Nigeria must free business environment to increase productivity, says Osinbajo

Vice President Yemi Osinbajo, SAN, addressing the audience after declaring open the 28th Nigerian Economic Summit at the Transcorp Hotel, Abuja, on Monday, November 14, 2022. Photo: Statehouse/Tolani Alli

Vice President Yemi Osinbajo, SAN, has stressed the need for Nigeria to free its business environment to increase productivity, especially in making local and international trade easier.

Prof Osinbajo stated this while making his speech after declaring open the 28th Nigerian Economic Summit in Abuja, on Monday, November 14, 2022.

“We must create an environment for business to make local and international trade easier by fixing our ports, revamping our custom processes and tariff codes to reduce delay and arbitrariness, and by removing the needless restriction on imports to enable value-added processes,” the Vice President said.

He noted that an increase in productivity and value addition will help in creating employment opportunities and generate more tax revenue.

While also specifically speaking on the prosperous future of the green economy, he said it must be taken seriously, contending that, “there is no reason why we should not take advantage of renewable energy.”

According to the Vice President, the transition to green energy would unlock the potential of the carbon market in Nigeria.

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“It has been estimated that Nigeria could produce more than thirty million tonnes of carbon credit annually by 2030 and bring in more than fifty million dollars annually, Prof Osinbajo said.

He, however, noted that Africa bears the brunt of climate change despite being the least responsible for carbon emissions globally, yet, doing little or nothing to mitigate the effects of global warming, which he said has become an issue of great concern.

“We must continue to call for a just transition that enables us to use our abundant resources to meet our energy needs, especially electricity and cooking.

“This would enable us to secure investment in natural gas as well as renewable forms of energy,” Osinbajo said.

He informed that Nigeria will continue to collaborate with G77 and key climate partners on the issues of losses, compensation and damage.

“This is essentially requiring that those who cause climate change and the greatest emitters should also pay to help those of us who are the least emitters in the challenges of climate change.

“This matter is on the table at COP27 and it should be pursued to its logical conclusion of securing additional finance for developing economies.”