At the Nigeria Economic Summit in Abuja, Vice President Kassim Shettima conveyed empathy on behalf of himself and President Bola Tinubu for the hardships Nigerians are enduring due to ongoing economic reforms.
In a speech addressing the current economic situation, Shettima acknowledged the widespread difficulties but insisted that these measures are essential for long-term stability.
“Our hearts go out to Nigerians, especially the poor and young, enduring difficult times,” Shettima remarked. “But we have no option if we must return Nigeria to the path of sustainable economic growth.”
Shettima highlighted the fragile state of Nigeria’s economy, noting its overdependence on oil revenues and its inability to generate sufficient employment for the nation’s fast-growing population. To rectify this, the Vice President detailed the government’s plans to diversify the economy by fostering growth in agriculture, manufacturing, and the digital sector.
He further explained that the government is concentrating efforts on improving infrastructure, easing regulatory hurdles, and providing support to small and medium-sized enterprises. Among these initiatives, he mentioned the introduction of single-digit interest loans for manufacturers and the establishment of a new credit corporation aimed at offering consumer loans to workers.
Regarding security, Shettima reiterated the government’s commitment to addressing terrorism and banditry. He also underscored the administration’s fiscal reforms, including the removal of fuel subsidies and comprehensive debt management strategies aimed at stabilizing the economy.
The Vice President called for greater collaboration between the public and private sectors to overcome Nigeria’s economic challenges. He emphasised that the Nigeria Economic Summit is an important forum for fostering dialogue and generating actionable recommendations that will help the country achieve 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.”
