Vice President Yemi Osinbajo says the private sector is expected to invest N298 trillion or about 86 per cent of the projected investments in the National Development Plan(NDP) 2021-2025.
Osinbajo’s spokesman, Laolu Akande, in a statement in Abuja on Monday, March 21.
The vice president made the disclosure at the inauguration of the state-of-the-art Toyota Service and also Research Facility in Lagos.
The world-class facility is said to be among the first of its kind in West Africa with varied capacity for research, training as well as skilling.
The vice president said that in line with its objective of creating a more conducive business environment in Nigeria; the Federal Government would continue to deepen business reforms; as well as partner with the private sector to ensure wholesome national development.
“It is important to restate that the Federal Government has committed itself to partner with the private sector; recognising that the private sector is better equipped and resourced to lead the development of the economy.”
Osinbajo said that public-private synergy was the crux of the NDP as the Federal Government remained committed to the reforms. This was being driven by the Presidential Enabling Business Environment Council (PEBEC).
“The president has by several directives, approvals and executive orders set in motion; and in many cases with the private sector, the most aggressive drive yet for appropriate infrastructure, power, roads, rail, and broadband connectivity.
“This includes ensuring that our ports work smoothly for trade purposes, building new port complexes; and dredging of existing but disused ports; ensuring that government regulators facilitate rather than hinder business operations.
“It is this imperative of aggressively supporting private sector stakeholders that resulted in the 7th iteration of the Presidential Enabling Business Environment Council’s (PEBEC) 60-day National Action Plan (NAP 7.0); which commenced on Feb.7 and will go on till April 7.
“It aims to deepen the reforms delivered over the past five years with a focus on exports, process automation, improvement in regulatory practices, judicial reforms; and Executive Order 01/ReportGov.NG compliance.”
He said that NDP was a collaboration between the government as well as the private sector; with an investment commitment of N348 trillion.