Osinbajo Lauds Improvement in Ease of Doing Business

Vice President, Prof. Yemi Osinbajo, said Nigeria has recorded significant improvements in the Global Ease of Doing Business ranking. 

The Vice President disclosed this in Abuja, at the launch of a book titled: “From Consumption to Production: The Whys and Ways out of Failed Industrialisation in Nigeria,” written by Prof. Banjo Oyelaran-Oyeyinka. 

Osinbajo noted that the improvement of Nigeria in the ease of doing business index was a positive landmark for the federal government’s Ease of Doing Business and Investment Climate Reforms Programme, which it is currently implementing in partnership with the World Bank and DFID. 

He opined that the Muhammadu Buhari’s administration would continue to ensure that Nigerians find it easier to do business. 

He added that for Nigeria to be fully industrialised, there is a need for the country to invest massively in Science, Technology, Engineering, and Mathematics (STEM) education. 

Osinbajo noted that considering its importance to national development, Nigeria must be ready to promote and embrace STEM education. 

He argued that there is a need for the country to focus on key areas of the economy, and allocate adequate resources to them, adding that the achievements of the Buhari-led administration in the agriculture is an indication that Nigeria has the capacity to develop other sectors of the economy. 

He said: “If it has a clear target, Nigeria has the capacity to be a highly industrialised country.” 

In his remarks the author, Oyelaran-Oyeyinka decried that most industries, which started in the 70’s have all left Nigerian due to the hostile business environment in the country. 

He emphasized the need for Nigerians to patronise made in Nigeria goods in order to help grow the economy of the nation. 

“A nation that imports goods that is within its ability to produce can be rightly described as a consumer or a consumption nation.  Nigeria has descended into a nation that imports the most basic agricultural and manufactured goods. 

While reviewing the book, Secretary-General, Committee of Vice-Chancellors, Prof. Michael Faborode, disclosed that “the book traced how traced how policy dysfunctions and delays led to Nigeria’s gradual descent from a prospective ‘production’ to a ‘consumption’ nation. 

“The book has recommended, among others, that the country’s transformation from consumption to a production economy should be an explicit policy sub-sector of the diversification of the Nigerian economy.” 

Faborode expressed optimism that Nigerians are capable of providing home-grown solutions to the problems confronting the nation. 

“It is our contention that Nigerians and Nigerian institutions/agencies should be continually challenged, supported and encouraged to be creative and innovative garb to bring fort feasible solutions that will enhance the nation’s productivity, competitiveness, economic prosperity and societal well-being. 

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CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.  Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com. 

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