FG’ll review forex policy to boost investment, says Osinbajo - Punch Newspapers

1/22/2022 4:59:00 PM

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Forex Policy, Investment

FG’ll review forex policy to boost investment, says Osinbajo - Punch Newspapers

The most widely read newspaper in Nigeria

22 January 2022The Vice-President, Prof. Yemi Osinbajo, has said the Federal Government will review the current foreign exchange policy in a bid to stimulate private sector investment.Osinbajo disclosed this on Friday at the virtual edition of the 2022 World Economic Forum.

He said, “We recently launched an economic development plan to take us through the next four years, and the key features of the plan are to focus on the private sector and how the private sector must move from just a rhetorical engine of growth to the major factor in growth.

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Kudos They want to further devalue naira. That is what Osinbajo clamors for. Nigerian capitalists who collect their rents in dollars will always clamor for a weaker naira while the masses suffer in increasing poverty. Nice one Sir 2minutes to the end of the Match means the actions are deliberate You are now talking because election is near. When Buhari and his goons were riding roughshod on us, you were silent. Because you want to protect your job. Nonsense. It was Atiku that stopped Obasanjo's third term. You fall hand

For over 6 years, how many 'FG will..' and how many 'FG have done..' They just keep saying 'will, will.' I concur. Review of Forex policy is long over due. Progressive thinking Pastor is talking in spirit

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Yemi Osinbajo, has said the Federal Government will review the current foreign exchange policy in a bid to stimulate private sector investment. Osinbajo disclosed this on Friday at the virtual edition of the 2022 World Economic Forum. The inauguration was a prelude to the National Economic Council meeting chaired by the Vice President at the State House Banquet Hall, Abuja. He said, “We recently launched an economic development plan to take us through the next four years, and the key features of the plan are to focus on the private sector and how the private sector must move from just a rhetorical engine of growth to the major factor in growth. The Vice President lamented that less than 10 per cent of African countries had vaccinated 40 per cent of their population. “We are going to be focusing a great deal on value addition and productivity. “NG-Cares is a multi-sectoral programme designed to support vulnerable and poor Nigerians to provide essential emergency relief to smallholder farmers and MSMEs, especially those that were adversely affected by the COVID-19 pandemic. We are going to be focusing also on ensuring that the private sector is unleashed to be able to do what it is required to do.” The vice-president was chosen to deliver one of the 12 Special Addresses at this year’s event.

“That would involve to a very good extent reviewing foreign exchange policy, ensuring that we allow the market to play a greater role in foreign exchange policy, which we believe would be important for foreign investment and local investment as well. “The essential addition to the Federal Government’s Programme is that the NG-Cares programme will leverage on existing programmes in the states, especially job creation programmes, wealth creation, poverty reduction programmes at the community level such as state cash transfer units, state Fadama or agriculture development agencies, state job creation units and MSME units. “It has proven impossible for individual countries to contain the virus, as long as there are outbreaks in other parts of the world…Right now, less than 10 per cent of African countries have vaccinated 40 per cent of their population.” Osinbajo added that the government would also focus on the technology sector of the nation. He said, “We very strongly are looking at areas of technology; in the past six years, we have witnessed tremendous growth in the technology sector. The Vice President further explained that “the World Bank loan is in the order of $750m and this will be over two years (2021-2023); the intervention allocation to each state is $20m and $15m to the FCT; there is also $15m for the Federal Cares Support Unit. As I mentioned earlier, we have six unicorns, businesses that have valuations of over a billion dollars. Yet vaccinations remain essential because of the mutation of the virus and the emergence of variants that might be even more deadly than the relatively mild Omicron Variant. “Despite all of the constraints and two recessions in six years, we’ve had these companies come into their own. Read Also. Osinbajo lamented that less than 10 per cent of African countries had vaccinated 40 per cent of their population, saying vaccination remained essential because of the emergence of variants that could be more dangerous than Omicron.

So, we think that technology is going to be very big as regards investment.” Read Also .