Vice President Yemi Osinbajo has called on Africa to reposition its economy in the direction that will attractive investors because investment depends on the advantages derivable.
Osinbajo made this call while on Tuesday, interacting with a committee of African Ambassadors to Indonesia led by the dean of the group, Ms Alice Mageza of Zimbabwe, on the sideline of his two-day working visit to Jakarta.
According to a statement by Laolu Akande, Spokesperson to the Vice President, the Ambassadors include those of Egypt, Ethiopia, Algeria, Libya, Morocco, Mozambique, Somalia, South Africa, Sudan and Tunisia.
The statement quoted Osinbajo as saying that Africa’s indices of having the lowest integration statistics as well as the lowest GDP ratio can only be reversed by preparing the continent for quality investments that will benefit the people.
“The quality and quantum of potential investors in Africa is huge but the way that such investments will go will depend on the advantages that the investors get from investing in such economies,” he said.
“We in Africa must prepare our economies in that direction that attracts such huge and qualitative investments. It is for us to push and we must push.
“The most important thing for Africa is that whoever wants to invest in our countries should start in manufacturing.”
He, however, urged African diplomats in Indonesia to work together in the quest for attracting investment opportunities to Africa saying “if you negotiate together, it is probably going to be more effective than if we negotiate separately.”
Earlier, the Vice President met with Indonesian business leaders under the auspices of the Indonesian Chamber of Commerce and Industry, where he stressed the need for Indonesian companies to increase their investment portfolios in Nigeria.
“Nigeria would like to see more Indonesian companies invest in the manufacturing sector even though there are quite a few activities going on in Nigeria; there is also room for more collaboration and cooperation.
“The opportunities in the various sectors comprising oil and gas, manufacturing are huge because the major incentive lies in the market, the Nigerian and the West African markets,” he said.
The Vice President was accompanied to the meeting by Mr Hakeem Balogun, Nigeria’s Ambassador to Indonesia; Dr Kayode Fayemi, Minister of Mines and Steel Development.
Others include theHajiya Zainab Ahmed, Minister of State for Budget and National Planning; Sen. Babafemi Ojudu, the Political Adviser to the President amongst others.
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