Vice President Kashim Shettima has said he and President Bola Tinubu empathize with Nigerians over the current hardship occasioned by ongoing economic reforms.
Declaring open the ongoing 30th Nigeria Economic Summit in Abuja, Shettima said, however, that there was no alternative to the reforms if the economy must return to sustainable growth.
“My heart and the heart of President Tinubu go out to most of the Nigerian people, we empathize with what the poor and the young are going through in Nigeria. But we have no option, as he (President Tinubu) rightly said,” Shettima stated.
He noted that Nigeria’s economy has been volatile, heavily dependent on oil revenues, and unable to create enough jobs to keep pace with the rapidly growing population.
“As a nation, we must prioritize economic diversification. Our focus is on sectors that can offer inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy. The digital economy poses a very promising prospect for revitalizing our economy,” Shettima explained.
He cited statistics from Pond Theory, a global finance conglomerate, which projected that by 2035, the United States, Brazil, and Russia would suffer from six million talent deficits each, while India would have only one million supporters.
Shettima emphasized Nigeria’s potential, saying, “And there are more English speakers in Nigeria than in India. And in terms of age, the average age of the Nigerian nation is 16.9. We need to harness our potential so that we can transform our anticipated demographic bulge into demographic dividends, not the demographic disaster that will consume all of us.”
He acknowledged that some policy options are difficult but inevitable, stating, “Some of these decisions are unpopular, but they must be taken to set the economy on the trajectory of growth.”
Shettima also spoke on the empowerment of small and medium-scale businesses, saying, “We have thus prioritized investment in critical infrastructure, enhanced our social safety nets, and promoted innovation across all sectors. I am pleased to report that we are making significant strides in addressing several key issues, including regulatory bottlenecks and ease of doing business challenges.”
He listed initiatives such as MSME hubs and single-digit loans for manufacturers designed to provide entrepreneurs with the support they need to succeed.
To further support workers, Shettima announced the introduction of a credit corporation to offer consumer loans with single-digit interest.
“These initiatives collectively will boost the economy and ensure it remains competitive. Economic growth and competitiveness can only be sustained with political and economic stability,” he said.
Shettima emphasized the present administration’s commitment to confronting security challenges, macroeconomic and macro-fiscal imbalances head-on.
“We are investing heavily in security operations to combat terrorism, banditry, and other forms of insecurity that threaten lives and livelihoods. We are also implementing fiscal reforms to stabilize the macroeconomic environment,” he stated.
The Vice President stressed the importance of collaboration between the public and private sectors, civil society, and international partners to drive growth, enhance competitiveness, and secure long-term stability for Nigeria.
“The Nigeria Economic Summit remains invaluable for fostering the dialogue and collaboration needed to move our country forward. Let us use this platform to discuss and make actionable recommendations that will inform policy to drive growth, enhance competitiveness, and secure long-term stability for Nigeria,” Shettima concluded.
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