The VP stressed the seriousness with which the administration is taking the Ease of Doing Business Initiative. He observed the challenges involved in working through a “bureaucracy that is accustomed to being more of an obstacle than a facilitator.”
“There is a great deal more attention being paid to achieving something and we have had discussions with several of the regulators including the Central Bank of Nigeria, CBN and National Agency for Food and Drug Administration and Control, NAFDAC. We have seen substantial changes in their approach and attitude.
Reacting to the possibility of Venture Capitalists in the diaspora willing to invest in start-ups in Nigeria, Prof Osinbajo welcomed the idea. A member of the delegation, Dr Chris Brooks, a Jamaican-Nigerian living in America expressed interest in investing in Nigeria. Responding, the VP said, “I am excited that Dr. Brooks has a consortium of possible Venture Capital Firms and fund managers prepared to put some of their resources in Nigeria. I hope that we are able to actually get them to invest and we will do whatever we can to support that effort and support what is already going on. If you need a couple of doors open, we will do our best to ensure that we help.
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