Hardship: Tinubu and I empathise with Nigerians, but… — VP Shettima

Says no alternative to reforms

The Vice President, Kashim Shettima yesterday, said he and President Bola Tinubu empathise with Nigerians over the current hardship occasioned by ongoing economic reforms.

Declaring open the ongoing 30th Nigeria Economic Summit in Abuja, the VP said, however, that there was no alternative to the reforms if the economy must return to sustainable growth.

He said: “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 (Tinubu) rightly said.

“Nigeria’s economy has been volatile, heavily dependent on oil revenues, and unable to create enough jobs to keep pace with our 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. According to Pond Theory, a global finance conglomerate has currently 65 million global deputies. By 2035, however, the United States, Brazil, and Russia will suffer from six million talent deficits each.

“The global talent powerhouse India by 2035 will only have one million supporters. 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. As rightly said by my friend, from the bottom,

“Some of the policy conditions, policy options, are very difficult. But they are almost inevitable. Yes, some of these decisions are unpopular, but they must be taken to set the economy on the trajectory of growth.”

SME Empowerment

Speaking on the empowerment of small and medium-scale businesses, the Vice President said, “We have thus prioritized investment in critical infrastructure, enhance our social safety nets, and promote 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.

“These programs should instil confidence in our collective ability to overcome those challenges. Our objective is to ensure that the Nigerian economy is inclusive, where small and medium-sized enterprises can thrive alongside large corporations, and where every citizen regardless of location or background can benefit from the country. We have initiated various programs, such as the MSME hubs and single-digit loans for manufacturers designed to provide entrepreneurs with the support they need to succeed.”

To further support workers, he said, “We have also introduced a credit corporation to offer our workers 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.

“Since 2009, Nigeria has faced numerous faces of instability, from security challenges to macroeconomic and macro-fiscal imbalances. The present administration is fully committed to confronting these issues 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. Removing foreign subsidies, unification of eccentricities, and debt management strategies are all part of the broader effort to restore economic balance and ensure long-term stability. 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. Ensuring the stability of the macroeconomic indicators and sustaining growth trajectory. To achieve this, we must strengthen our social safety nets and ensure that more vulnerable members of society are protected during tough times.

“We are already expanding programs like the National Social Investment Program, National Poverty Reduction and Growth Strategy, and other livelihood support initiatives to push out millions of Nigerians. However, we will do more to institutionalize these safety nets and make them a permanent feature of our economic architecture. No single sector must take over.”

“And as with these challenges alone, what we need now more than ever is collaboration. While the public and private sectors, civil society and international European partners collaborate to drive a shared vision of growth and development, I want to emphasize that the challenges before us, while significant, are manageable and can be overcome.

“With the right policies, the right partnerships, and the right level of cohesion, Nigeria can emerge stronger, more competitive, and more resilient. 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,” he said.

NES 30

On the summit, the President said the theme of this year’s summit: Collaborative Action for Growth, Competitiveness, and Stability, was more appropriate as it encapsulated the pressing need for concerted efforts to address the multidimensional issues Nigeria currently faces.

His words: “Over the past three decades, this summit has been a forum for government and private sector stakeholders to exchange ideas, debate policy, and identify innovative solutions to Nigeria’s socio-economic challenges.

“The theme of this year’s summit: Collaborative Action for Growth, Competitiveness, and Stability, proved to be more appropriate as it encapsulated the pressing need for concerted efforts to address the multidimensional issues we currently face.

“Like many other nations, Nigeria has experienced significant economic problems over the past few years.
The challenges have been global as well as domestic, ranging from the COVID-19 pandemic and blockage in oil prices to internal security issues, inflation, and structural weaknesses in our economy, such as over-reliance on oil revenue and lack of economic diversification.

“Your role in this process is crucial, considering this, the present administration, through the Renew Hope Agenda, must embark on bold and courageous reforms designed to create an environment that boosts sustainable economic growth and shared prosperity.”

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