The Federal Government has explained that Nigeria’s economic response to the COVID-19 Pandemic has largely been targeted at saving jobs, protecting businesses and attracting new investments.
Vice President Yemi Osinbajo (SAN) said this on Tuesday during a webinar with some French business leaders under the auspices of the Franco-Nigeria Chamber of Commerce and Industry.
According to Osinbajo, the current administration hoped to achieve these by elaborately executing the Economic Sustainability Plan (ESP), which is currently being implemented.
The Vice President noted that part of what the Buhari administration had done in its response to the pandemic was to “build a business environment that will be supportive of domestic and foreign investors.”
According to Prof. Osinbajo, “it is important to recognize that the pandemic, which really is the cause of the downturn, not just in the Nigerian economy, but practically all of our economies, all over the world, except perhaps China, also provides incredible opportunities for doing all manner of very innovative and creative things.
“And I think that we are in a season where we are ready to experiment and ready to do a lot more. And if you look at our Economic Sustainability Plan, which is our response to the pandemic, what we tried to do was to do a few things that we thought would be game-changing.”
Continuing, he said “for example, one of the important things that we are trying to do with respect to renewable energy is with solar power. We are collaborating with several solar power companies to provide, within the next 12 months, 5 million Nigerian households with solar home systems.
“This is partly to address the issues with the national grid by providing more off-grid capacity and provide more opportunities in the renewable energy space. What we are doing is to get the financing through the Central Bank of Nigeria as part of the Economic Sustainability Plan,” he added.