The economic report reveals that Nigeria’s Vice President Yemi Osinbajo and industrialist Tony Elumelu, on Tuesday set the tone for the growth of the country by suggesting capacity development for the energetic youth population of the country.
According to report they gave the suggestion during the panel discussion at the 23rd National Economic Summit in Abuja. The discussion also featured the Chief Executive of General Electric in Nigeria, John Rice.
According to Osinbajo, the MSME clinics held in different parts of the country were targeted at youth entrepreneurs to address the fundamentals in the economy and ensure inclusive growth.
Osinbajo stated that government had initiated series of reforms in the economic sector including the need to open a single window for customs clearance for imports and exports but noted that more needed to be done.
He said government also tried to eliminate layers of bureaucracy to make businesses easier and enhance the country’s competitiveness.
He also said that efforts had been made to address local content in all sectors of the economy adding that while the oil and gas sector was not personnel intensive the incremental jobs created by the value chain were important.
He said while power generation had reached 7,000MW, the distribution was epileptic due to poor metering by the distribution companies which would soon be unlocked.
He said government was doing off the grid systems in Ariaria (Abia), Shomolu (Lagos) and Kano to improve power supply.
“What we are doing in infrastructure is important and we want to also complete the roads, railways. We are also focusing on Customs and agro-allied industries.’’
He said regulatory agencies and MDAs were being encouraged to meet the business development timelines adding that very soon a new chief executive would be appointed for NAFDAC and mandated to fasten products registration.
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