Vice President Yemi Osinbajo has said the current administration is working on growing the economy by investing over N2.7trillion in capital projects.
He said though the administration earned 60 per cent less from oil, it has done more by creating “an environment that supports commerce, trade and foreign direct investment.”
He spoke at the 2018 Lagos International Trade Fair organized by the Lagos Chamber of Commerce and Industry (LCCI).
“The light rail line between Lagos and Ogun and the port access road development are part of enabling environment created by the current administration to create a competitive investment environment” he said.
On power generation, Osinbajo said: ‘The current administration is generating over 7,000 megawatts as against the 3,000 megawatts we met on ground, while independent power producers are currently powering big markets such Ariara in Aba, Abia State; Sura Market in Lagos and markets in Edo and Ondo states”.
That government had a partnership with Goggle Station to provide free Wifi and internet services in public places such as Palms Supermarket, Ikeja City Mall, Landmark Centre, Murtala Muhammed International Airport (MM2), all train stations, computer villages and on.
He further said that the facilities would soon get to Onitsha Market and other markets in the country and government had distributed over N15.2 billion to 400,000 traders and artisans nationwide with 56 per cent to women, including the trader money given to the poor to lift them out of poverty.
Japanese Ambassador to Nigeria, Mr. Yutaka Kikuta, said: “Nigeria is blessed with abundant human and material resources’.
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He told the nation to turn its potential to trade relations with foreign companies which would serve as a catalyst for job creation and economic development.
President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Iyalode Alaba Lawson, told government to expedite action on infrastructure development.
She commended the Micro Small & Medium Enterprises (MSME) clinics for making available loans and working capital to small and medium businesses.
She said the government should work earnestly to seek business relationship with developed economies.
Earlier, LCCI president, Mr. Babatunde Paul Ruwase, said: “The trade fair with the theme, ‘Connecting Business, Creating Value’, is to underscore the importance of relationships and interactions among businesses for the purpose of wealth creation.
“We recognize the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy. This trade fair provides a platform to identify non-oil alternatives and highlight the significance of value addition”.