By John Okoh
Vice-President Yemi Osinbajo on Thursday urged investors and transnational companies to invest in the Nigerian economy,which is responding fast to new initiatives and policy drive of the Federal Government under the direction of the Presidential Enabling Business Environment Council, PEBEC, which he chairs.
Osinbajo who was speaking at the commissioning of the New Nestle Milo Ready-To-Drink Factory in Agbara, Ogun State, Nigeria, said government is committed to implementing the Economic Recovery and Growth Plan (ERGP) to keep the economy on the path of sustainable economic growth and global competitiveness.
He said that one important “component of the Plan is the provision of critical infrastructure, such as roads, rail and power, which this administration is fully committed to. We’re fully committed to supporting companies such as Nestle as we spur growth and create jobs within the economy.”
While congratulating the Chairman of Nestle Nigeria – Engr. David Ifezulike; the Managing Director – Mr. Mauricio Alarcon, as well as other members of the Board and management of Nestle Nigeria, on the inauguration of the new N4.1 billion factory, Osinbajo said government is fully committed to supporting companies such as Nestle to spur growth and create jobs within the economy.
He said; “Last week, PEBEC announced a National Action Plan (NAP 3.0), which commenced on February 5 and will run until April 5, 2018. This accelerated intervention programme will focus on implementing some of the most relevant ease of doing business reforms that have ever come within our radar within the next two months.
“For example, we are working with NAFDAC, SON, the Nigeria Customs Service, as well as the Nigeria Police Force, amongst others, to ease the burden of product registrations, quality standards regulation, as well as the movement of goods and services across the country.
“Since July 2017, the Council also began collaborating with State Governments to implement ease of doing business initiatives that will make States increasingly attractive investment hubs.
“From a broader perspective, two days ago, we launched what we call the Policy Laboratories, this is an intervention to accelerate the implementation of our Economic Recovery and Growth Plan (ERGP). The Laboratories will bring together all private and public sector stakeholders necessary to achieve the specific policy or project objectives of our economic plan. In the first instance, we are focusing on three specific areas; agriculture and transport, power and gas supply, and manufacturing and processing.
“The goal of these labs is to generate $24 billion worth of investment, 80% of which we expect will come from certain private sector participants, with 15 million jobs, projecting about 3.5% GDP growth this year, and 7% by 2020.”
He said the government was collaborating with the National Assembly to achieve a better environment for doing business in Nigeria and urged investors to take advantage of the favourable business climate and investment opportunities.