Private sector experts should be allowed to lead economic matters, says Osinbajo

Vice-President Yemi Osinbajo says private sector experts and players should be allowed to manage economic matters.

According to him, privatisation of the economy is far better because “it will bring greater dividends.”

“As a matter of fact, I think there is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that government has an interest in,” Osinbajo said.

While receiving a delegation from the Odu’a Investment Company in Abuja on Wednesday, the vice-president cited Nigeria’s Liquefied Natural Gas Company (NLNG) as the reason for his stance on the economic business model.

“For example, Nigeria’s Liquefied Natural Gas Company (NLNG) makes a lot of money because the private sector has a controlling share. They make money for the country,” he said.

Osinbajo has been vocal about the role of the private sector in contributing to the economy.

Last year,  he called for robust monitoring of privatised enterprises, embracing public-private partnerships for the provision of infrastructure and identification and optimisation of public assets.

According to him, a prioritisation of the private sector would create jobs and provide “a suitable environment for productive activities to flourish and tap our enormous natural wealth for the benefit of our people.”

Speaking further, the vice-president charged businessmen to invest in technology as a tool for improving business and preserving the legacy.

“Legacy and history have a powerful pull and what the future calls for is even greater. This is why we must invest in technology,” Osinbajo said.

“Look at technology and see how to change and improve the [business] model.”