Nigeria’s Economic Reforms Among Boldest in History, Says Shettima

Vice President Kashim Shettima has proclaimed that the economic reforms underway in President Bola Tinubu’s administration are among the boldest in Nigerian history. Speaking at the African Export-Import Bank’s annual meeting, he detailed the government’s initiatives, including the unification of the foreign exchange market and the elimination of fuel subsidies. These actions aim to boost economic transparency and long-term growth, with positive outcomes already becoming apparent. He also underlined the significant support from Afreximbank towards Nigeria’s development goals.

In a significant address, Vice President Kashim Shettima underscored the considerable economic reforms being pursued by President Bola Tinubu’s administration. Speaking during the 32nd Annual Meetings of the African Export-Import Bank in Abuja, Shettima characterized these reforms as among the boldest in Nigerian history. He highlighted that the recent measures are already producing noticeable results, emphasizing the nation’s commitment to transparency and sustainable economic growth.

Represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, Shettima outlined a series of strategic actions taken by the government. Key initiatives included the unification of the foreign exchange market, abolition of fuel subsidies, and launching significant projects like the Lagos-Calabar Coastal Highway. These steps aim to bolster resilience while fostering a competitive economic environment.

“Our administration is pursuing one of the boldest economic reform agendas in Nigeria’s history,” Shettima stated. He emphasized the importance of planned resilience, asserting that economic stability cannot happen by chance. The Vice President revealed that the government has also initiated reforms in the oil sector, implementing mechanisms for real-time export tracking to enhance revenue assurance.

Moreover, he mentioned steps to support small and medium enterprises, stating that such restructuring complies with the African Continental Free Trade Area agreements. Shettima noted that the economic indicators are promising, predicting a GDP growth rate of 4-4.5% by 2025, alongside signs of a stabilizing inflation rate and strengthening financial reserves. “These actions, while difficult, are already yielding impact,” he asserted.

Shettima expressed gratitude towards Afreximbank, highlighting Nigeria’s position as its largest beneficiary, which has received over $52 billion in funding. He listed several projects funded by the bank, including an African Trade Centre in Abuja and the African Medical Centre of Excellence. He described these initiatives as vital investments in Nigeria’s economic resilience and prosperity.

The Vice President also called on African nations to shift focus from mere resilience to renewal, urging them to harness blended finance, foster regional collaborations, and enhance digital trade infrastructures. “The future is not something we wait for—it is something we must build,” he said, reiterating Nigeria’s readiness to work alongside Afreximbank and its fellow African states to fulfill broader developmental goals.

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, also spoke, reaffirming the bank’s commitment to restoring trust in Nigeria’s financial systems. Cardoso emphasized the importance of consistent and credible monetary policies as a foundation for resilience, aiming to renew market confidence and facilitate improved policy delivery.

In praising Afreximbank, he described it as a key driver of innovation and stability on the continent. He noted that resilience must be constructed through strategic decisions and effective governance.

Denys Denya, Senior Executive Vice President of Afreximbank, added his voice to the discourse, highlighting the urgent need to bolster Africa’s institutions to counter global uncertainties. He asserted that the challenges faced by the continent require intentional action and commitment as they navigate through the current landscape. “The time to be deliberate about industrialisation… has never been more urgent,” he remarked, emphasizing the role of collective purpose in strengthening Africa’s economic future.

Overall, the discussions at the Afreximbank annual meetings underline the critical nature of Nigeria’s reforms and the broader ambitions for African economies in navigating challenges and renewing growth trajectories.

In conclusion, Vice President Kashim Shettima’s remarks during the Afreximbank meetings spotlight Nigeria’s aggressive economic reforms, characterized as unprecedented. The government’s initiatives—the unification of the foreign exchange market and the removal of fuel subsidies—underscore a commitment to structural changes that promise long-term growth. With support from institutions like Afreximbank, Nigeria positions itself to take a leading role in advancing Africa’s economic landscape amidst various challenges. The call for resilience and renewal resonates strongly, compounding the urgency for deliberate strategies in fostering sustainable development across the continent.

Original Source: punchng.com