Osinbajo, others insist on added value and development of the commodity market | The Guardian Nigeria News
Vice President Yemi Osinbajo said yesterday Nigeria needs to deepen value addition to help create jobs and grow the commodities market.
To achieve this, Osinbajo said there was a need to build a resilient and competitive economy that would mitigate and adapt to climate change and relentlessly match the digital economy and the Fourth Industrial Revolution. Osinbajo made this claim during the LCCI 2021 presidential political dialogue hosted by the Lagos Chamber of Commerce and Industry.
According to him, the fallout from the COVID-19 pandemic precipitated a global health crisis that triggered socio-economic crises with macroeconomic shocks that reduced the size of the global economy, thereby reducing GDP growth, employment, world oil prices and the hotel industry. sectors.
Osinbajo said plans are underway to boost supply chains and prioritize the export of goods and diversification of the non-oil sector to bolster production performance and increase the size of GDP. as part of the economic sustainability plan.
Speaking on fintech and the tech environment, he said technology and tech companies will be a major focus in the coming years, adding that the fintech space, despite the global health crisis, has contributed to the growth. and economic development.
He argued that an appropriate regulatory environment was essential for the growth of the sector, adding that it would bring together private and public sector partnerships to formulate policies such as banking policies and payment systems to accommodate new technological players.
He praised the efforts of the Central Bank of Nigeria (CBN) to expand the financial technology investment space to support digital and creative sectors, while welcoming the conceptualization of the $ 600 million investment in digital and creative business programs.
The Governor of Lagos, Babajide Sanwo-Olu, commended the LCCI for its consistency in promoting harmonious relations between government and the private sector, especially in the area of ââease of doing business.
The Governor, represented by Economic Planning and Budget Commissioner Sam Egube, underscored the need to collectively engage to position Nigeria to turn its resources and enormous potential into results to be part of the global community of nations.
Sanwo-Olu said Nigeria needs to increase levels of engagement and harness the opportunities offered by the African Continental Free Trade Area (AfCFTA) for global competitiveness.
âCOVID-19 has transformed business models and processes and we are faced with the need to come up with ingenious strategies to ensure that the wheels of commerce keep turning.
âAfrica remains at the forefront despite its abundant natural resources and its potential for growth and development, but the AfCFTA would position the continent as a global competitor.
âWe understand the importance of formulating policies to liven up the business community and we are always ready to engage in them at any time,â he said.
He reiterated his administration’s strategic direction to harness the growth of the public and private sectors to create jobs, develop social services and provide an enabling environment for business development.
LCCI President Toki Mabogunje said the near-term outlook for key economic indicators looked fragile but bright, expressing optimism that recent political interventions and economic reforms would lead the economy to recover soon. .
Mabogunje noted that despite several economic disruptions such as insecurity, liquidity crisis, among others, the Nigerian economy has laid solid fundamentals.
âOur natural resources are vast, the price of crude oil is steadily rising, the domestic market is large, and our employees are resourceful and enterprising.
âWhat we badly need are the catalysts, as times like these offer huge opportunities for innovation, creativity, export growth and import substitution.
“These are the glimmers of hope even as we expect the economy to turn upward in its recovery journey,” she said.
The president of the LCCI instructed the government to focus on building a prosperous and sustainable economy, improving social inclusion and reducing poverty, increasing agricultural production for food security and achieving energy sufficiency in electricity and petroleum products.
She also called for the expansion of transport and other infrastructure developments, business growth, entrepreneurship and industrialization, access to quality education, health care and affordable productivity, etc.
For his part, the group’s chairman, Nigeria Exchange Group, Otunba Abimbola Ogunbanjo, said that promoting the right policies to advance the private sector, technological advancement and capacity building is essential to boost private sector development.
Ogunbanjo said this was important in helping the country recover from COVID-19 despite the resilience it has shown with its exit from the recession and current economic growth.