 Good afternoon and welcome everyone to this press conference from the 47th annual meeting of the World Economic Forum Here in snowy Davos welcome here in the room I see there's more gentlemen and ladies joining us welcome Don't be shy take a seat and welcome to everybody who's joining us on the live stream to our global audience there Welcome to this press conference. We're joined here today And it's it's our great pleasure for me to introduce to you the vice president of Nigeria, Mr. Yemi Oshinbacho I've been told by colleagues from Nigeria that that's the way to pronounce the name apologies. I I hope I did it right so Without further ado ladies and gentlemen, I'll give the floor to you mr. Vice president tell us about Nigeria tell us about your expectations here at Davos and what your message is to the assembled business and public sector and civil society leaders here in Davos, please Good afternoon everyone and thank you very much for coming to this Let me just very quickly say that Everyone sort of knows that the that Nigeria is in GDP terms possibly the largest economy in Africa and also that in the past three quarters Nigeria's has been in a recession and That after that recession continues we The economy contracted by about 1.8 percent in the last quarter of 2015 But we've developed a robust economic recovery and growth plan Not just to take the country out of recession, but more importantly to set us on a path of sustained growth That economic recovery and growth plan is Very important to us because it's also an opportunity for us to address some of the structural problems that the economy has many would probably know that the largest source of revenue for The largest source of government revenue is oil and also the largest foreign exchange earner and that in the past year Aside from the drop in oil prices We've had disturbances in the Niger Delta Which has led to a sharp drop in production? especially in last year and The drop was so sharp that we're losing as much as 60 percent of revenues but all of that is Certainly improving now and part of the economic recovery and growth plan is to address the issues in the Niger Delta Many of which we're coming to terms with already and we're seeing production coming back up and We're also looking at the opportunities that this offers for diversification given the fact that the Nigerian economy as I pointed out is almost a single source foreign exchange and a largest revenue in fact oil is not just the largest revenue and a but also accounts for Practically 52% of non-oil revenues as well. I mean it it accounts for About yes, roughly about 52% of non-oil revenues as well. So it really is crucial But we're looking at what we're looking at diversifying. We're looking at agriculture The whole agro-aligned value chain. We're looking at petrochemicals We're also looking at manufacturing which is It's quite critical as well as You know other sectors of the other sectors that we think would be particularly important in in manufacturing for example EPZ is very important and that's one of the key ways by which we're trying to focus attention and focus our energies on manufacturing and you know, we think that that would Create Opportunities to create opportunities both for local investment and foreign investment. I don't want to Go into a monologue. I was hoping that this would be interactive So I think I probably just stop at this point and hope that you know, I'll get a few questions. Yes Thank you, mr. Vice president And let's follow that recommendation. We have a microphone in the room So if I can see a show of hands who's interested to ask a question Yes, the gentleman in the middle here if you could state your name and Organization for the sake of our online audience, please Good afternoon Roy Disney's agency Demetri Zanicka. I'm here Just a couple of questions one you've mentioned the world production Would it be possible to say where the current production stands at the moment and give us a bit of an update on talks with With the militants in the Dale 10 we've seen lately new statements from Avengers So the world markets are beginning to get concerned about this again So where do you stand in in talks with? with the militants and why they haven't been no meeting since Since mr. President when they're in early November, it's my first question if I could follow up with another one Thank you very much. Just pass the microphone over to the gentleman here in the front, please Hi, I'm up and yet are from African Business magazine There was talk that Nigeria wanted to go and tap international capital markets So I just wanted an idea of timelines in terms of or time frames in terms of when you're thinking of going how much you're thinking of raising and Where you're thinking of raising this capital? Thank you very much. So we had a question on oil and I'll leave it to you, which thank you Yes, I'm starting with all production where Close to about 1.7 1.8, but we think that that could improve Very quickly once we're able to Sort out all of the issues in the Niger Delta now the militancy in the Niger Delta and ongoing discussions model fact yesterday just yesterday. I was in the Niger Delta and That was possibly the first Direct engagement at the level of the presidency with The with individuals there so especially in the Delta area itself I was in the Baramatu Kingdom, which is one of the Which is one of the areas where there has been considerable unrest also in worry Where of course were there the numerous facilities talking directly to the youths and leaders in in The Delta region so I think that we are actively engaged Of course a lot of it cannot necessarily be publicized, but we're very actively engaged in negotiations that we think that We think that the engagement especially the Especially the fact that we're talking to all of the important groups, you know I'm sure that you might know that we had spoken earlier to the pan the pan Delta forum the pan Delta forum is a Forum of leaders and Youths and civil society groups in the Niger Delta including the various ethnicities in the Niger Delta and they are accredited by practically all of the All of the groups in the Niger Delta and we've been speaking to them. They presented a 16 Point what they described as dialogue issues and We think that is a sensible roadmap as to what to do and you know what steps to take To resolve many of the issues in the Delta. So we're very actively engaged Regarding the Regarding the Euro bond. Yes, I think that regarding the capital markets issue of course We are there's a Euro bond Which we're which we're doing at the moment and we think that we should Conclude some at least by early February by mid-February. They want is one billion US dollars Thank you very much. There was a question from the gentleman in the back there if you can get the microphone over there, please Hi, my name is Tim Cohen. I'm from business day in Johannesburg if you'd forgive a little bit of a colloquial question I just wondered whether you had any Thoughts on why the relationship between South Africa the diplomatic and business relationship between South Africa and Nigeria's has declined so badly and What can be done to fix it? I? I mean Some of the South African companies seem to have gotten into a lot of trouble in Nigeria and the the You know, it seems to me a very disappointing for the two biggest economies on the continent to To be at odds in this way Thank you. Yeah Okay, first I think When you look at the isolated cases It would seem that the relationships between countries South Africa and Nigeria have gone Quite sour, but those are the some individual cases and I'm sure that you probably have in mind MTN and Yeah, MTN in particular, but I don't think that that's the total picture I don't think that that's representative of what is going on. There are several South African companies In Nigeria the business environment in Nigeria especially allows for 100% ownership By investors, so that's you know, that that's very attractive for South African companies And there's so many that that function in Nigeria and I want to say that MTN you know was a violation of a code of Regulations that they also worked in developing it wasn't I wasn't some arbitrary some arbitrary Imposition of a fine they actually were participants in Developing this regular in developing the regulations and They were given sufficient time to even rectify their conduct or modify their conduct one way or the other But as it turns out That was not done. And so this was really and I don't think that MTN itself has complained about They has complained that they were treated unfairly, of course, you know, it was a large fine But that was even even the fine itself is defined by law, you know, it's a daily fine and it's defined by law So there's so I think that there is a and I think there is a clear sense in which One would say that yes sometimes a company a foreign company may run into trouble Especially a notable foreign company in an economy where you know, obviously, they're doing so well But I don't think it's any kind of hostility I think that the Nigerian government and business have embraced MTN MTN has been in Nigeria now for close to almost 16 years or so odd and They've been doing very well indeed and I believe that they will continue to do very well but I think that If you take the isolated instances, I said you may make that conclusion, but that's not the general story. That's not the general narrative Thank you very much before we take more questions from the floor. I need to squeeze one in that came in through social media earlier Most of you might be aware that the form has this young community of millennials the global shapers And they're very active in Nigeria as well For example great up in a butcher and they've been they've been begging me and said can you ask our vice president to send Us a message kind of so so what's what do you think? I mean the form has only started the 47th annual meeting But what would be your message to the young people in Nigeria to take away from this from this meeting and also from the theme of Responsive and responsible leadership. I think that You know people say about young people that they're leaders of tomorrow, but I think that It's very clear that they're leaders of today because really the future has actually arrived and So many of the young people that I come across in Nigeria have shown such tremendous versatility such tremendous talent and energy and With the digital age and with all of the advantages of today They are clearly in the driver's seat in so many different respects. I mean they control opinion on social media They control the direction of technology with the innovations and all of those and all of the new things that are going on and In many in many senses, you know, they are defining entrepreneurship defining governance so so I think that This this this season belongs to them this this time belongs to the young and I'm not so sure that they need anyone's permission To do the great things that they're doing certainly they don't need the permission of any older generation to do Incredible things they're doing and all I want to say is that there's a government of Nigeria is solidly behind them and we expect that The coming years will see even greater achievement. Yes. Thank you, Mr. Vice President I think we had two more questions here and I think after that we also have to close But please let's take these two questions the microphone is there. Sorry. I just want to point out that the Eurobond is much they expected Here it is much 2017 much not February much Please go ahead. Mr. Vice President Can I ask you what steps the government is planning to take to unify the exchange rates because we have such a big gap between the official and unofficial exchange rate and that's surely Really having a bad effect on your economy If you excuse me if you could also state your name and organization for the sake of the other hour with Reuters Thank you very much well, let me just say first that the central bank is responsible for monetary policy generally and we have a structure that allows the central bank independence by legislation But of course, this is a concern the The gap between the official and the parallel market is this is a concern and as we pointed out It isn't it isn't helpful so we if If you look at our economic recovery and growth plan, it is clearly the expectation that this will be re-trust and This is a conversation that we're having with the central bank itself and I believe that some Some adjustments to be made that and that a That we must advance towards an exchange rate policy that That closes that gap as quickly and as efficiently as possible Thank you very much. Excuse me. Can you use the microphone? Is there any indication of when this might happen? very soon I hope Thank you very much. I said I'm not in charge of monetary policy the central bank But the conversation is on as I've said and there is a lot of there's a lot of hope that will be able to resolve some of These issues as quickly as possible So did we have one last question there in the middle? Has the question been answered? Well there the gentleman Please hi. Good day, Mr. Vice-president Linda's friends. I live from the African news agency You visited the Niger Delta yesterday, I believe yes, so in your engagement with communities And I think you mentioned that this is probably a first time from a Presidential office Initiative that there's been that type of engagement when you deal with communities that for as long as they can remember have Studied on oil production as means of income and and livelihood. What is the response of the reaction from them when you talk about? new industries because oil is not going to be around forever and and they need to start thinking about other alternative means of Income and sustainability. So just from your initial interaction with him How do you think it was perceived or received? Yes, and fuck one of the I'm not so sure whether you are alluding to the fact that that was an applause a message that I actually took to the communities that We're not always going to have the kind of Value that all has today and that in another how many years I mean some say 30 years Some say even some are even saying much less or maybe less valuable than it is today And that we really need to be first I mean to them is really more let's take advantage of the window that we have and That we cannot afford to continue the kind of militancy that leads to lower production and Time is running out. So I think that that message is one that resonates with the communities Their response to it you know has been very positive I think that all they're saying is okay. Let's engage. Let's talk about this. There are issues around Justice issues around resource control there, you know, they have their own issues, but I think it's a very sobering message and The facts are all there for everyone to see so they know is not This is not to frighten anyone or to push anyone to negotiations in any way And I think it's it really does resonate with them Thank you very much and thank you all for watching because it is time to close this press conference Thank you, mr. Vice president for joining us here today and for answering all the questions Thank you for watching and thank you for all for being here