Osinbajo: FG, To achieve high productivity, states must collaborate with the private sector.

FastNews reports that according to Vice President Yemi Osinbajo on Friday, the country’s economic growth, economic diversification, and increased productivity may all be accelerated by effective cooperation between the federal, state, and private sectors.

Professor Osinbajo, who stated this in Gombe, at the closing of the maiden Gombe State Investment Summit, also noted that improving the business environment is critical to “the prosperity of our great country.”

He added that state governments could further boost economic growth and investments in their respective states by approaching development like a Sovereign State while improving the business environment for small businesses to thrive.

According to a statement issued by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr. Laolu Akande, Osinbajo said “the future of our country rests in the hands of business owners, the entrepreneurs, all over this state and all of our country.

The successes that we have seen here in Gombe are substantially on account of the effective collaboration of the private sector, the states, and the Federal Government. Our federation benefits our people when the States and Federal authorities alongside private actors think and work together.”

The VP, who highlighted significant improvements recorded by the Gombe State Government in this regard noted that “as a progressive government, we remain committed to policies and reform efforts that are geared towards economic diversification and improved productivity.”

Speaking specifically on the Nation-State nexus in development, using Gombe as an example, the Vice President noted that it was “fascinating that Governor Muhammadu Inuwa Yahaya has approached the development of the State by thinking as a Sovereign State as opposed to thinking as a sub-national.”

In the VP’s view, the Governor’s vision to draw up a 10-year development plan – Medium Term Expenditure Framework (MTEF), and determination towards creating an enabling business environment, were key pivots to economic growth.

”And this is as it should be. Gombe could rank very easily as a Sovereign State; its GDP is almost three times the GDP of Gambia and it is almost at the same level as the GDP of Liberia. So, when you compare this State to the actual Sovereign States, you will see clearly that the only way to plan the growth of this State is to plan it like you would plan the growth of a country. And I am very happy that Governor Inuwa Yahaya is doing that,” Prof. Osinbajo further said.

The state has already started reaping the rewards of its approach towards development, the VP noted.