Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Vice-President Yemi Osinbajo says Nigeria’s private sector accounts for 90 percent of the nation’s gross domestic product (GDP).

Consequently, he said the federal government will build a vibrant economy for the sector to flourish.

He said this on Thursday at the launch of the Nigerian Economic Diplomacy Initiative (NEDI).

“In the case of Nigeria, the private sector is particularly important because it accounts for well over 90 percent of our GDP,” he said.

“We are fully aware that building a competitive and vibrant national economy of our dream relies on enabling the innovation and dynamism of our private sector operators to flourish.

“Given that private sector actors and indeed talented individuals that would drive trade and investment are numerous: it follows that they may not have access or the means to obtain the information they need about the opportunities that abound especially abroad.

“So the vision of the minister to used the NEDI to bridge the vital gap is a welcome development indeed.”

Geoffrey Onyeama, foreign affairs minister, said NEDI is a platform for matching and connecting businesses.

He said NEDI seeks to surmount all business barriers by leveraging on the ministry’s presence in 100 countries.

“This we do through an Internet portal where any Nigerian business after satisfying credibility check can upload their data onto a website,” he said.

“And with the help of dedicated staff and the information would be available to Nigerian staff in missions in the 100 countries.”

According to him, in addition to NEDI, the ministry has also created a window for diaspora brain gain.

“There are millions of Nigeria, who would want to come home if they could find job commensurate with their skills,” he said.

“And, conversely we know that there are Nigerian institutions and businesses that are looking for skills not available in the country.

“We have therefore added a window where Nigerians in diaspora can upload their profile and the ministry will help to match them to needs of businesses and institutions in Nigeria.

“What NEDI add is a simple credibility and secured environment to grow the Nigerian economy.”