The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, has launched the Nigerian Economic Diplomacy Initiative NEDI.
NEDI was initiated by the foreign affairs ministry to connect local businesses with opportunities abroad and professionals in the diaspora with businesses in the country.
Speaking at the launch, Osibanjo stated that NEDI is a game-changing initiative that has been designed to complement the fundamental economic objective of the Federal Government, which is to improve the well-being of Nigerians as individuals and collectively.
In his words:
“In the case of Nigeria, the private sector is particularly important because it accounts for well over 90 percent of our GDP. We are fully aware that building a competitive and vibrant national economy of our dream relies on enabling the innovation and dynamism of our private sector operators to flourish,”
The Chief Host, Mr Geoffrey Onyeama, Minister of Foreign Affairs, said:
“NEDI is designed to ensure economic growth and development through the facilitation of market access, cross-border trade, and recruitment of skilled Nigerians in Diaspora for national development. This initiative is a result of our commitment to leverage on existing infrastructure to stimulate economic growth for Nigerians in the country and Diaspora.”
The unemployment rate in the country has been on an upward trend, however, one way of changing this is by seeing to it that the government engages the private sector. It is important the government provides critical infrastructure and the right platform to empower the private sector to become more productive. Also, there is a need to promote initiatives that would reduce the barrier to entry for budding entrepreneurs.
NEDI is an initiative of the Ministry of Foreign Affairs (MFA) in collaboration with the Federal Ministry of Industry, Trade and by Investment (FMTI); the Nigerian Investment Promotion Commission (NIPC); and the Nigerian Export Promotion Council (NEPC).