Vice President Yemi Osinbajo says private sector experts and players should be allowed to handle economic affairs.
According to him, a privatization of the economy is much better because “it will bring higher dividends.”
“In fact, I think it is necessary to promote the model of using smart and proven people from the private sector to manage companies and businesses in which the government has an interest,” Osinbajo said.
While hosting a delegation from the Odu’a Investment Company in Abuja on Wednesday, the vice president cited Nigeria’s Liquefied Natural Gas Company (NLNG) as the reason for his stance on the economic business model.
“For example, the Nigerian Liquefied Natural Gas Company (NLNG) makes a lot of money because the private sector has a majority stake. They make money for the country,” he said.
Osinbajo has spoken about the role of the private sector in contributing to the economy.
Last yearHe called for strong monitoring of privatized companies, embracing public-private partnerships for infrastructure provision and identifying and optimizing public assets.
According to him, a prioritization of the private sector would create jobs and provide “an adequate environment for productive activities to flourish and take advantage of our enormous natural wealth for the benefit of our people.”
Speaking further, the vice president urged entrepreneurs to invest in technology as a tool to improve business and preserve legacy.
“Legacy and history have a powerful appeal and what the future demands is even greater. That is why we must invest in technology,” said Osinbajo.
“Look at the technology and see how to change and improve the [business] model.”