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Nigeria VP Osinbajo Wants Businessmen To Invest More In Technology

“if the private sector runs businesses, it is far better because it will bring greater dividends.”

Nigeria Vice President Yemi Osinbajo has called on Nigerian businessmen to invest more in technology as it holds the key to the future.

Osinbajo made this charge Tuesday while receiving a delegation of  Odu’a Investment Company at the State House, Abuja.

Commending the legacy of the conglomerate and the vision that birthed it decades ago, Osinbajo, according to a release issued by his Media aide, Laolu Akande, said, “legacy and history have a powerful pull, but it might be that what the future calls for is even greater and this is why we must be investing in technology.”

The Vice President also told the delegation led by the Group Chairman of the conglomerate, Otunba Bimbo Ashiru, that they should “look at technology and see how to change and improve the (business) model.”

He had earlier commended the model where experts and players are allowed to lead in economic and business matters, saying “if the private sector runs businesses, it is far better because it will bring greater dividends.”

Osinbajo cited the example of the Nigeria Liquefied Natural Gas Company (NLNG) saying “the NLNG is making a lot of money because the private sector has a controlling share and is making money for the country.”

The Vice President advised that “there is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that government has an interest in.”

Earlier in his remarks, Ashiru said the vision of Odu’a Investment Company was to become a world-class conglomerate, known for its passion for business with a focus on agriculture and industrialization. 

He explained further that the company was exploring international investments and partnerships.

For instance, he disclosed that the Premier Hotel located in Ibadan, Oyo State, one of the well-known businesses of the conglomerate was going to be in partnership with an international brand. In the new arrangement, the hotel would be upgraded to a five-star hotel and woild increase its rooms from 87 to 120.

Ashiru informed the Osinbajo that Lagos State has recently joined Odu’a Investment Company and has been presented its certification as a shareholder. 

Odu’a Investment Company is owned by the six State governments in the Southwest zone of Nigeria.

Deji Elumoye in Abuja