Good Signs from Non Oil Sources- VP Osinbajo

Vice President Yemi Osinbajo, SAN, took time off after a detailed session with private sector chieftains last week in Lagos to engage journalists also on the direction of the Nigerian economy. Below is the full Q&A interaction between him and members of the press released by Laolu Akande, Senior Special Assistant-Media & Publicity . 

Question: Thank you so much your Excellency for speaking to us. Up to this point our interactions with the private sector suggest a lot of frustration at the pace of reforms it’s definitely a difficult time for the government no doubt, but my first question to you is to speak to the point about creating an enabling environment in broad terms for the private sector to thrive. There is a sense, from my interaction with many in the private sector that the government to a large extent is trying to fix things on its own, there isn’t enough of an engagement with the private sector and of course for that to work there needs to be an enabling environment how do you respond to that?

China to Help Nigeria Overcome Development Bottlenecks

The Charge d’Affairs, embassy of the People’s Republic of China in Nigeria, Mr. Jian Qin, has said that his country is ready and willing to help Nigeria overcome the bottlenecks to its economic and social development.

Qin stated that China would support Nigeria to fast track its industrialization and agricultural modernization through infrastructural development, and provision of finance.

The envoy said this on Friday in Abuja during the 95th anniversary of the Communist Party of China.

Qin stated that China is pleased that since President Muhammadu Buhari took over, his government has been committed to economic development and improvement of peoples’ welfare.

Buhari Appeals to Nigerians To Be Patient With Him While He Works on The Changes Needed to Grow the Economy

President Buhari through a statement by his Presidential spokesperson, Mallam Garba Shehu appealed to Nigerians to be patient with him over the difficulties in the land, adding that the change he promised will be achieved soon.

As part of the change, the President ordered the release of 10,000 tons of grains from the national strategic grains reserves to help alleviate hard times people were suffering.

The statement reads in full...

The Presidency firmly rejects the insinuations that poverty and lack are products of the Change mantra. This should be dismissed as an erroneous and misplaced opposition criticism. The President understands the pain and the cries of the citizens of this country and he is spending sleepless nights over how he can make life better for everyone.

Minister of Information and Culture, Lai Mohammed Denies Saying FG Has Lost Control of the Nigerian Economy

There were reports that the Minister of Information and Culture, Lai Mohammed, said that the Federal Government had lost control of the Nigerian economy. The reports alleged that he said this while fielding questions from a radio station in Abuja. However, Lai Mohammed who was a guest on Channels TV this morning, said the report is totally false.

"It is completely false. I saw the report and I spoke with the editor online of Thisday and he told me this was the story that was filed by his correspondent. That story was supposed to have emanated from a live interview I had with Radio Lagos FRCN and nothing like that happened.

Yes, it is true that I said that we inherited an economy where the price of crude went down and that that is not our making. That is not synonymous to saying that the economy is out of control.

No Foreign Exchange For Students, Medical Trips Abroad – President Buhari

Nigerian President, Buhari says the Federal government will no longer make provisions of foreign exchange allocation for Nigerians schooling abroad or those seeking medical treatment overseas. 

This position is contrary to that of the CBN which had stated in a communique last month that it had not banned the allocation of foreign exchange for education and medical bills.

“The Central Bank of Nigeria (CBN) wishes to clarify to the general public that it has NOT stopped the allocation and sale of foreign exchange for purposes of paying school fees and settlement of medical bills overseas,” Ibrahim Mu’azu, the apex bank’s Director of Corporate Communications, said. 

However in a recent interview with Al­Jazeera, Buhari overruled the CBN, insisting that it will henceforth, not be making such provisions as Nigeria's present economic state can't afford it.