Vice President Yemi Osinbajo, on Saturday, said that Nigeria has enormous potentials and has been making steady progress under President Muhammadu Buhari’s administration.
Prof. Osinbajo stated this on Saturday in Lagos in a keynote address he delivered at the Redeemer’s Men Fellowship Conference themed “Galvanized for Geometric Growth”.
The Vice President, while noting that much still needs to be done in the different sectors of the economy, restated that the country had enormous potential which would be realised.
“Despite our challenges, Nigeria is the ‘last major open market, and like China and India, its population and economic size will enable economies of scale and attract international investment.”
“Just this week, the Spur Group, an IT company from China indicated that it will be establishing a computer hardware manufacturing plant in Nigeria.
“In the course of last year, the Mara Group of Ashish Thakkar had also indicated that it will set up a manufacturing plant for Mara Phones in Nigeria.
“Kobo360, which was one of the start-ups in a group that I led to Silicon Valley in July 2018, aggregates end-to-end haulage operations and raised $30m in a Series A round led by Goldman Sachs and Nigerian commercial banks.
“Using technology, Kobo360 has made it possible for providers of haulage services to find cargoes for their trailers on return journeys, in effect halving the cost of transporting goods,” the Vice President added.
According to Prof. Osinbajo, “the story of increased rice production in Nigeria is well known, with production of paddy rice in 2019 estimated at 7.3 million metric tonnes compared to about 5 million metric tonnes in 2015.
“A little noticed phenomenon taking place in agriculture is the use of technology to attract crowdfunding into the sector. Given the huge interest in agriculture and the relative ease of investing through such platforms, we will see a huge increase in investment in agriculture and subsequent increases in agricultural output across the value chain.”