Nigeria can survive without oil – Osinbajo

Vice President Yemi Osinbajo said that Nigeria has all it takes to run a vibrant economy  not dependent on oil.

Osinbajo said this at the State House in Abuja yesterday while receiving such foreign investors including  Renaissance Capital, Russia-China Investment Fund, China Africa Development Fund, Invest Abu Dhabi, Actis, Emerging Capital Partners, ECP, KKR & Co. LP and Old Mutual of South Africa.

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“This country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce,” the vice president.

He said President Muhammadu Buhari’s administration was committed to creating conducive environment for investments.

A statement by the spokesman of the vice president, Laolu Akande, said he also met yesterday with the World Bank Ease of Doing Business Ranking Team where issues were laid out and specific lines of action identified on how to improve Nigeria’s business climate.

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Osinbajo was quoted as saying that the Presidency would work with state governments to reform issues like pre-investment approvals and land titles in order to ease businesses.

The vice president was also quoted as saying that where necessary, the Federal Government would rationalise agencies involved in granting approvals for businesses to thrive.