Vice President Kashim Shettima has emphasized that President Bola Tinubu’s administration is focused on building a resilient economy capable of withstanding global shocks and challenges. Speaking at the 30th Nigerian Economic Summit (NES30) held in Abuja, Shettima outlined the government’s vision for economic growth through diversification and strategic reforms.
The summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” provided an opportunity for Shettima to share the government’s plans to boost sectors such as agriculture, manufacturing, and the digital economy. These sectors, he said, are at the core of the administration’s efforts to achieve sustainable and inclusive economic growth.
Vice President Shettima’s message was clear: the Nigerian government is taking proactive steps to create an economy that can not only grow but also withstand external shocks.
He stressed that economic stability should not only be reactive—dealing with crises as they come—but proactive, through the establishment of a resilient system. “It is also important to note that stability is not just about managing crises as they arise. It is about building a resilient economy that can withstand shocks,” he said.
This statement comes at a time when economies worldwide are facing significant challenges, including fluctuating global oil prices, inflationary pressures, and the aftershocks of the COVID-19 pandemic. For a country like Nigeria, which heavily relies on oil revenues, building a diversified and stable economy is a matter of urgency.
One of the key strategies Shettima highlighted is economic diversification. Nigeria’s dependence on oil has made it vulnerable to external economic shocks. Diversifying into other sectors, such as agriculture, manufacturing, and digital technology, will create a buffer for the economy.
“As a nation, we must prioritise economic diversification,” Shettima told the audience at the summit, urging stakeholders to focus on sectors that offer inclusive growth and stability.
Nigeria’s vast agricultural potential is one such area. With a growing population and abundant natural resources, the government believes that agriculture can be transformed into a sustainable source of revenue. This would not only reduce the country’s dependency on oil but also create jobs and stimulate rural development.
While agriculture and manufacturing are traditional growth sectors, Shettima pointed to the digital economy as a future driver of economic revitalization. He mentioned that global trends show promising opportunities for Nigeria to become a hub for digital innovation.
According to Shettima, the global digital economy is rapidly growing, with estimates suggesting that by 2035, there will be 65 million global talents driving this sector. Nigeria, with its large youth population and increasing internet penetration, is well-positioned to tap into this opportunity.
Shettima expressed optimism, noting that the government is already making strides in improving the business environment to attract digital investments. “I am pleased to report that we are making significant strides in addressing several key issues, including regulatory and ease of doing business challenges,” he said.
He added that these reforms will help instill confidence in investors and entrepreneurs alike, thereby boosting Nigeria’s digital and broader economic landscape.
The Tinubu administration has embarked on a series of bold reforms aimed at creating a more inclusive and sustainable economy. Shettima outlined some of these reforms, which are part of the government’s Renewed Hope Agenda.
One of the administration’s goals is to create an inclusive economy where small and medium-sized enterprises (SMEs) can flourish alongside large corporations. This is critical for job creation, poverty reduction, and economic empowerment.
“We want an inclusive economy, where small and medium-sized enterprises can thrive alongside large corporations and where every citizen, regardless of location or background, can benefit from economic opportunities,” Shettima emphasized.
To support this vision, the government has initiated several programs, including the establishment of MSME hubs across the country. These hubs provide entrepreneurs with resources, training, and access to financing.
In addition, Shettima announced the introduction of single-digit loans for manufacturers, aimed at reducing the cost of borrowing for businesses. This initiative is designed to encourage industrial growth and enhance Nigeria’s competitiveness on the global stage.
“We have initiated various programs, such as the MSMEs hubs and single-digit loans for manufacturers, designed to provide entrepreneurs with the support they need to succeed,” he said.
Shettima highlighted the creation of a credit corporation that offers consumer loans to workers at single-digit interest rates. This initiative is aimed at improving the financial stability of workers, allowing them to access affordable credit for personal and business needs.
“These initiatives collectively will grow the economy and ensure it remains competitive in Africa and globally,” Shettima said confidently.
In his speech, Shettima praised the role of the Nigerian Economic Summit Group (NESG) in fostering dialogue between the government and the private sector. He noted that the summit provided a valuable platform for collaboration, which is essential for achieving economic stability.
He encouraged the NESG and other stakeholders to continue working together to support the government’s reform agenda, adding that collective efforts would be key to overcoming Nigeria’s economic challenges.
Vice President Shettima’s remarks at NES30 underscore the government’s commitment to building a robust economy capable of withstanding external shocks. The administration’s focus on diversification, digital innovation, and inclusive growth represents a comprehensive approach to tackling Nigeria’s economic challenges.
As the country navigates a complex global economic environment, Shettima’s message of resilience and proactive reform offers hope for a brighter, more stable future.
“Our focus is on sectors that can offer inclusive and sustainable growth,” Shettima concluded, reinforcing the administration’s commitment to long-term economic development.
