Nigeria’s Future Lies in Non-oil Sector, Says Osinbajo

foreign exchange market
  • Nigeria’s Future Lies in Non-oil Sector, Says Osinbajo

Vice President Yemi Osinbajo on Saturday reiterated the Federal Government’s position that the nation’s future lies in the non-oil sector.

Osinbajo spoke at the inauguration of a recreational and entertainment facility, The Dome, in Abuja.

He said the facility, which recently re-capitalised its assets and expanded its recreational outlets to include bowling alley, twin cafe, the paradisio and the Francis Hotel, among others, gave credence to the government’s position.

According to him, the gains recorded owing to deliberate policies on ease of doing business in Nigeria account for favourable rating through the World Bank global index report on ease of doing business.

“Investments like the Dome, Abuja is what Nigeria needs to push for a similar status with Dubai, which despite being an oil producer, makes only 20 per cent revenue from oil,” said.

The Chairman, The Dome Entertainment Centre, Obiora Okonkwo, noted that with the unemployment index expected to rise above 50 per cent, including a soaring population figure projected to hit 200 million by 2019, venture capitalists like himself had taken it upon themselves to salvage the situation.

Okonkwo, however, made a case for tax holidays if the private sector must assist the government to meet its objectives of better welfare for the people.

He said, “I use this opportunity to invite the government to partner The Dome in its social empowerment programme for youths. The Dome is well positioned to drive the policy and bring about the change we crave.

“Government must assist businesses such as ours to grow through generous tax breaks to enable us stabilise.”

The Federal Government, through its Economic Recovery and Growth Plan, has started tapping into the entertainment and creative industry to generate at least $1bn by the end of 2020.

The target aligns with its policy, which seeks to discourage over-dependence on oil earnings, especially with the entertainment and creative sector reported to have contributed 2.3 per cent, approximately N239bn, to Nigeria’s Gross Domestic Product in 2016.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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