Vice President Kashim Shettima stated that the removal of fuel subsidies, unification of exchange rates, and effective debt management are essential components of a broader strategy to restore economic balance and ensure long-term stability in Nigeria.
Shettima made these remarks in Abuja during the 30th Nigerian Economic Summit (NES30), themed “Collaborative Action for Growth, Competitiveness, and Stability.”
“It is important to recognize that stability is not merely about managing crises as they arise; it involves building a resilient economy capable of withstanding shocks,” he emphasized.
The Vice President underscored the necessity of prioritizing economic diversification. He highlighted the pivotal role of the NES group in this effort, noting that the current administration’s Renewed Hope Agenda includes bold reforms aimed at fostering an environment conducive to sustainable economic growth and shared prosperity.
“Our focus is on sectors that can deliver inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy,” he stated, emphasizing the potential of the digital economy in revitalizing Nigeria’s economic landscape.
According to a global finance consultancy, the digital economy is projected to generate 65 million jobs worldwide by 2035. Shettima expressed confidence in the significant progress being made to address critical issues, including regulatory challenges and the ease of doing business, which will enhance confidence in Nigeria’s economic capabilities.
The administration aims to create an inclusive economy where small and medium-sized enterprises can flourish alongside large corporations, ensuring that every citizen benefits from economic opportunities, regardless of their background or location.
“We have initiated various programs, such as MSME hubs and single-digit loans for manufacturers, designed to support entrepreneurs,” he noted. “Additionally, we have established a credit corporation to offer consumer loans to workers at single-digit interest rates. These initiatives will collectively boost the economy and enhance our competitiveness both in Africa and globally.”
Shettima also highlighted the government’s substantial investments in security operations to combat terrorism, banditry, and other threats to public safety and livelihoods. He reiterated that the administration is implementing fiscal reforms to stabilize the macroeconomic environment.
“By removing fuel subsidies, unifying exchange rates, and managing debt, we are undertaking a comprehensive effort to restore economic balance and ensure long-term stability,” he said.
To achieve these goals, Shettima stressed the importance of strengthening social safety nets to protect the most vulnerable members of society during difficult times. “We are expanding programs like the National Social Investment Program, the National Poverty Reduction and Growth Strategy, and various livelihood support initiatives that are vital for millions of Nigerians.”
However, he acknowledged the need to institutionalize these safety nets as a permanent feature of Nigeria’s economic framework.
Shettima emphasized that addressing these challenges requires collaboration from all sectors. “No single sector or stakeholder can tackle these issues alone. The public and private sectors, civil society, and international development partners must work together to realize a shared vision for growth and development.”
He assured that the challenges ahead are manageable and can be overcome with the right policies, partnerships, and commitment. “With these in place, Nigeria can emerge stronger, more competitive, and more resilient,” he concluded.
Shettima reiterated the invaluable role of the NES in fostering the dialogue and collaboration necessary to advance the country. He acknowledged that Nigeria has faced significant economic challenges in recent years, both global and domestic, ranging from the COVID-19 pandemic and fluctuating oil prices to internal security issues, inflation, and structural weaknesses in the economy, including an over-reliance on oil revenue and a lack of diversification.
“Nigeria’s growth trajectory has been volatile, heavily dependent on oil revenues, and insufficient in creating enough jobs to keep pace with our rapidly growing population,” Shettima stated.
Written By: Believe Ovara