business Forum For Private Sector Stakeholders

Let me again thank you all for your attendance at this Quarterly Business Forum on agriculture, agribusiness, and the agro allied value chain. I think we are at a special moment in our journey to food security, and to becoming a power of sorts, especially of processed agricultural products in particular.

We are in a special moment because the Federal Government has shown commitment towards agriculture and entire value chain. We have seen enthusiasm of all the players, including the small farmers all across the country.

Getting feedback concerning issues that have been raised, there is cheaper credit, and the President directed that we set up a small committee to look at the issue of intervention funds in agriculture. It is clear, that we are not able to bring down interest rates overnight, the way out is by some kind of intervention agreement.

I chair a committee to look at how to monitor and use intervention funds. We will ensure that the funds go to the right people and also monitor the use of the funds. We are also refining the Anchor Borrowers’ Programme, and other intervention schemes that we have.

Listening to questions concerning lower tariffs, we must pay higher tariffs, these sorts of things are inevitable. What we are trying to do is not increase tariffs for now, but how we can ensure we clean up the entire value chain. I’m sure you are aware of the Payment Assurance Guarantee which we put in place for over N700billion to ensure gas is paid for and for liquidity in the whole value chain.

Today, we will be meeting with the World Bank on a scheme they have been working with us on to fund the entire value chain, and ensure we transit smoothly from where we are, to a much more market-determined policy for electricity. This will involve a fair amount of subsidy and help the Federal Government and World Bank are working together on that. There is no way of sustaining the current subsidies long term, but we want to ensure the process is smooth.

Dealing with the gridlock in Apapa port, the first thing to recognize is that the port is meant to be a 34 million metric tonnes capacity port. Now it is doing 80million metric tonnes, so it is obviously a port far too small for the size of business it is doing.

We have met with all of the important stakeholders, asides from those who do their business there like Flourmills, Dangote and BUA. We have also met with the Navy, Police, NPA, Lagos State Government, all federal agencies working in the ports and port concessionaires.

At our last meeting, we worked on a number of initiatives and agreed on a number of things that have to be done. I went personally to see for myself what was going on in the port area. There is a major problem there, but everyone has agreed on what to do and there is a plan which we are executing. Nothing would happen overnight, but we have a good plan that will make it work.

We have taken a number of decisions; empty containers are to be relocated to holding bays, shipping companies would no longer be allowed to operate holding bays within the port, tank farms would not to be permitted within the Apapa area and process licensing access to trailer parks by NPA to commence. A task force has been set up to manage traffic within the Apapa and Tin Can Island environs.

The PEBEC team has been monitoring what’s going on and we are watching closely to solve the problem. As you can imagine, it is a long running problem and the roads in that neighborhood are extremely bad but we are trying to fix them.

We agreed that Dangote Group will carry out palliative works and reconstruction of some major sections of the Apapa road, which is expected to be completed by June 2018. Procurement processes have also been concluded for construction of Liverpool road to Tin Can, to Mile 2, Oworonshoki up to the toll gate. The Honeywell Group has committed to construct a trailer park, they have started and will complete it very shortly. BUA Group agreed to do the works around the Tin Can Island road. We have it in hand, and we are watching and following up on it.

On excise duty, I have read the PWC study, which goes in one particular direction. And being a professor and having read several studies, I know how studies can generally represent the point of view that you prefer. We will consult the study, and make sure that this does not hamper business and raise costs in any way to discourage production.

On poultry, we go back to the problem around smuggling and what to do when supply does not meet demand. There is a huge demand for poultry and despite local production, people are still buying imported poultry. Just as we did, with tomatoe paste industry, we must work something out with poultry. In developing the policy for the tomatoe industry, we were quite sure of what it would take to bring local production to the point where cost don’t go high because we are banning imports. We have got a fair balance and soon all will see the policy as a good one. With poultry, it is a similar situation, it is something we must work on and the Honourable Minister of Agriculture will work on that, so that we can get some sort of balance.

Smuggling is a serious threat to our economy, and Mr. President has asked me to head a team to work out what needs to be done. We are making the point to our neighbors, that smuggling is an existential threat, we can’t permit the level of smuggling going on.

Last year, there was over 500,000 metric tonnes of rice around Christmas, which the Minister of Agriculture told us about and how it came in through one of our neighbours, but we blocked it.

Now, three shiploads of rice have left Thailand, 120,000 metric tonnes, going to this same neighbour of ours who have very large warehouses where they store this rice. It is very clear that this rice is for us because our neighbours don’t consume parboiled rice, they consume the white broken rice. It is clear that our neighbours do excellent business, with allowing rice to come into Nigeria and other products including poultry

I think it is important for us as a country, to make the point clear, that we are not going to accept that. We are all within the same economic zone and work together, so we go in a friendly and polite manner as possible, to ensure that this practice stops.

For those who are familiar with it, the duty in some of these neighboring countries, especially for rice, is deliberately set lower than ours, it is about a fourth of ours. We have increased duty tax so as to discourage importation but they would naturally drop duty to encourage import and then it would come to Nigeria.

I think we are at a point where we are making a fair amount of progress with the land issues also with the State Governors. It is not a problem we can solve overnight. For titling of land, banks find it difficult to accept lands just as it is, banks won’t accept the lands without titles, one of the issues we are working with State Governments is to ensure titles are done effectively and effectively as quickly as possible. Lagos, Kano and Rivers are working very well with us.

We have an Ease of Doing Business initiative for the sub-nationals, and at the moment, a road show is going on, trying to encourage State Governments to work with us. There is no national policy on land titling.

With respect to land clearing, we have heard from BOI and Minister of Agriculture on how we need to assist States, particularly the Southwest, to ensure that we support land clearing.

I have noted the suggestions that have been on a standing -consultative forum on agriculture and agri-business. This will be extremely useful and we should do. How we should go about it will be left with the Minister of Agriculture and Minister of Industry, Trade and Investment to work those out.

So let me again express my gratitude to your all for you time and for all of what you have done to make the Nigerian economy work well. All of us know how difficult it has been, but I am encouraged by the efforts which individuals, associations and groups are making to improve things, our circumstances and our situation as an economy.

We are all firmly of the view that this country can do a lot more than what it is doing if we get the infrastructure and incentives right. This country can be one of the major agriculture and agric-business centres in the world. I am sure if we work together we can achieve all of that.

Fundamental to our economic policy is private sector leadership, and we have emphasized that time and time again. We have tried to establish several public – private sector platforms including this one, the quarterly business forum. The constant engagement in my view is the way to go. If we continuously engage and interact this way, we will resolve most of the problems that stand in the way of our becoming the great economy that our country surely has the potential to be.

Thank you once again, and I hope that you will be able to spend a few minutes at lunch.

Thank you.

Released by
Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
November 27, 2017

Press Release: World Bank Praises FG For Ease of Doing Business Ranking Feat

The Buhari administration has now devised a clear pathway to achieving its power sector reform objectives, according to Vice President Yemi Osinbajo, SAN.

The Vice President stated this today at the State House in Abuja when he met with a delegation of officials from the World Bank (WB) and the International Finance Corporation (IFC) led by Mr. Riccardo Puliti, Senior Director of the Bank’s Global Energy Practice.

Speaking to the delegation at the meeting which had in attendance the Minister of Power, Works and Housing, Mr Babatunde Fashola and the Minister of Finance, Mrs Kemi Adeosun, the Vice President assured “we are completely committed to ensuring that we play our part in the arrangement and we think that this possibly one of the clearest pathways in a long time”

He lauded the partnership between the Federal Government and the World Bank team for the commitment and support shown to the implementation of the Power sector recovery programme.

Prof. Osinbajo noted that the partnership with the World Bank has “helped us a great deal with the timelines and milestones that have to be achieved and also a great deal in refining our own approach to the entire reform process”.

During his remarks, the leader of the delegation and a Senior Director on Global Energy Practice at the World Bank, Mr Riccardo Puliti expressed satisfaction with Federal Government’s cooperation and commitment to the reform of the power sector. He noted that the partnership between the World Bank and the Federal Government is a model which would add great value to the power sector in Nigeria.

Mr Puliti equally praised the Buhari Presidency for the remarkable feat achieved in the ease of business ranking released recently by the World Bank, noting that it is a major milestone for the country’s economic reform programme.

Meanwhile, the Minister of Power, Works and Housing, Mr. Fashola told journalists after the meeting, that the delegation was in the State House to brief the Vice President on the progress made by the Federal Government working with the World Bank on the Power Sector Recovery Programme. He assured that the reform programme is intended to solve various problems confronting the sector and would make the sector effective, as well as make it responsive to consumers and customers who will be ultimate beneficiaries of the on-going reform programme.

Laolu Akande
Senior Special Assistant to President on Media & Publicity
Office of the Vice President
November 27, 2017

Speech: VP Osinbajo’s Remarks at the 4th Session of The Gulf of Guinea Commission Summit

Let me begin, by bringing you the warm felicitations of the President of the Federal Republic of Nigeria, His Excellency, President Muhammadu Buhari and to say on his behalf that the government of Nigeria consider it an honour to have been accorded to host this 4th Assembly of Heads of State and Government of Gulf of Guinea Commission (GGC).

Our sincere gratitude also goes to all of the member States of the Commission for the trust and confidence in Nigeria by our preferment to the privilege of the Chair of the Commission.

Our objectives as a group, have never been as crucial as they are today. Security in the Gulf of Guinea is both a challenge to maritime safety and a significant threat to the economic prosperity of our States.

It is therefore in our national and regional interests to collaborate in this and other regional initiatives, to tackle the problems that we confront in the maritime domain of the Gulf of Guinea.

Permit me for emphasis, to reiterate the objectives of the Commission GGC as contained in its Treaty signed in Libreville, Gabon on the 3rd of July 2001, these include:

1. Strengthening ties of cooperation and solidarity existing among Member States;
2. Promoting close consultation in the exploitation of the natural resources of the gulf, with a view to ensuring the economic development of Member States and the well-being of our peoples;
3. Protecting, preserving and improving the natural environment of the Gulf of Guinea and cooperating in the event of natural disaster and;
4. Strengthening cooperation in the area of communications, especially maritime communications, with a view to facilitating ties and trade among Member States and their peoples.

But since Libreville, we have seen an escalation in the threats to security in the Gulf of Guinea, especially the wave of sea piracy, armed banditry, and the trafficking of arms, drugs and persons. Some of the economic consequences of the security challenges that we face include, a rise in maritime insurance premiums for vessels coming to the Gulf of Guinea, increased freight and reduced commercial traffic to the region.

These challenges are grave indeed, they compromise our economies and the smooth prosecution of international trade. We must also, vigorously challenge the unregulated and unreported fishing and ensure that this violation of domestic and international treaties, is reduced in the Gulf of Guinea. We should be able to collectively take measures to reduce pollution and environmental degradation in our maritime environment.

Meanwhile, I must say that the situation has evolved positively in some areas, due in large part, to our Member States’ individual efforts to improve the capacity and capability of their Navies, and other relevant Agencies to enable them perform their duties more effectively.

In this regard, I commend efforts by each Regional Economic Communities such as ECOWAS and ECCAS in establishing their Maritime Regional Centres for maritime security. This effort is capped by the establishment of the Inter-regional Coordination Centre based in Yaounde, as the collaboration link between the two Maritime Regional Centres led by ECOWAS and ECCAS.

Your Excellencies, in conformity with the theme of the 4th Ordinary Session: “A vibrant Gulf of Guinea Region for Sustainable Development”, let us renew our commitment to making the Gulf of Guinea Commission more effective, and a truly vibrant partner in all our efforts, be they national, regional or international, to ensure a zone of peace, security and sustainable development for our countries, our peoples and other stakeholders in the region.

The issue of payment of our financial dues and obligations is crucial to the effective operation and performance of the GCC. We must commend all of those who have worked so hard, especially the staff of the secretariat of the Gulf of Guinea Commission, despite the difficulties they have experienced in funding. We urge all member States to work hard to fulfil their obligations promptly.

Once again, I thank you all for your active and very useful participation at this very important meeting, as we wish the Gulf of Guinea Commission many more fruitful years ahead. And again we welcome the new member of the Gulf of Guinea Commission, Ghana, and congratulate them on their ascension to membership.

I wish you all safe journeys back home.

Thank you very much.

Released by:
Laolu Akande
Senior Special Assistant, Media and Publicity to the President
Office of the Vice President
November 23, 2017