Osinbajo Stress The Need To Attract Foreign Investments, Domestic Savings, Capital To Meet Infrastructural Needs Of Nigeria

The Vice President Prof. Yemi Osinbajo has stressed the need for the country to mobilize domestic capital, savings as well as attract foreign investment in order to tackle the infrastructural deficit in the country.

Osinbajo disclosed this while delivering his keynote address at the 2019 FMDQ Nigerian Capital Markets Conference in Lagos.

The vice president also noted that the country needed huge capital to finance infrastructural needs and also to attained its full potential.

He said “We need to mobilise domestic savings and capital as well as attract the necessary foreign capital to finance our needs in the areas of infrastructure, agriculture, mining, industry, housing, and SMEs.”

Osinbajo who was represented by the acting Director-General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, noted that other sectors that needed development include information and communication technology, transportation and other services. Adding that, the country needed to devise ways of mobilizing capital at address the developmental issues.

He noted that an African Development Bank (AfDB) report on Nigeria’s Infrastructure Plan in 2013 estimated that Nigeria would need to invest about $350 billion in 10 years to meet up with its peers. Adding that, president Muhammadu Buhari was working tirelessly to cover the gap in infrastructural deficit.

Osinbajo said “The Economic Recovery and Growth Plan (ERGP) (2017-2020) has a major objective of building a globally competitive economy through investment in infrastructure, improvement in business environment and promotion of digital-led growth.

“No doubt, this objective requires fresh and adequate capital.”