KEY POINTS
- Tinubu and Shettima sympathize with Nigerians affected by economic hardship.
- Government is adopting an approach with the economics diversification and support for SMEs as top priorities.
- The aim is the stability of the economy through the investments in security and fiscal reforms.
Nigerians having a hard time in the last few months of the government’s economic reform have reason to count themselves lucky for the empathy of the Vice President, Kashim Shettima. Shettima, in his speech at the 30th Nigeria Economic Summit in Abuja, said that, although, currently, the reforms are painful, they are, however, key to piloting the economy unto a path of sustainable growth.
“My heart and that of President Tinubu go out to Nigerians”, he said. We understand the struggles of young people and where poor people are at. ‘But we don’t have any alternative to these reforms if we are to achieve lasting economic progress,’ the President added.”
A package of reforms critical for long term growth
‘The reality is that Nigeria is suffering economically, and is dependent on oil revenues and has failed to create jobs for the ballooning populations of the country,’ Shettima admitted. He said we need to diversify our economy so we focus on agriculture, manufacturing and the digital economy.
However, he cautioned against the decline turning into a disaster if demographic advantages don’t work in our favour which he said, “We need to transform our population bulge into a demographic dividend.”
Support for structural reforms of SMEs
Shettima said the administration was focused on small and medium enterprises (SMEs), critical infrastructure, and social safety nets to aid inclusivity. And he announced programs like MSME hubs and loans for entrepreneurs at single digit interest rates.
The initiatives guarantee SMEs grow together with the big corporations, while citizens can gain from the opportunity everywhere they are and whoever they are regardless of location or background, he said.
In addition, he said the workers would be provided with consumer loans at single digit interests and further improved ease of doing business through the removal of regulatory bottlenecks.
Security and economic stability, the Vice President said, were investments by government to combat terrorism, banditry and insecurity. He also highlighted on going fiscal reforms including subsidy removal, exchange rate unification and debt management strategies.
Shettima said the government was extending its social safety net to protect vulnerable citizens while the overall aim is to build a resilient economy that can withstand shocks.
The collaborative for national development
According to The Punch, Shettima called for active cooperation among the public and the private sector, civil society and even international partners to help push back on Nigeria’s economic challenges.
But the challenges we face are huge but can be managed.” Nigeria can emerge viable and competitive with the right policies and partnerships, he said.
Its theme focused on the need for collaborative action for growth, competitiveness, and stability in order to overcome the country’s economic challenges.
Finally, Shettima reiterated the administration’s pledge to sustainable development, and urged stakeholders to forward actionable propositions for the growth of Nigeria.
We can together build a future where the economy will flourish and all Nigerians can participate in the shared prosperity, he added.
