Speech: VP Osinbajo’s Address at the Lagos Chambers of Commerce Event

I am honoured and pleased to be in your midst today to celebrate the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chambers of Commerce and Industry (LCCI).

As the oldest advocacy group for the Oil and Gas industry, the OPTS has a rich heritage of promoting the best interests of the Upstream Oil and Gas sector of the Nigerian economy.

Aside from being the industry’s largest private sector investors and participants, we all owe you a debt of gratitude for these positive contributions through the years.

The theme: Nigeria: An Investor Friendly Destination, aptly describes Nigeria’s current journey of transiting to the next chapter, of maximizing our resources for the development of our nation, and the OPTS platform is an important sounding board for government and several regional non- state actors interested in the oil and gas industry.

Permit me to mention some highlights of the performance of the Industry in the past two years and in the past year. 2016 tested the resolve and resilience of oil producing countries especially OPEC members.

Unlike in 2008 where the oil price decline was driven by demand deterioration, the decline in the oil price from 2014 to 2016 was due to excess supply. So more than ever, we needed closer collaboration within OPEC and externally with the non-OPEC members. Oil market sentiments have improved since the OPEC and non-OPEC declaration, and as prices rose, volatility decreased and net futures and options long positions increased.

In 2016, the Nigeria upstream sector of the oil and gas industry was challenged by the menace of upstream assets vandalism. From a peak production of over 2.30 Million barrels per day recorded at the beginning of 2016, we witnessed a decline to an almost all-time-low of just under 1.0 Million barrels per day due to incessant vandalism. Many indigenous producers suffered perhaps more than other players in the industry.

But thankfully, largely due to sustained engagements with the Niger Delta and the new Niger Delta vision, our production has ramped up to about 2.1 million barrels per day, from our 2016 crude oil production average of about 1.8 million barrels and that figure includes condenses.

Petroleum products supply and distribution to the nation is fairly stabilized since the giant leap of May 2016 market liberalization.

However, with the prevailing change in the macroeconomic conditions, this is being achieved at higher cost, especially to NNPC as the supplier of the last resort.

We continue to channel more energy towards resolving our downstream issues, once and for all and we have also made tremendous progress in fulfilling the repayment terms of the new sustainable funding framework for Joint Venture cash call operations. This will not only sustain our JV operations but is also a key enabler for incremental production from our JV operations and a pathway towards incorporating our JVs.

In the area of Local Content, in the year 2016, the country witnessed a steady increase in participation of Nigerians in oil and gas contracts by about 180%, and we expect that the numbers will increase in 2017 and beyond.

When all these highlights of the industry are taken together, we can see both progress and challenges.

Our challenges include that of security & environment, institutional capacity, funding of investments, high industry technical costs, obsolete legislation & fiscal regimes, downstream sector issues and infrastructure constraints.

There are often various factors that contribute to create these challenges. These factors obviously underpin our own approach and considerations we have made in reforming and repositioning our oil and gas industry.

Reforming the Industry, you are well aware, His Excellency, President Muhammadu Buhari launched in October 2016, the roadmap for the repositioning of the Nigeria Oil and Gas Industry. The roadmap has very specific time-focused targets and like the many other steps taken in the sector since the inception of the present administration, we remain focused on making necessary, even if dramatic policy shifts in this sector to grow, deepen and open up the business and opportunities in Nigeria’s oil and gas sector.

All studies conducted on the Nigerian petroleum sector since 1999, agree that the issue that the role of Government in the oil and gas sector needs to be better clarified whilst the policy, regulatory and commercial institutions need to be given a refocused mandate to ensure better sector governance, transparency of regulations and operations, accountability of the institutions, and removal of opaqueness around the industry.

For these reasons, we have begun to address these issues with an overhaul of sector policies. We have developed and obtained the approval of the Federal Executive Council for a new National Oil and Gas Policy, and a new fiscal policy has been developed and its approval by FEC is underway.

We have taken a root and branch effort to reform, which is the basis of these policies and in order to ensure the sustainability of the policies, Nigeria is in the process of legislating these critical policy positions within the next few months.

The strategic objective of the new oil policy is to:

Create a market driven oil and gas industry,
Maximize production and processing of hydrocarbons,
Move away from oil as a source of income, to oil as a fuel for economic growth,
Minimize the environmental footprint of oil exploration and production,
Manage the balance between depleting oil resources vs renewable energy,
In the gas space, our policy interventions aspire to move the economy from oil to gas,
Diversify the gas supply options within Nigeria, to ensure security of supply,
Extend gas penetration in the domestic market in order to facilitate the growth of the electric power, agricultural, and industrial sectors gain a presence for Nigerian gas in international markets,
Operate a gas industry with a clear division of roles between private and public sectors,
Public sector policy making; implementation and regulation,
Private sector investment and operations,
End and commercialize gas flaring and address environmental issues,
Provide an enabling environment for increased private sector participation in the gas sector.

To clarify the rules guiding investment in the gas sector, the new fiscal policy sets out to address Nigeria’s energy trilemma of addressing energy availability, enhancing energy accessibility and promoting energy availability

It will enhance fiscal neutrality, create a fiscal basis that will encourage investments and market developments, while emplacing competitiveness and cost efficiency for the benefit of both government and the industry operators.

Hitherto, the Nigerian downstream infrastructure had been solely financed by government because of the social and economic impact, high investment requirements and long gestation period.

Due to competing needs for government resources from other public sector services, most oil and gas infrastructure development projects should be financed and managed through private sector participation.

It is in the light of this, that comprehensive reforms are ongoing to fast track the development of private sector led downstream infrastructure, for effective competition and efficient service delivery.

We will continue to address Niger Delta issues and build a peaceful and prosperous Niger Delta, with emphasis on job creation for our teaming unemployed youths, investment in infrastructure, energy and promotion of sustainable livelihood.

Other key areas in our focus include; hydrocarbon tracking, cost reduction and restructuring our parastatals. All in all, if our government’s orientation and doctrinal positions are anything to go by, the future portends even greater private sector leadership and participation in the oil and gas sector.

The oil industry stands to benefit greatly from our on-going Ease of Doing Business reforms. On Tuesday, the World Bank released its latest report, in which Nigeria achieved the unprecedented step of climbing 24 places in the rankings, and earning a place on the list of ten most improved economies in the world.

This is fantastic news, but by no means an excuse for us to slow down. Instead we’re taking it as the very reason why we need to ramp up our reforms, for the benefit of Nigeria. There is still work to be done in reducing bureaucratic bottlenecks in the award of contracts and generally in obtaining approvals – in your case from National Petroleum Investment Management Services (NAPIMS). It is for this reason – the creation of a business environment that catalyzes business activity and investment –that this year alone we have issued an Executive Order focusing on improving the business environment, and launched two National Action Plans designed to be short-term interventions aimed at implementing specific business environment reforms. The second National Action Plan is on-going, and we expect that it will yield results across every sector of the economy, including the OPTS.

In closing, let me reflect briefly on the issue of the slow but steady emergence of a post-oil world order. All around us there is evidence along these lines, of a world that is coming to terms with the fact that fossil fuels are going out of fashion. I’m certain that this is an issue you’ve had to agonise over and grapple with as oil producing companies.

Around the world, countries are increasingly setting deadlines to wean their cars and machines off petrol and diesel, in favour or clean, renewable energy. It is no longer a question of if but when. And it is for this reason that so-called ‘oil-rich’ countries have an obligation to prepare for a destiny beyond oil. It is in this context, that the mantra of ‘we need oil to set ourselves free from oil’ makes maximum sense.

As you yourselves adjust to the reality of the dwindling significance of fossil fuels, we solicit your cooperation and support for our own clean energy economy efforts as well. We would like to see you invest more in research and development initiatives focused on renewable energy; in generally envisioning and laying the foundation for a post-oil world.

The thinking about the swiftly emerging future, more than any concerns about a disappearing present, is what should most readily occupy our minds and thoughts on, as oil producers. It is certainly what should occupy the hearts and minds of all countries around the world, especially the so-called ‘oil rich’ ones like ours.

On this note, let me again express my appreciation to the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), for extending this invitation to me to celebrate your 55th anniversary with you. No doubt, the five-and-half decades ahead are guaranteed to witness more business model disruption and technological innovation than the five-and-half behind you.

I wish you a successful navigation of the exciting times and seasons ahead.

Happy 55th anniversary and thank you.

Released by:

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
2nd November, 2017

Press Release: VP Osinbajo Meets With Queen Maxima Of Netherlands

Vice President Yemi Osinbajo, SAN, has said that financial inclusion was an important factor for the growth of the nation’s economy. He also noted that the Buhari administration was committed to ensuring that all Nigerians have access to financial services and credit facilities, no matter where they are.

The Vice President said this on Wednesday when a delegation, led by Her Majesty, Queen Maxima of the Netherlands, in her capacity as the United Nations’ Secretary-General’s Special Advocate for Inclusive Finance for Development, paid him a courtesy visit at the Presidential Villa, Abuja.

Prof. Osinbajo further said that Nigeria will continue to do more in the area of financial inclusion and ensure more Nigerians get access to credit facilities, loans.

He said, “Financial inclusion is not an option for us, it is absolutely important for us and our economy. The convergence we are having in the Social Investment Programmes of this administration, as well as in agriculture, with smallholder farmers, is an indication of our commitment. In the past two years, we have been working hard to ensure that more Nigerians are financially inclusive. We are looking at engaging 500,000 unemployed graduates; we are also looking at getting the private sector more involved. We want to achieve more.

We need to be able to ensure that all of our people no matter where they live, no matter how far away they are, can be reached with financial products, have bank accounts; payment can be made to them, they also can make payments. In other words, they can participate in the entire financial architecture that the country and international community offer. That is really important for development, and for their development as individuals and communities.”

In her remarks, Queen Maxima stated that she was extremely pleased to be visiting Nigeria for the second time in five years. She also said she was glad that since 2008, Nigeria has made great progress, going from 23 per cent to 48 per cent of financial inclusion, but urged Nigeria to renew its commitment and leadership in financial inclusion.

She also praised the Buhari administration’s Economic Growth and Recovery Plan (EGRP), noting that financial inclusion was a key element to support the economic plan.

“Nigeria is a country of enormous potential where financial inclusion should be playing a great role for your development. Having access to savings, insurance, payments, credits can really move people out of poverty. We have three years to get to a target of 80 per cent of financial inclusion in Nigeria, and it will need a realistic strategy with a concrete action plan with real priorities being set up,” she said

Queen Maxima’s delegation included the Ambassador of Netherlands to Nigeria, Mr. Robert Petri; the UN Resident/Humanitarian Coordinator, Mr. Edward Kallon; as well as partners from the World Bank, and the Bill & Melinda Gates Foundation.

Others at the meeting were the Minister of Foreign Affairs, Mr Geoffrey Onyeama; Minister of Agriculture and Rural Development, Chief Audu Ogbeh; Minister of State for Budget and National Planning, Hajia Zainab Ahmed; Minister of Women Affairs and Social Development, Aisha Jumai Alhassan; Minister of Sports, Solomon Dalung; and the Special Adviser to the President on Social Investment, Maryam Uwais.

Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
1st November, 2017

Press Release: VP Osinbajo’s Address At The National Greater Pastors’ Conference In Lagos

We stand on the threshold of perhaps the most significant moment in the history of our nation. It is a time of economic challenges, ethnic and religious tensions. In May 2015, oil prices crashed from about $100 to $37; by 2016, we were losing 1 million barrels a day.

I say that we stand on the threshold of the most significant moment in our history, a time to build!

It is a time, when by the sheer grace of God, we have the greatest opportunities, to be, not just Africa’s largest economy by GDP, but also its most efficient and most productive.

We will, by 2050, be the 4th largest nation by population in the world, and we can, like China, also become one of the ten most successful economies in the world by that date. This is our best moment yet because we have shown that, despite the lowest earnings from oil in the past 15 years and, in 2016, recording the lowest production of oil in the past 20 years, and a recession as a consequence, we could still invest N1.3 trillion, the largest amount of money in capital projects in 15 years. We have shown that as difficult and painful as a recession might be, we have the capacity to come out of it and begin the building of an economy that emphasizes productivity and will provide enough jobs. We began the massive diversification of our economy by investing in agriculture. We set targets for self-sufficiency in rice, tomato paste, sorghum, millet. We are now one of the world’s largest producers of paddy rice. Milling is the weak link, but in the past year, several new mills have been open. The latest is the Wacot mill in Kebbi. Coscharis and Dangote have already invested in about 1 million Mt of capacity.

We are working daily on the whole farm- to- table value chain and we expect that the next industrial explosion will come from agri-business.

We are providing the environment for small businesses. The major problem is access to finance, and interest rates. We are working with the CBN and development finance institutions to crack that problem.

In the same period we have set aside the largest amount of money under a social investment scheme in our history that today employs 200,000 unemployed graduates, and will employ another 300,000 by next year. A school feeding programme that, today, feeds well over 3 million Nigerian children in public schools and we are set to triple that figure by the end of next year.

Our private sector is bullish. From the young men and women in technology and entertainment, to the small manufacturing and fabricating businesses in Aba, Awka, Kano, Katsina; to the larger manufacturers in the Ogun industrial zones and in Lagos; to the likes of Dangote building the largest single line Refinery in the world and a 550 kilometre subsea pipeline to the refinery; and Indorama, the largest single line fertilizer in the world, opened in September; we are seeing a renewed optimism; but more importantly, backward integration and greater use of local raw materials. By 2019, we will no longer be importing any petroleum products.

The major constraint remains power, but we are getting there. Our country will, in the next few years, turn the corner. We are in the pains of childbirth and we will soon experience the same sweetness and joy of childbirth.

What can hold us back? Two things.

First is corruption. We must deal with it decisively. It is difficult because it is systemic and affecting all institutions; perpetrated by a leadership elite that includes, not just politicians, but private sector individuals, and even religious leadership.

The second is tribalism, religion and other parochial tendencies. Unfortunately, because of state failure in some respects, many, even pastors, have gone into their tribal groups and speak and act mainly from that perspective. But, perhaps, the most important problem is the failure of Christian leadership to take our rightful place. We have focused our minds on an Islamic agenda, seeking and finding it in every action, or inaction. But where is the Christian agenda? We are too divided to craft one.

The truth of the matter is that the key to the unity and progress of Nigeria is in the church, the Church which is the pillar and ground of truth. It is the church that is imbued with the revelation that: there is neither Jew nor Greek, there is neither slave nor free, there is neither male nor female; for you are all one in Christ Jesus.

There is no way of dealing with deep ethnic and religious divisions, deepened by the injustices, blood-letting and prejudices over decades, except we reach into the gospel; the wisdom of God where Jesus repudiated the law of Moses on the question of retaliation and revenge and commanded that we not repay evil with evil, and to turn the other cheek when we are slapped on one.

In Matthew 5:38-43, the Bible says, “You have heard that it was said, ‘An eye for an eye and a tooth for a tooth.’ But I tell you not to resist an evil person. But whoever slaps you on your right cheek, turn the other to him also. If anyone wants to sue you and take away your tunic, let him have your cloak also. And whoever compels you to go one mile, go with him two… You have heard that it was said, ‘You shall love your neighbour and hate your enemy.”

Verse 44 and 45 also say: “But I say to you, love your enemies, bless those who curse you, do good to those who hate you, and pray for those who spitefully use you and persecute you, that you may be sons of your Father in heaven; for He makes His sun rise on the evil and on the good, and sends rain on the just and on the unjust.”

And to those who have urged revenge, the answer of our faith is, vengeance is mine, says the Lord.

How can a man pray for those who, in his presence, killed his children and ripped the unborn baby out of the womb of his pregnant wife? How do you love someone who comes into your community annually to kill as many as he can find? How do I turn the other cheek when the bones of the right side of my face have been cracked by the first slap? Is not wiser to defend ourselves and indeed kill our assailants?

The answer of the gospel is contrarian. Love even those who persecute you. That is the wisdom of God and, surely, it is as true as scripture that men will find it foolishness of the highest order. We must note that, despite the severe persecution of the early Christians, they never once fought back.

All through the book of the Acts of the Apostles, all we ever heard was how they were beaten, disrobed and stoned to death. Yet they turned the world upside down. And centuries after, the gospel is as powerful and transformative as when it was first preached.

But what we hear today, instead of the gospel, are cries of war; those telling us from pulpits that our enemy is a physical one who must be destroyed before he destroys us. It is populist and popular rhetoric; every time it is repeated in a Christian gathering it excites applause. Yet there it is, completely contrary to everything in the new covenant of Jesus Christ.

Permit me, then, to make a concluding submission. It is my view that the Nigerian elite – political, business and religious – regardless of ethnicity, think alike, and are driven by largely similar motivations. The elite are usually self-centred, selfish and unprepared to make the sacrifices either in service or self-restraint that leaders of successful communities must make. Playing the religious or ethnic card when necessary so as to get the masses in line is the grossly cynical default tactic of our elite. However, the most poignant point to note is that, when you look at any list of alleged perpetrators of a heinous case of corruption, all tribes, ethnicities and religions are well represented. In other words, high level corruption knows no religion or ethnicity.

Neither, by the way, is extreme poverty parochial in its incidence. The conspirators include Christians and Muslims from all the geopolitical zones. They are in governments, the legislature, the judiciary and the press. They are united, they protect each other, they fight for each other and they are prepared to go down together. They are one tribe, indivisible regardless of diversity. It is this tribe that confuse the arguments for change in society.

It is my respectful submission that, to build the new Nigeria, we need a new tribe; a tribe of men and women of all faiths, tribes and ethnicities; that are committed to a country run on high values of integrity, hard work, justice and love of country. A tribe of men and women who are prepared to make the sacrifices and self-constraints that are crucial to building a strong society. Who are prepared to stick together, fight corruption side by side, and insist on justice even where our friends are at the receiving end. A tribe consisting professionals, businessmen, politicians, religious leaders and all others who believe that this new Nigeria is possible.

Nigeria’s greatest battle is the one to bring integrity and accountability to public service and the private sector. Righteousness, the Bible says, exalts a nation. This requires a new way of thinking, a new leadership corps, a new tribe. The challenge today for us all, friends and colleagues, is to populate that new tribe. Thanks very much for your attention.

Released by:

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
28th October, 2017

Press Release: VP Osinbajo’s Address To US-Africa Delegation in Abuja

In accordance with the targets of its Economic Recovery and Growth Plan (ERGP), the Federal Government is open to stronger partnerships and collaborations with the private sector to build infrastructure and make the necessary progress in the economy, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo spoke today when he received on a courtesy visit to the Presidential Villa, a delegation from the US-Africa Business Centre comprising of President of Dangote Group, Alhaji Aliko Dangote; Zenith Bank Chairman, Mr Jim Ovia; US Ambassador, Mr Stuart Symington; representative of the US Chamber of Commerce, Scott Eisner, among others.

According to him, “we have always been committed to private sector leading the way in the economy and that is so important to us because if you look at what government can actually provide even in terms of resources that government has, we really don’t have a choice than to depend on the private sector.’’

The Vice President said, “the whole attitude is that we are trying to get everyone in government to understand that business has a choice, capital has a choice, and we should make ourselves as welcome as possible.’’

“So, what we have been trying to do is to create an environment that makes it easy for the private sector to do business. We have an Industrial Competitiveness Advisory Council that meets regularly with senior members of government especially those concerned with the economy,’’ Prof. Osinbajo added.

The Vice President added, “we think that there is a lot that can be done, there is a lot of room for investment and a lot of room for collaboration and we look forward to a lot more areas that we can work together to develop.’’

On his part, the representative of the US Chamber of Commerce, Mr Scott Eisner, said the delegation’s visit was in recognition of the Buhari administration’s friendly economic policies and the preparedness of US business owners to invest in the Nigerian economy.

He said the centre comprised of over three million members is committed to working with governments across Africa in achieving key economic targets and also contribute in the development of critical infrastructure.

Mr Eisner commended the Federal Government for its policies on the economy especially its ease of doing business initiative among others.

Laolu Akande
Senior Special Assistant to the President (Media & Publicity)
Office of the Vice President
27th October, 2017

Press Release: VP Osinbajo’s Address at The 2-Day Organised Workshop For Justices and Judges in Abuja.

There is no question at all that corruption is our nation’s single greatest challenge. Indeed the notion that security was a more serious challenge was exploded, when in the last administration, it became clear that the escalation of the Boko Haram insurgency in the Northeast was on account of the fact that billions of dollars allotted to the purchase of arms for our military, was cynically embezzled by senior military and civilian government officials.

The reason why Nigeria built no major new roads or no new infrastructure in the last 6 years, despite earnings from oil in excess of $100 dollars a barrel, is largely because of corruption. In the last administration, two weeks before the elections, cash in excess of N100billion and over $250 million, was released in a few days ostensibly for security purposes. The aggregate sum released was more than some States earned in a whole year. That is the enormity of the embezzlement that we are talking about.

Corruption threatens our security, health, education and even our corporate existence. GAVI, the global fund for provision of vaccines for the poorest in developing countries, stopped providing funds to Nigeria for alleged mismanagement of funds by the Ministry of Health officials between 2011 and 2013. Nigeria had to refund $2.2million. These were vaccines and drugs meant to fight AIDS, TB, and Malaria, amongst the poorest of the poor of our country.

The enormous resources in the hands of perpetrators today is used to subvert justice, to bribe pliable senior government officials, to bribe in some cases judicial officers, to subvert the legislative process and, of course, even to subvert the press. The problem with corruption is that it is a cancer. It may be terminal if not checked. The failure of African States, civil wars and destruction of lives and livelihoods, is the result of failure of institutions largely caused by endemic systemic corruption.

It is because of the existential nature of the threat of corruption, that collaboration between the Judiciary, the Executive and of course the Legislature is imperative.

In working together, all of us in these institutions, the Judiciary, Executive and Legislature, are mindful that by the nature of systemic corruption all institutions are affected one way or the other. But we must come together and we are coming together, as a patriotic gesture to rescue our nation from looming disaster.

At the swearing in of the last batch of Senior Advocates, His Lordship, the Chief Justice of the Federation, announced one of the most far reaching plans by the judiciary to effectively and promptly try corruption cases. First, his Lordship directed all courts in Nigeria to designate courts to exclusively hear and determine corruption and financial crime cases expeditiously.

And secondly, the constitution of the Corruption and Financial Crime Cases Monitoring Committee headed by the Honourable Justice Salami, and deservedly his Lordship was commended both locally and internationally.

That plan is a crucial component of the anti-corruption agenda, proposed by the executive because impunity seems magnified when the trial of alleged perpetrators of corruption never seems to end. That such individuals can afford the best legal assistance only deepens the sense of hopelessness that the corrupt will never be punished.

With the Chief Justice’s new initiatives, alongside the earlier practice directions issued by the Supreme Court and those issued by the Court of Appeal, and the Administration of Justice Act, and again, the recent Supreme Court decision which stopped the dilatory tactic of staying proceedings in criminal cases on account of interlocutory applications, there is certainly great hope that corruption cases will be concluded and concluded promptly.

All nations that have successfully confronted corruption did one thing in common: the administration of the justice system changed its attitude to the investigation and trial of corruption cases. And this is important because it is not just about the Judiciary, clearly not. Investigations must be conducted properly and thoroughly before cases go to court. When cases go to court, what is presented is the best case the prosecution can present.

But most of the countries that have successfully dealt with corruption have had to dispense with needless technicality and focused on the offence. In the case of public officers, they recognized that there can be no real explanation for a public officer, whose pay is public knowledge, to have cash and assets several times more than his earning, let alone his savings. And the reason why people can never understand the way that cases are decided sometimes, is because it goes contrary to common sense. If somebody earns in excess of what he should possibly even safe in several life times, freeing him by technicality can never make sense. It will always seem as if something has gone wrong with the system.

I think what most nations recognise, what most judiciaries, and what most administration of justices systems recognise is that even the whole process of the decision-making process, must make sense. If it doesn’t make sense, then we undermine the very fundament of the judiciary and justice, and if this undermined, then everything is undermined.

Why should terrorism or homicide cases be more strictly viewed than corruption cases? Clearly the misery and loss of lives on account of corruption far exceeds that of any other single crime. There is no question at all that if you look at the extent of damage caused by corruption, it surely is a crime against humanity without a doubt. If you look at the sheer loss of lives on account of what we’ve seen even in our own country, there is no question at all that it is possibly the worst sort of crime that can be committed. So it must be taken seriously.

This seminar is one which, clearly, is a step in the right direction, and just as my Lordship, the Chief Justice has said, the timing is exactly right, we are re-jigging the entire system. The Chief Justice has laid down the rules and has encouraged everyone to follow suit. There is no question at all, that this is the time for us to open a new page in the entire anti-corruption fight.

I am extremely pleased to see that their Lordships are all on board, everyone is on board, and the Executive is determined to support in every way, whatever it is that is required we will provide to ensure that all of the cases that need to be heard and investigations that need to be done are done. This is the collaboration of all of us; the Executive, the Judiciary and the Legislature must see this as a fight for the soul of our nation.

Thank you very much, may I therefore, with his words, declare this conference open.

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

Press Release: Nigeria And Indonesia To Strengthen Economic Ties

Nigeria and Indonesia will work together to increase the level of economic cooperation between both countries, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo spoke earlier this morning at a bilateral meeting he held with his Indonesian counterpart, Vice President Jusuf Kalla, on the sidelines of the Extractive Industries Transparency Initiative (EITI) Beneficial Ownership Transparency Conference in Jakarta, Indonesia.

Nigeria is open for business and more investment, the VP noted, while also recollecting his meeting with members of the Indonesian Chamber of Commerce on Monday.

“We are looking forward to more Indonesian investments especially in the manufacturing sector in Nigeria, trying to exploit our local raw materials,” Prof. Osinbajo said.

He also informed Mr. Kalla that the Buhari administration has implemented reforms that have made the Nigerian business environment “a more favourable environment.”

In his own remarks, the Indonesian Vice President said his country is also ready for more economic cooperation with African countries, especially Nigeria.

Vice President Kalla also conveyed his greetings to President Muhammadu Buhari and asked after his health, to which Prof Osinbajo responded that the President was doing very well.

The Nigerian Vice President then expressed appreciation to the Indonesian government and extended greetings to President Joko Widodo.

Other issues discussed by the two Vice Presidents included how both countries can collaborate more in the Agriculture and agro-allied sector, and also in palm oil research and production.

Other issues discussed by the two Vice Presidents included how both countries can collaborate more in the Agriculture and agro-allied sector, and also in palm oil research and production.

Laolu Akande
Senior Special Assistant to the President (Media & Publicity)
Office of the Vice President
24th October, 2017

Press Release: Vice President Osinbajo To Attend EITI Conference In Jakarta, Indonesia

Vice President Yemi Osinbajo, SAN, is embarking on a two-day working visit to the Republic of Indonesia, during which he will address the opening plenary of the Extractive Industries Transparency Initiative (EITI) Beneficial Ownership Conference taking place in Jakarta, Indonesia, from Monday 23rd October to Tuesday 24th October, 2017.

At the conference, the Vice President will speak on a range of issues concerning Nigeria’s extractive industry and general reforms embarked upon by the Buhari administration in the extractive sector of the economy, among other issues. Other world leaders and top government dignitaries speaking at the event include the President of Indonesia, Joko Widodo; Minister of National Development Planning in Indonesia, Bambang Brodjonegoro; EITI Chair, Fredrik Reinfeldt; among others.

This year’s conference, which will focus on using beneficial ownership information to achieve national priorities for the extractive sector and to improve natural resource governance, has as its theme: “Opening up ownership – sharing practice, building systems”.

Hosted by the Government of Indonesia and other partners committed to working on beneficial ownership reform to showcase best practices so far, the conference will discuss challenges, provide peer learning and exchange experiences.

According to the organisers, the conference is coming in the aftermath of the Panama papers scandal that implicated some highly placed individuals with links to the extractive sector across the world. The EITI last year agreed to adopt new rules on disclosing beneficial ownership for all extractive companies operating in its 52 member countries.

Nigeria joined the EITI to promote prudent management of revenues from its abundant natural resources to reduce poverty and ensure sustainable development. The NEITI is the Nigerian national sub-set of the global EITI.

Moreover, the Buhari administration is renowned globally for its position on anti-graft issues, and its campaign against corruption, which is manifest in the reforms initiated across spheres of government business and in key segments of the private sector.

The EITI has held a global conference at least every three years since 2003, bringing together all stakeholders of the EITI. So far, there have been seven conferences till date.

While in Jakarta, the Vice President will also hold bilateral talks with his Indonesian counterpart, Jusuf Kalla.

Prof. Osinbajo will be hosted to a state reception by the government of Indonesia. He will also meet with representatives of the Indonesian business community, the Chairman, International Board of EITI, and African Group of Ambassadors accredited to Indonesia.

The Vice President, who has left for Jakarta, is expected back in Abuja later on Tuesday.

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

Press Release: 81st NEC Meeting

Both the Federal Government and State governments would be working together to forge a common front in the nation’s bid for industrialisation.

This was one of the highlights at the National Economic Council meeting presided over by Vice President Yemi Osinbajo, SAN, earlier today at the Council Chambers of the Presidential Villa.

The Council had received a presentation on the work of the recently inaugurated Advisory Council that has top private sector and public sector officials, and industry chieftains as members. The Council is chaired by Prof. Osinbajo and has the mandate to identify key and practical areas where both public and private sectors can work together to significantly accelerate Nigeria’s industrial drive.

After the presentation was made to the Council, a committee of Governors from the nation’s six geo-political zones was formed to work with the Council in order to get the States actively involved in the national industrialisation effort by receiving and reviewing recommendations of the Council and fashioning out how best to implement them.

Highlights of the Meeting:

A. Presentation From The Nigeria Industrial Policy And Competitiveness Advisory Council (NIPCAC) By The Honourable Minister Of State, Industry, Trade and Investment

NIPCAC identifies obstacles to industrialization, recommend new measures.

The Honourable Minister of Industry, Trade and Investment made a presentation to the Council on the activities of the Nigeria Industrial Policy and Competitiveness Advisory Council (NIPCAC) thereafter referred to as the NIPCAC.

She informed the Council that the Federal Executive Council (FEC) approved the establishment of NIPCAC in March 2017 as a vehicle for partnering with the private sector to drive Nigeria’s industrialization agenda.

Giving the Council an update on the work of NIPCAC, the Minister said NIPCAC has identified eight critical areas requiring urgent government intervention to move the country’s industrialization to the next level. These include:

-Improving broadband penetration nationwide.
-Resolving the nagging issue of multiple taxation.
-Facilitating access to land.
-Providing security to investments.
-Standardizing regulatory requirements.
-Facilitating interacted business linkages.
-Collaborating on project development and maintenance.
-Providing shared facilities.
-Informing the Council that the key role private sector plays in the telecom sector has committed to deploy an additional 18,000km of fibre cables nationwide over the next 12 – 18 months, the Minister prayed the Council to, among others, approve the following:
-Harmonization of Right of Way charges on State and Local Government highways with the Federal Government, which currently charges N145/m.
-Improve access to fibre installation across the States.
-Adopt the 2015 approved list of taxes and levels.
-Discontinue the use of unorthodox means of collection.
-Fast track automation of the entire tax administration and process to eliminate leakages and ensure ease of payment.
-Set up a single collection point for States and Local Government’s fees and levels.
-Develop a digitized land acquisition system.
-Establish a peer review Committee on industrialization ranking of all States of the Federation.

The Council decided that a Committee of Governors be set up to receive and review recommendations from the Advisory Council.

The Council also nominated 6 State Governors to be members of the Committee representing the 6 geopolitical zones to work with the NIPCAC in order to advance the course of national industrialization and competitiveness.

The States are Kaduna (N/W), Kwara (N/C), Ogun (S/W), Abia (S/E), Edo (S/S) and Adamawa (N/E). The Kaduna State Governor will chair the Committee.

B. Presentation On Flood Outlook And Current Flood Situation In The Country By The Director-General Of The National Emergency Management Agency (NEMA)

The Director-General of NEMA briefed Council on the flood situation in Nigeria since the 2012 flood disaster in the country, disclosing that the FG has released N1.6 billion for flood relief, which will be used for intervention in the coming weeks in the affected states.

He told the Council that the 2012 flood affected over 7 million people, while 597,476 houses were destroyed/damaged and over 363 people killed. The total estimate of damages and losses was put at N2.6 trillion.

On the current flood situation in the country, the DG informed Council that 9 States have so far benefitted from relief interventions. They are Benue, Kebbi, Ekiti, Kogi, Edo, Ondo, Sokoto, Niger and Enugu.

Other States affected by the 2017 flood will receive relief materials in the coming weeks.

The DG appealed to all 36 States of the Federation and the 774 Local Government areas to establish functional State Emergency Management Agencies (SEMAs) and Local Council Emergency Management Committees (LEMEs) and provide professional training, adequate equipment, funding and early Warning Systems in order to combat future emergencies.

The Council noted that NEMA is a second respondent to disaster only when they are found to be well beyond the capacity of States and Local Governments to manage.

C. Presentation On Some Aspects Of The Nation’s Health Status By Honourable Minister Of Health

The Honourable Minister of Health presented a National Health Status report, informing Council as to where we are, where we want to be, and what can be done to take us where should be.

The Minister also dispelled rumours of Monkey Pox allegedly ravaging 7 States of the Federation.

He informed the Council that only Bayelsa State has 3 confirmed cases of Monkey Pox.

He told the Council that the Military is not involved in Vaccination in any State of the Federation and that any information to the contrary is false.

Addressing the Council, the face of Polio eradication campaign in Nigeria, His Eminence, told the Council that his presence in Council today implies total commitment by the traditional institution in Nigeria to the eradication of Polio in the country.

His Eminence was also accompanied by the Chief Executive Officer of Dangote Foundation and other Development Partners engaged in the fight against Polio and other related diseases such as Measles and Yellow Fever.

The Council particularly applauded His Eminence, the Sultan of Sokoto, Alhaji Abubakar Sa’ad for his commitment to the eradication of Polio in the country.

The Council noted that Nigeria is making very good progress in Polio Eradication and Routine Immunization, but urged States to honour their counterpart funds so as to take immunization in the country to the next level.

D. An Update On Polio Eradication Initiatives And Strengthening Of Routine Immunization Presented By The Executive Director, National Primary Health Care Development Agency (NPHDA)

Federal Government rolls out measles vaccination plans ahead of 2017/2018 dry season.

The Executive Director of the National Primary Health Care Development Agency (NPHCDA) briefed the council on preparations for measles Vaccination ahead of the 2017/2018 dry season, the period normally associated with outbreaks of measles.

He informed the Council that the Campaign is to be conducted in two phases, with phase one taking care of all the 19 Northern States and the FCT as follows:

N/W 26th – 31st October, 2017 and 2nd – 7th November, 2017

N/E 30th November, – 5th December, 2017 and 7th December, – 12th December, 2017

N/C FCT 1st – 6th February, 2018 and 8th – 13th February, 2018.

Phase two will take care of 17 Southern States from 8th – 13th and 15th – 20th March, 2018.

The Executive Director also told Council that 12 States have already paid their counterpart funding for the exercise.

He listed the States to include; Bayelsa, Borno, Edo, Imo, Kaduna, Kano, Kebbi, Nasarawa, Osun, Sokoto and Zamfara.

24 states are yet to meet their obligation for the vaccination campaign.

He requested the Council to appeal to States who are yet to meet their obligations to act urgently to enable the campaign take off on schedule in all States of the Federation.

He also appealed to the Council to support:

a. Quarterly release of funds for routine immunization activities.

b. States to set up Emergency routine immunization Coordination Centres as a platform to coordinate and manage routine immunization activities.

c. Directly support and commit to the implementation of the 2017/2018 Measles Vaccination Campaign.

E. Update On Excess Crude Account And Budget Support Loan Facility

The Honourable Minister of Finance briefed the Council on the Excess Crude Account (ECA) and the Budget Support Loan Facility to States of the Federation.

She informed the Council that the balance in the Excess Crude Account as at 16th October, 2017 stands at $2,309,636,457.88 billion.

On the Budget Support Loan Facility, the HMF told the Council that there was no budget support loan facility for last month to any State, because the FAAC was in excess of N600 billion. It has been agreed that beyond that threshold there will be no budget support loan facility.

F. Update On Stabilization Fund Account And Natural Resources Development Fund

The Accountant General of the Federation briefed the Council on the current balances in the Stabilization Fund Account and the Natural Resources Development Fund.

He told Council that the balance in the Stabilization Fund Account as at 16th October, 2017 stands at N5,853,204,804.11 billion.

He also informed Council that the balance in the Natural Resources Development Account as at 16th October, 2017 stands at N93,114,896,509.12 billion.

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