Vice- President Yemi Osinbajo on Thursday stressed the need for mobilisation of domestic savings and foreign capital to finance the country’s needs in infrastructure, agriculture, housing, Small and Medium Scale Enterprises (SMEs) and other services.
The vice-president, who stated this in a keynote address at the 2019 FMDQ Nigerian Capital Markets Conference in Lagos, said Nigeria required more capital to grow, develop and attain its 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.”
Other sectors where he said such development was also needed include information and communication technology, transportation and other services.
Osinbajo, who was represented at the workshop by the acting Director-General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, said the country needed to mobilise more funds to address its needs.
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.
The vice president said President Muhammadu Buhari’s administration was doing everything possible to close the gap in infrastructural deficit.
According to him, this was being done through direct expenditure and through incentives given to private investors, domestic and foreign ones to invest in the critical sectors of the economy.
The vice president added: “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.”
According to him, the need to attract capital is further underscored by the ERGP’s initiatives such as the promotion of innovation and technology-led industries, encouragement of private equity and venture capital players. (NAN)