VP Shettima: Tinubu and I sympathize with Nigerians’ challenges, but…
Vice President Kashim Shettima recently shared that he and President Bola Tinubu understand the difficulties Nigerians are facing due to ongoing economic changes. Speaking at the 30th Nigeria Economic Summit in Abuja, he acknowledged the hardship but emphasized that these reforms are necessary to bring long-term growth to the economy.
Shettima highlighted that Nigeria’s economy has been unstable, overly dependent on oil, and unable to create enough jobs for its growing population. He stressed the need to diversify the economy, focusing on sectors like agriculture, manufacturing, and the digital economy, which could offer sustainable growth. He pointed out Nigeria’s youthful population and the opportunities this presents if properly managed, urging the country to turn this advantage into economic benefits rather than risks.
He also spoke about tough policy choices, which, though unpopular, are essential for economic recovery. He emphasized the government’s efforts to empower small and medium businesses (SMEs) by investing in critical infrastructure, simplifying business regulations, and providing low-interest loans for entrepreneurs. The goal is to build an inclusive economy where both small businesses and large corporations can thrive.
Regarding worker support, Shettima mentioned the creation of credit facilities to offer low-interest loans to employees, boosting the economy and maintaining competitiveness. He also addressed security and fiscal reforms, including the removal of foreign subsidies and debt management strategies, as crucial steps toward stabilizing the economy.
Shettima stressed the importance of building a resilient economy that can handle crises, highlighting the government’s commitment to expanding social safety nets like the National Social Investment Program. He emphasized that collaboration across public and private sectors, as well as international partnerships, is key to overcoming Nigeria’s challenges.
He concluded by encouraging participants at the summit to discuss actionable solutions that will enhance growth, stability, and competitiveness in Nigeria, pointing out the vital role of the Nigeria Economic Summit in fostering dialogue and collaboration.
He reflected on the summit’s theme, “Collaborative Action for Growth, Competitiveness, and Stability,” as being particularly relevant in addressing the various challenges Nigeria faces, including global economic shocks, internal security issues, inflation, and an overreliance on oil revenues. He called for bold reforms to create an environment that promotes sustainable growth and shared prosperity.
