Vice President Kashim Shettima has defended the policies of President Bola Tinubu's administration, acknowledging the difficulties faced by Nigerians, particularly the poor, but stating that the government has little choice in the matter. Speaking in Abuja on Monday at the 30th anniversary of the Nigerian Economic Summit (NES), Shettima emphasized the need for economic resilience and diversification.
"It is important to recognize that stability goes beyond crisis management. We must focus on building a resilient economy capable of withstanding shocks. As a nation, economic diversification must be a priority," Shettima said.
He highlighted the crucial role of the NES in supporting this process and explained that the government's 'Renewed Hope Agenda' includes bold reforms aimed at creating an environment for sustainable economic growth and shared prosperity.
“Our focus is on sectors with potential for inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy,” Shettima noted.
The vice president spoke about the promise of the digital economy, referencing a report that projects 65 million global digital talents by 2035. He also emphasized the government's efforts to address regulatory challenges and improve the ease of doing business, adding that progress in these areas would boost confidence in Nigeria's economic future.
Shettima reiterated that the administration aims to build an inclusive economy where both small and medium-sized enterprises (SMEs) and large corporations can thrive, ensuring that economic opportunities are available to all citizens regardless of their location or background.
“We have launched initiatives like MSME hubs and single-digit loans for manufacturers to support entrepreneurs. Additionally, we introduced a credit corporation to offer single-digit interest consumer loans to workers,” he said. These measures, he added, will help ensure Nigeria’s economy remains competitive both in Africa and globally.
On security, Shettima stated that the government is making significant investments to tackle terrorism, banditry, and other threats to lives and livelihoods. He also discussed ongoing fiscal reforms aimed at stabilizing the macroeconomic environment.
“Our decisions to remove fuel subsidies, unify exchange rates, and implement debt management strategies are all part of a broader effort to restore economic balance and ensure long-term stability,” he said.
To mitigate the impact of these reforms on the most vulnerable, Shettima stressed the importance of strengthening social safety nets. He mentioned the expansion of programs like the National Social Investment Programme (NSIP) and the National Poverty Reduction and Growth Strategy (NPRGS), but emphasized the need to institutionalize these efforts to provide permanent support.
"No single sector or stakeholder can address these challenges alone," Shettima said, calling for collaboration between the public and private sectors, civil society, and international partners to drive growth and development.
Despite Nigeria’s significant economic challenges, which he attributed to both domestic and global factors like the COVID-19 pandemic, fluctuating oil prices, and structural weaknesses, Shettima remained optimistic. He concluded that with the right policies, partnerships, and commitment, Nigeria could emerge stronger, more competitive, and more resilient.
He also praised the NES for its role in fostering dialogue and collaboration, crucial for moving Nigeria forward.
