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General News of Tuesday, 30 November 2021


The private sector will rise up to help Nigeria - Osinbajo

Vice President Yemi Osinbajo Vice President Yemi Osinbajo

Vice President Yemi Osinbajo has said the private sector has a key role to play alongside the federal government to help drive Nigeria's new National Development Plan.

Mr. Osinbajo made the comment on Friday, November 26 at the 2021 Presidential Policy Dialogue of the Lagos Chamber of Commerce and Industry (LCCI).

According to Osinbajo, "The private sector, on which so much depends and which is so well represented here, will rise up to help Nigeria achieve these noble objectives by working closely with government.”

The vice president also disclosed that the collaboration between government and the private sector "must promote productivity and value addition and move away from the despair of managing limited resources to producing and creating more in a competitive and sustainable manner."

The vice president further said that through the new National Development Plan, the federal government is placing particular focus on job creation, value addition, and promoting a business-friendly environment.

Explaining how the collaboration will be implemented, Osinbajo stated that the plan “envisages an investment commitment of N348trillion over the plan period of which it is expected that government at all levels will come up with about N49.7trillion or about 14%, while the private sector is expected to invest N298 trillion or about 86%.”

He disclosed that the federal government will continue to take deliberate steps to encourage the private sector by improving the country’s business environment, and by enabling more speedy transactions and removing bureaucratic obstacles.

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