FG to review forex policy to boost investment — Osinbajo

The Vice-President, Prof. Yemi Osinbajo, has said the Federal Government will review the current foreign exchange policy in a bid to stimulate private sector investment.

Osinbajo disclosed during the weekend at the virtual edition of the 2022 World Economic Forum.

He said, “We recently launched an economic development plan to take us through the next four years, and the key features of the plan are to focus on the private sector and how the private sector must move from just a rhetorical engine of growth to the major factor in growth.

“We are going to be focusing a great deal on value addition and productivity. We are going to be focusing also on ensuring that the private sector is unleashed to be able to do what it is required to do.

“That would involve to a very good extent reviewing foreign exchange policy, ensuring that we allow the market to play a greater role in foreign exchange policy, which we believe would be important for foreign investment and local investment as well.”

Osinbajo added that the government would also focus on the technology sector of the nation.

He said, “We very strongly are looking at areas of technology; in the past six years, we have witnessed tremendous growth in the technology sector. As I mentioned earlier, we have six unicorns, businesses that have valuations of over a billion dollars.

“Despite all of the constraints and two recessions in six years, we’ve had these companies come into their own. So, we think that technology is going to be very big as regards investment.”

He said the government would make investment in infrastructure, roads, rails, power, and had initiated a fund, which it hoped would catalyse a lot of the investments in infrastructure.

Osinbajo said, “We are also looking at manufacturing and the agricultural value chain, and we are looking at various investments in these areas. But the key for us is what the private sector needs to contribute.

“As a matter of fact in our economic development plan, we expect that the overall financial requirement to achieve our aim will be something in the order of N348tn, of which the public sector will contribute 14 per cent, and the private sector will contribute 86 per cent.

“So, we are really betting heavily on our private sector. Which is why creating the enabling environment for the private sector to thrive is a priority for us in every way.”