Osinbajo seeks private sector’s support to revamp economy


Vice-President Yemi Osinbajo has called on members of the private sector to see themselves as partners with government in its desire to revamp the economy currently in recession and take the country to a place of permanent prosperity.

According to a transcript released by his media office on Sunday, Osinbajo spoke while ringing the closing bell at the Nigeria Stock Exchange in Lagos on Friday.

He observed that while the nation’s economy is facing a lot of problems, government and the private sector can salvage it if they worked together.

He said, “I will like to commend you for the good work you are doing everyday and also to say that all of us – the private sector and government must work hand in hand at this time.

“This is the time of great challenges. And always, everywhere in the world, the stock exchange very quickly recognises where there is an economic challenge because you see it, all the indicators show very clearly that there are complications and there are problems.

“So, I want us to see ourselves as partners working together to ensure that we are able to take our nation up from where we are at the moment to a great and permanent prosperity.”

Speaking with journalists shortly after, Osinbajo said government’s plan was to create an enabling environment for industry and for business.

He said the government was working on infrastructure was also working on tax incentive and other incentives that would enable businesses to do better.

The Vice-President identified the immediate challenges to include foreign exchange and power.

He however assured them that government is working on the issues daily.

“Essentially, we recognise that this is a partnership: Private sector and government. Government deals mainly as a regulator and partner in such a way and ensuring that the private sector does business and does it well and efficiently, because the private sector owns the economy. So for us, this is an important engagement and this where we are, that is why I’m here,” he said.

Osinbajo said the government would encourage privatised companies to be listed in the stock exchange.

“It is the stock exchange that is the important driver of economic activity and an important driver of investment so for the Federal Government that is absolute necessity.

“I don’t think there is any need to wonder whether the Federal Government would be interested or would want to enable listing but we certainly want to encourage it. That is the reason why I’m here, to promote interest in the market, Federal Bovernment sent me and I’m doing so,” he added.

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