Vice President Osibanjo reveals how easy Oil money denied Nigeria of development

 

According to Vice President Yemi Osinbajo, SAN. We having an easy source of revenues have denied Nigeria the opportunity to engage in what is called the critical thinking and prioritization that drives development.
The Vice President earlier today spoke at the launching of the Standard Operating Procedures (SOP) and Port Services Support Portal (PSSP) for Nigerian Ports hosted by the Ministry of Transportation in Abuja on Thursday with other top government and private sector functionaries including Transportation Minister Rotimi Amaechi in attendance.

Saying that the country must reduce the current dependence of the federal and the state governments on the ritual sharing of revenues from oil.

Prof. Osibanjo according to his words says doing so would require an alternative revenue sources and diversification of our economic structures in terms of the drivers of our economic activity and sources of foreign exchange, while hailing the Ministry of Transportation for initiating the SOPs and PSSPs, which are electronic-based monitoring which would now govern the entire port operations in the country.

Embracing the new technology-based monitoring, the ministry had set the nation on the path of enhancing its ports capacity of ensuring free flow of import and export, reducing corruption in port procedures and adopting the global best practice, Prof. Osinbajo added. Advising all port operators to support the new system for effectiveness of ports operations, increased revenue, enhancement of diversification programme of government and curbing corruption.

Prof. Osibanjo realised that using technology-driven products is the way forward in enhancing service delivery in both private and public sectors. ``Everyone in the private and public sector must invest their commitment in the successful implementation of the SOPs and PSSPs by following the procedure, not engaging in corrupt practices and putting an extra effort to ensure that the objectives are accomplished.

    ``We must understand and accept that nation-building is a collective responsibility and that the private sector has an important role to play in supporting every effort of government to achieve the building of a strong nation,’’ Prof. Osinbajo said.

    Pledging the administration's resolve to continue encouraging a competitive business environment powered by sufficient and efficient policies to sustain economic growth to further retain and attract local and foreign investments in Nigeria. Prof. Osinbajo said that a key component of this administration’s change agenda lay in the development of a diversified non-oil economy adding that to achieve the target, the ports must play their role in making it easier to trade across borders as well as drive Nigeria’s trade policy.

The Vice President acknowledged that many other countries in the world had proved that without natural resources, the efficient management of import and export activities could greatly improve national economies.

    ``Many countries have proven that without depending on any natural resources, but simply relying on efficient procedures for undertaking Port activities, any nation can position itself as a major hub and can earn significant resources by just being more efficient,`` he added in his conclusion.


In the Office of the Vice President

Laolu Akande [Senior Special Assistant-Media & Publicity]