Osinbajo To Private Sector: Let Us Implement ESP Together

As the Federal Government consolidates efforts
designed to ward off a deep recession and effect significant
changes in the economy, opportunities abound across different
sectors in the Economic Sustainability Plan (ESP) for the private
sector to lead the charge for Nigeria’s economic growth and
development, according to Vice President Yemi Osinbajo,
SAN.

Prof. Osinbajo made the call on Friday at the virtual edition of
the Presidential Policy Dialogue of the Lagos Chamber of Commerce
and Industry (LCCI).

The Vice President said the ESP which is now being implemented
by the Buhari administration is driven by the desire “to adapt to
the challenges and make required changes in order to come out
stronger than before”.

According to him, “I take this opportunity to encourage the
private sector to be proactive in leading the charge against
recession and poverty in our country. The Federal Government is not
under any illusion that it can do this on its own. The
opportunities that now exist in the short term in agriculture,
infrastructural development, housing construction, in renewable
energy, digital technology development, mining, financial
inclusion, healthcare and pharmaceutical manufacturing, call for
the private sector to take the bull by the horns and make them a
reality.

“The priority of the Federal Government in response to the
economic challenges caused by COVID-19 is to ward off a deep
recession by an admixture of stimulus measures to support local
businesses, retain and create jobs and ameliorate the circumstances
of the most vulnerable.”

Continuing, the Vice President said though the stimulus package
is just about 1.5% of GDP, it is the best the government could do
given existing realities in the economy.

He said “government developed the Economic Sustainability Plan
with a stimulus package of N2.3trillion to give fillip to the
economy across various sectors. The size of this stimulus which is
just about 1.5% of national income is not as large as we would have
liked it to be but it was the best we could do given existing
fiscal and monetary constraints. Based on the assumption of the
price of crude averaging out at $30 per barrel throughout the year,
we anticipate an economic growth of about -0.59% in 2020.

“You would already be familiar with details of the Economic
Sustainability Plan. In essence, it is intended to boost
production, prevent business collapse, and provide liquidity. It
will also promote the use of labour-intensive methods and direct
labour interventions in key areas like agriculture, light
manufacturing, housing construction and facility maintenance while
increasing infrastructural investment in roads, bridges, solar
power, and communications technologies. It is intended to do all
this while extending protection to the poor and other vulnerable
groups in our society.”

Speaking further on the plan of government to address the
disruptions on the economy by the COVID-19 pandemic and the role
that the private sector can play, the Vice President said, “these
opportunities are the building blocks that will enable our
medium-term goals to be achieved and make our long-term goals
achievable.”

According to Prof. Osinbajo, “this is a drive we hope to
continue into the medium term as we build up the economy over the
next few years. We do need foreign direct investment to complement
our domestic efforts but it is the success of our own investments
that will attract such inflows. Investors are already aware of
Nigeria’s huge market and its great potential, but they will only
‘want in’ when government by its own positive interventions and the
private sector by its success stories show them what is possible to
do here.

“No doubt, the task ahead is challenging. Nevertheless,
government is focused on doing its bit so I call on the private
sector to play its part and join us in this noble venture. We know
that this will be a difficult year but expect that with our
combined effort growth will resume to the order of about 3 percent
by the end of next year. We can do this working together.”

On the Ease of Doing Business reforms of the Federal Government,
the Vice President maintained that the commitment of the Federal
Government to providing an enabling environment for business to
thrive remains strong.

“In this regard, we have made some strides in improving the ease
of doing business in Nigeria. Through the Presidential Enabling
Business Environment Council (PEBEC), a lot has been achieved to
fast-track processes, reduce bottlenecks and improve transparency
across Government MDAs.

“As a result, we have moved 35 places upward in the World Bank’s
Ease of Doing Business rankings. We have continued to scale up our
business reform initiatives across regulatory agencies.

“Of course, there is still a lot more to be done. Our aim is to
continue to improve our national ranking in the World Bank Doing
Business Index Ranking to below 100 in the coming years. It is also
very important to reduce the harassment and extortion of businesses
by various government agencies,” the Vice President added.

In his remarks, the Minister of Industry, Trade and Investment,
Otunba Niyi Adebayo, said the current focus of the Federal
Government in the manufacturing sector “is on prioritizing local
production especially in the importation of machinery that utilize
local materials.”

Earlier, the LCCI President, Mrs Toki Mabogunje commended the
Federal Government’s “spirited effort” regarding its managing of
the Nigerian economy, adding that members of the chamber and
private sector players are willing to collaborate with the Buhari
administration.

Read more https://swordpress.com.ng/2020/08/10/osinbajo-to-private-sector-let-us-implement-esp-together/

The statement said that the President acknowledged contributions of
the traditional and religious leaders while speaking at the palace
of the Sultan of Sokoto, Muhammad Sa’ad Abubakar during the
weekend.

He commended the steadfast and cooperation of the traditional
institutions for the federal government’s efforts in maintenance of
peace and order in the country.

Represented by the Attorney-General of the Federation and
Minister of  Justice, Abubakar Malami (SAN) who led the
Minister of Police Affairs, Muhammad Maigari Dingyadi and the
Inspector General of Police, Muhammad Adamu to the wedding fatiha
of the children of the families of Ambassador Shehu Malami and Late
Alhaji Musa Abubakar.

He said the Federal Government has been relentless in its fight
against armed banditry and other forms of criminalities in the
country.

“Mr President has directed us to express gratitude to you for
all the support you have overtime been extending to his government
specifically on security matters and other associated social ills
that have been bedevilling this country of ours” Malami said.

While conveying the felicitations of the President to the Sultan
on the wedding, Malami further stated that President Buhari also
appreciated the monarch’s contribution towards the attainment of
the peace in the country.

In his remarks, the Sultan expressed his “total support” in
seeing to the success of President Muhammadu Buhari’s
administration adding that “we will continue to do our best to see
that peace, stability and development reign in Nigeria.”