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Nigeria’s Bouncing Back plan, with Vice President Yemi Osinbajo

By The Africa Report
Posted on Thursday, 10 September 2020 15:28, updated on Thursday, 8 October 2020 10:43

Nigeria's Vice President, Yemi Osinbajo, answered questions from Africa Report editors and participants on how the country will rebuild after the pandemic.

Vice President Osinbajo spoke to our audience in a webinar on Thursday 24 September.

Please find the video below:

Nigeria – Africa’s biggest economy and most populous country – has been hard hit by the coronavirus pandemic.

Its success in navigating its way out of the global economic slowdown has critical implications for the West Africa region and the continent beyond.

READ MORE Nigeria at 60: Where is the country (really) headed?

Although Nigeria’s team of world class health professionals have fended off the worst public health effects of the pandemic, the national economy has been battered by shrinking markets and falling export prices.

Worse still, a price war between Russia and Saudi Arabia has further depressed the price of Nigeria’s vital exports of crude oil.

To address that, President Muhammadu Buhari appointed Vice President Yemi Osinbajo to chair the Economic Sustainability Committee to develop, along with the country’s top economic ministers, a plan to relaunch the country on a sustainable growth path.

READ MORE ‘Nigeria’s economy at independence showed great promise’ – Dangote

The Bouncing Back plan includes:

  • Multi-billion dollar investments in agriculture across all 36 states and public works and road building programme
  • Mass housing programme to build 300,000 new homes a year
  • Solar power systems for 25 million households
  • Rapid expansion of broadband connectivity across the country to boost commercial competitivity and educational services
  • ‘Made in Nigeria’ drive focusing on manufacturing: shoes and textiles, ceramics, plastics, furniture, steel fabrication and building materials
  • Using Africa’s biggest gas reserves, the 7th biggest in the world, as feedstock for industrialization and domestic power source

 

 

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