Nigeria can withstand the fall in oil prices-VP Osinbajo

Timothy Choji, Abuja

Nigeria’s Vice President, Professor Yemi Osinbajo says Nigeria has everything it takes to build and sustain a vibrant economy, despite the drop in oil prices.

Speaking during a meeting with a group of international investors at the State House in Abuja, Professor Osinbajo said: “This country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce.”

According to him, President Mohammadu Buhari has already given the mandate to ensure that a favourable environment is created for business investments in the country, adding that work has already started with government looking at the different aspects involved.


In an interactive session with the visiting global investors from Russia, China, Dubai and South Africa, Vice President Osinbajo explained that working with the State governments, the Buhari led administration will ensure that issues such as pre-investment approvals, and land titles would be reformed to attain the ease of doing business.

“Where necessary, government will rationalize agencies involved in granting approvals and thereby create space for businesses to thrive,” he said.

Government’s Commitment

Regarding the critical role of electric power in creating conducive business environment, the Vice President stated that the federal government would be making further investments in the sector and the entire power value chain would have to be well compensated in order to produce the needed results.

The Vice President also restated the commitment of the Buhari administration to creating jobs through businesses and direct action of the government to engage the youths.

Former Minister of National Planning, Alhaji Shamsudeen Usman led the delegation of the international investors, while Dr. Rachid Benmessoud, the Nigeria Country Director of the World Bank led the bank’s Ease of Doing Business Ranking Team on the visit to the Vice President.