Nigeria’s Vice President, Professor Yemi Osinbajo has expressed confidence that a diligent implementation of the National Development Plan (NDP 2021-2025) and especially its underlying fiscal and monetary policy measures would be a real game-changer for business and commerce in the country.
Prof. Osinbajo expressed this view on Friday at the inauguration ceremony of the newly-built Kimberly-Clark factory in Odogunyan, Ikorodu, Lagos.
According to the Vice President, the implementation of the plan is expected to be supported by a range of fiscal, monetary and trade measures, including more intentionally promoting productivity and value addition.
“The central thought behind the plan is that we must improve productivity and value addition. This will of course mean loosening generalized restrictions on trade.
“Blanket import restrictions are a dampener on economic activity because a lot of items that might be needed in the manufacturing process might be affected with a consequent negative impact on value addition in the economy.
“It would also mean moving away from our instinctive demand management approach, managing limited resources to producing and creating more in a competitive and sustainable manner.
“This is especially so for foreign exchange, where we all agree that a more market-driven, managed float approach will attract more dollars and relieve the pressure on foreign exchange.”
Explaining the reason the NDP 2021-2025 places premium on the role of the private sector, Osinbajo stated that the success of the plan would depend greatly on a conscious reliance on private enterprise and initiative.
He pointed out that commitment of the federal government in the plan is expressed in the strategic objectives of the National Development Plan, which includes establishing a strong foundation for a diversified economy, investing in critical infrastructure roads, rail, power and broadband.
Other objectives, he noted, were enabling human capital development; improving governance and strengthening security.
“The Plan envisages an investment commitment of something in the order of about N348 trillion over the plan period and we expect that government at all levels will come up with about N49.7 trillion or about 14% while the private sector is expected to invest N298trillion or about 86% of the entire sum.
“So, the success of the plan, therefore, depends greatly on a conscious reliance on private enterprise and initiative.
“So it only makes sense that the private sector is given every encouragement to play that role.”
NAP 7.0
According to Prof. Osinbajo, the federal government is working aggressively on improving the business environment adding that the Seventh 60-day National Action Plan (NAP 7.0) on ease of doing business has commenced in Nigeria.
He stated that the Presidential Enabling Business Environment Council, PEBEC, designed the NAP 7.0, which began on the 7th of February and would go on till the 7th of April 2022 in its continued effort to create a conducive business environment in the country.
“It aims to deepen the reforms delivered over the past five years with a focus on agro-exports, process automation, improvement in regulatory practices, judicial reforms and Executive Order 01/ReportGov.NG compliance,” the Vice President said.
Formidable Partner
Describing Kimberly-Clark as “A formidable partner,” Vice President Osinbajo said the company has grown from being just an investor to joining in the actualisation of Nigeria’s economic objectives by adding value through diversification from the non-oil sector.
“But also you have commendably made important social investments. And we’ve heard quite a few already, including your almost immediate acceptance to sponsor the Dream Catchers who danced a moment ago.
“Your championing the cause for women and girls across the country through your “She SABI” Initiative is one such remarkable contribution.
“There has also been an effort to reach vulnerable girls in some of Nigeria’s poorest communities through the distribution of menstrual hygiene materials.”
In his remarks, the Minister of Industry, Trade and Investment, Niyi Adebayo noted Kimberly-Clark’s commitment to invest about $100million in Nigeria, assuring the company of the federal government’s commitment to ensure that the investment is sustainable.
The United States Consul General, Claire Pierangelo said “It is crucial that American firms look to Nigeria as a viable market for investment and one that is essential for their global success.”
She said the United States would continue to work with Nigeria to provide an environment that is inviting to US businesses.
“And with this manner of cooperation, we will realize mutually beneficial outcomes; we will increase investments; we will increase the capacity of the manufacturing sector here in Nigeria, and we will increase partnerships by improving most importantly the lives of workers and consumers.”
Others who spoke at the event were the Minister of State for Budget and National Planning, Clem Agba, who assured the company that the federal government and the Lagos State government would work together to fix the road that leads to the company; Minister of Women Affairs, Pauline Tallen; the member representing Ikorodu in the National Assembly, Babajimi Benson.
The General Manager, Kimberly-Clark, Vani Malik said that the factory spans almost 15,000 square meters and was built in 18 months during the Covid-19 pandemic period.
She said the project would not have been possible without the support the company has received from the government since it commenced its operations in Nigeria in 2012.
According to Malik, the new facility employs 200 workers and projects to give more direct and indirect jobs in the coming years.
The company manufactures hygiene and personal care products and has commenced operations with the production of diapers.
PIAK
