We Understand You are Suffering But Is For Your Good VP Shettima Tells Nigerians
Nigerian Vice President Kashim Shettima has emphasized the importance of ongoing economic reforms, despite the current hardship faced by citizens, stating that there is no alternative to these reforms if the economy is to return to sustainable growth. Speaking at the 30th Nigeria Economic Summit in Abuja, Shettima acknowledged the challenges faced by the poor and young people but stressed that difficult decisions must be made to set the economy on the right trajectory.
Shettima highlighted the need to diversify the economy, moving away from its dependence on oil revenues and focusing on sectors such as agriculture, manufacturing, and the digital economy. He noted that the digital economy poses a promising prospect for revitalizing Nigeria's economy, citing the country's large English-speaking population and youthful demographic as advantages.
To support small and medium-scale businesses, the government has prioritized investment in critical infrastructure, enhanced social safety nets, and promoted innovation across all sectors. Initiatives such as MSME hubs and single-digit loans for manufacturers have been designed to provide entrepreneurs with the necessary support to succeed.
The Vice President also acknowledged Nigeria's history of instability since 2009, including security challenges and macroeconomic imbalances. To address these issues, the administration is investing heavily in security operations and implementing fiscal reforms to stabilize the macroeconomic environment. These reforms include removing foreign subsidies, unifying exchange rates, and debt management strategies.
Furthermore, Shettima emphasized the importance of collaboration between the public and private sectors, civil society, and international partners to drive growth and development. He noted that stability is not just about managing crises but about building a resilient economy that can withstand shocks.
The government is also expanding programs like the National Social Investment Program and National Poverty Reduction and Growth Strategy to protect vulnerable members of society. Additionally, a credit corporation has been established to offer workers consumer loans with single-digit interest rates.
Shettima's message emphasizes the need for collective action to overcome Nigeria's economic challenges. With the right policies, partnerships, and cohesion, Nigeria can emerge stronger, more competitive, and resilient. The Nigeria Economic Summit serves as a crucial platform for fostering dialogue and collaboration to drive growth, enhance competitiveness, and secure long-term stability for the country.
