THE drop in oil prices notwithstanding, Nigeria has everything that was required to build and sustain a vibrant economy, Vice President Yemi Osinbajo restated yesterday.

Speaking in an interactive session with a coalition of visiting global investors drawn from companies across the globe in his office Abuja yesterday, including Renaissance Capital, Russia-China Investment Fund, China Africa Development Fund, Invest Abu Dhabi, Actis, Emerging Capital Partners, ECP, KKR & Co. LP, Old Mutual of South Africa, the Vice President promised to facilitate pre-investment approvals for would-be investors to the country.

A statement from his media office, stated that Osinbajo assured that working with state governments, the Buhari Administration would ensure that issues such as pre-investment approvals and land titles would be reformed to attain the ease-of-doing-business aspirations of the administration.

“This country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce, the Vice President said today during a meeting with a group of international investors exploring investment opportunities in the country, in the light of the new administration.

According to Prof. Osinbajo, the President has already given the mandate to ensure that a conducive environment is created for business investments in the country, and he added that work has already started with government looking at the different aspects involved.

The Vice President, alongside the Minister for Industry, Trade and Investment, Dr. Okey Enelamah, also held a separate meeting with the World Bank Ease of Doing Business Ranking Team, where issues were laid out and specific lines of action identified on how to improve the business climate in the country.

He said where necessary government will rationalize agencies involved in granting approvals and thereby create space for businesses to thrive.

Regarding the critical role of electric power in creating a conducive business environment, the Vice President stated that while the Federal Government would be making further investments in the sector, the entire power value chain would have to be well compensated in order to produce the needed results.

Osinbajo also restated the commitment of the Buhari administration to creating jobs through businesses and direct action of the government to engage the youths.

He said the 500,000 teaching positions for unemployed graduates worked into the 2016 budget is a means of engaging the youths in paid voluntary occupations in their communities until such a time they can find a job in their different disciplines. Besides, he noted that the programme would also address a critical need for teachers in the public school system.

Equally, he said the Federal Government will also create opportunity for about 370,000 youths who are not graduates to receive vocational training and acquire skills, while one million artisans and market women would receive soft loans through the Bank of Industry as already proposed in the proposed 2016 budget.

Former Minister of National Planning, Alhaji Shamsudeen Usman led the delegation of the international investors, while Dr. Rachid Benmessoud, the Nigeria Country Director of the World Bank led the bank’s Ease of Doing Business Ranking Team visit to the Vice President.