Vice President Kassim Shettima, speaking at the Nigeria Economic Summit in Abuja, expressed deep empathy on behalf of himself and President Bola Tinubu for the hardships Nigerians are facing due to the government’s economic reforms.
Despite the challenges, Shettima stated that the reforms are crucial to achieving sustainable growth.
“Our hearts go out to Nigerians, especially the poor and young, enduring difficult times,” Shettima said. “But we have no option if we must return Nigeria to the path of sustainable economic growth.”
He emphasised that Nigeria’s economy has been volatile, over-reliant on oil, and unable to create enough jobs for the country’s rapidly growing population. To address this, Shettima outlined the government’s focus on diversifying the economy through sectors such as agriculture, manufacturing, and the digital economy.
He also highlighted the government’s efforts to support small and medium-sized businesses, improve infrastructure, and remove regulatory bottlenecks. Shettima noted that the administration has introduced single-digit interest loans for manufacturers and a new credit corporation to offer consumer loans to workers.
On security, the Vice President stressed the government’s commitment to combating terrorism and banditry, while also implementing fiscal reforms like subsidy removal and debt management to stabilize the economy.
Shettima urged collaboration between the public and private sectors to overcome Nigeria’s economic challenges, adding that the Nigeria Economic Summit serves as a platform to foster dialogue and drive actionable recommendations for growth and stability.
“The challenges are significant, but they are manageable,”
Shettima concluded. “With the right policies, partnerships, and cohesion, Nigeria can emerge stronger, more competitive, and resilient.”