• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, May 15, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Africa needs groundbreaking investments

The Matters Press by The Matters Press
June 25, 2019
Reading Time: 3 mins read
0
Africa needs groundbreaking investments


Vice President Yemi Osinbajo has said the huge development challenges facing Nigeria and the rest of Africa were “excellent opportunities for groundbreaking investments and innovation”.

RELATED POSTS

Nigeria First policy, unique, revolutionary – TMSG

Group seeks action against the menace of fake news, deliberate falsehood

Nigeria’s upgrade of health centres, a major milestone in Renewed Hope Agenda

Presidency stated on Tuesday that Osinbajo spoke as a guest at an interactive session hosted by the Council on Foreign Relations (CFR), a think-tank in New York.

In his opening statement on the topic “Nigeria’s Economic Prospects”, the vice president hinged his discussion on four areas including population, and environment with respect to climate change.

He identified the other two areas as production especially agriculture, manufacturing and technology as well as security, and the challenges of terrorism, violent Islamic extremism, social exclusion and resource conflicts.

Osinbajo noted that what happened in the four areas in the continent in the coming years would impact positively or negatively on the fortunes of the world.

He said, “The doomsday scenario is as follows: Africa’s population grows exponentially, food production is not able to match population growth, a rise in transhuman conflicts due to shrinking vegetation and water.

“Lack of jobs and opportunity for a large poorly educated youth population, leading to aggressive illegal migration, vulnerability to extremism and, the creation of a convenient breeding ground for extremist groups and a terrorist launch pad to the rest of the world.

“A horrifying situation indeed, and possible if in the next three decades Africa drops the ball on these four indicators.

“Neither Africa nor the rest of the world can afford to have these scenarios playing out.”

Osinbajo stated that being the most populous nation in the continent, Nigeria had a critical role to play in those four areas.

According to him, it is not an exaggeration to say that as “Nigeria goes, so goes Africa”.

The vice president said although the challenges were huge, they were excellent opportunities for “ground-breaking” investments and innovation by both local and foreign players.

“So take population, the mere fact that we will become the third most populous nation in the world by 2050 and the 14th largest economy, means a huge market.

“When we opened up our telecoms sector for private investment 18 years ago, many thought, ‘yes, they have a large population but not a large enough middle class to buy and use mobile phones’.

“They were wrong. MTN and Econet took the plunge, and today market penetration for mobile phones is 114.9 per cent, which technically means almost everybody has a phone,” he said.

The vice president said Nigeria was trying to replicate the same feat in the power sector by opening it for investment in end-to-end power supply.

According to him, Power Africa, a USAID project, has made a commitment of 110 million Dollars between 2018 and 2023.

The fund is meant to provide transaction support to the entire electricity value-chain covering gas supply, distribution, transmission and generation activities, he explained.

“With our population, and a market-driven power sector, the next few years promise exciting prospects.

“This is also the case with other infrastructure. We are embarking on the largest investment in infrastructure in our history, welcoming private investments in concessions and projects like rail, roads, airports, and other infrastructure.”

In agriculture, Nigeria boasts of the ninth largest stock of arable land in the world, and has become a world leader in cassava, yam, sorghum, and millet production, he said.

He added that the country was on the verge of self-sufficiency in paddy rice production, seeing greater interest in agriculture and the agro-allied value chain.

Osinbajo emphasised that besides the export market, the country’s population presents a massive and lucrative domestic market.

“Carlos a major Mexican vegetable farmer came to Nigeria to do vegetables for export and found he was making far more money servicing the domestic market,” he said.

According to him, challenges in other areas such as manufacturing, environment, climate change and security were investment opportunities waiting to be explored.

Tags: Africa
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

IMPI releases new policy statement in defence of the Nigerian economy
Economy/Technology

Nigeria First policy, unique, revolutionary – TMSG

May 15, 2025
Economy/Technology

Group seeks action against the menace of fake news, deliberate falsehood

May 14, 2025
Eulogising Africa’s efforts in midwifing a Covid-19 vaccine
Economy/Technology

Nigeria’s upgrade of health centres, a major milestone in Renewed Hope Agenda

May 13, 2025
Rescued victims of human from Cote D Ivoire arrive Nigeria
Foreign

Rescued victims of human from Cote D Ivoire arrive Nigeria

May 11, 2025
Northern governors, traditional rulers call for accelerated action against Insecurity
News

Northern governors, traditional rulers call for accelerated action against Insecurity

May 11, 2025
Smile finally visits nurses, now on enhanced salary entry point
Economy/Technology

As enrollment of nurses peaks at 115,000, Nigeria ready to outsource medical personnel to the world – TMV

May 10, 2025
Next Post
Kenya hits the globe for oil investment

Oil prices drop amid demand worries

Governors assess security situation, support state police

Governors assess security situation, support state police

Recommended Stories

Jaiz Bank moves to new head office

Haruna Musa is JAIZ Bank new MD

November 23, 2023
Nigeria suspends mining in Zamfara

Nigeria warns: No mining license without value addition plans

March 20, 2024
Fun side of COVID-19

Osinbajo’s economic sustainability report excites Buhari

June 12, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria First policy, unique, revolutionary – TMSG
  • Group seeks action against the menace of fake news, deliberate falsehood
  • Nigeria’s upgrade of health centres, a major milestone in Renewed Hope Agenda

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us