Osinbajo To Private Sector: Let Us Implement ESP Together
As the Federal Government consolidates efforts designed to ward off a deep recession and effect significant changes in the economy, opportunities abound across different sectors in the Economic Sustainability Plan for the private sector to lead the charge for Nigeria’s economic growth and development, according to Vice President Yemi Osinbajo, SAN.
According to him, “I take this opportunity to encourage the private sector to be proactive in leading the charge against recession and poverty in our country. The Federal Government is not under any illusion that it can do this on its own.
He said “government developed the Economic Sustainability Plan with a stimulus package of N2.3trillion to give fillip to the economy across various sectors. The size of this stimulus which is just about 1.5% of national income is not as large as we would have liked it to be but it was the best we could do given existing fiscal and monetary constraints. Based on the assumption of the price of crude averaging out at $30 per barrel throughout the year, we anticipate an economic growth of about -0.
According to Prof. Osinbajo, “this is a drive we hope to continue into the medium term as we build up the economy over the next few years. We do need foreign direct investment to complement our domestic efforts but it is the success of our own investments that will attract such inflows.
“In this regard, we have made some strides in improving the ease of doing business in Nigeria. Through the Presidential Enabling Business Environment Council , a lot has been achieved to fast-track processes, reduce bottlenecks and improve transparency across Government MDAs.
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