Osinbajo: How youths in digital businesses are driving investment to Nigeria

Vice-President Yemi Osinbajo says youths in businesses that employ digital skills contribute significantly to driving investment to Nigeria.

Osinbajo spoke on Thursday at the sixth edition of the Kaduna investment summit (KADINVEST 6.0), themed: ‘Towards a Sustainable Knowledge-based Economy’, which held in Kaduna.

According to him, Nigeria needs to focus on the development of a knowledge-based economy to enhance growth.

He explained that a knowledge-based economy focuses on how human capital, education, and knowledge can become productive assets or business products to be sold for profit, adding that such an economy also depends on intellectual capital.

Citing instances of how digital businesses improve investment opportunities, the vice-president said programmers developing software and health workers using digital data to improve treatment are aspects of a knowledge-based economy.

“It is simply the commercialisation of intellectual capacity, rather than natural resources or physical efforts or physical labour,” he said.

“By the sheer versatility of technology today, it is possible to leapfrog from where we are to the knowledge economy. Knowledge economy can enhance our performance and all the benefits we can derive from agriculture, manufacturing and services.

“In Nigeria today, our youths who are running digital businesses, and services are making great strides. Given these strides, Nigeria is surely becoming a technology investment destination in Sub-Sahara Africa.

“So, the knowledge-based economy is entirely dependent on intellectual capital in the workforce and in the talent pool that is educated and dynamic and adaptable.”

Osinbajo commended Nasir el-Rufai, the Kaduna governor, “for the brilliant innovation, but more importantly, for sticking to a plan and for making sure that the plans get results”.

He assured the Kaduna government of the federal government’s support to ensuring a stable and predictable microeconomic business environment, through the provision of infrastructure and ensuring security.

“As you know, I follow your activities closely in Kaduna state because of the seriousness you have brought to sub-national governance in Nigeria. The rigour and innovation that you and your team have brought to policy formulation and implementation is clearly exemplary of what is possible in the states and indeed what is possible in the nation,” he said.

“KADINVEST has become a platform not just to market Kaduna, but Nigeria as a compelling business destination for investment.”

In his presentation, el-Rufai said over $1 billion worth of investments in agriculture, power, housing, health, infrastructure, retail and tourism have been attracted to the state.

“So far, we have realised over a billion dollars investments in the state. These are only investments that have come into the state, creating new industries or expanding existing ones and creating jobs from agriculture, power, housing, automotive solid minerals, etc.,” he said.

“We also have $1.7 billion in announced investments. These have been announced in agriculture, power, transport, health, infrastructure, etc.

“This is why we have to keep doing this investment summit because it has helped us in droves.”