Vice President Kashim Shettima Acknowledges Economic Hardships, Stresses Need for Reforms

 

Vice President Kashim Shettima has expressed sympathy for the economic challenges currently facing Nigerians due to the ongoing economic reforms introduced by the administration of President Bola Tinubu. Speaking at the opening of the 30th Nigeria Economic Summit in Abuja on Monday, Shettima acknowledged the widespread difficulties but underscored the necessity of the reforms to ensure long-term economic stability and growth.

In his address, Shettima said, "My heart, and that of President Tinubu, goes out to the Nigerian people, especially the poor and the youth who are struggling in these times. We understand the hardship many are facing, but we have no choice. These reforms are essential if we are to secure sustainable growth for our economy."

The Vice President pointed out that Nigeria's economy has long been volatile, heavily reliant on oil revenues, and unable to generate enough jobs to meet the needs of its rapidly expanding population. He emphasized the urgent need for the country to diversify its economic base to reduce its dependency on oil.

"Our economy has been too dependent on oil, and that has made us vulnerable to shocks. We must focus on sectors that can provide inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy," Shettima said. He noted that the digital economy presents significant opportunities for revitalizing Nigeria’s economy, particularly given the country's youthful population and growing pool of English speakers.

Citing global talent projections, Shettima highlighted that by 2035, countries like the United States, Brazil, and Russia are expected to face talent shortages, while Nigeria, with its young and vibrant population, could become a major player in the global workforce.

"The average age in Nigeria is just 16.9 years, and with the right policies, we can transform our growing population into a source of economic strength rather than a demographic disaster," he added. Shettima stressed that harnessing the potential of the country's youth is crucial to ensuring Nigeria reaps the benefits of its demographic advantage.

He also acknowledged the difficulties of implementing some of the reform measures, noting that while they may be unpopular, they are unavoidable if Nigeria is to chart a path towards economic recovery and progress.

"Some of the policy choices we have made are tough, and they are certainly not popular," Shettima admitted. "But these decisions are necessary if we want to put our economy on the path to growth."

The Vice President's comments come at a time when many Nigerians are grappling with the rising cost of living, largely attributed to the removal of fuel subsidies and other fiscal adjustments aimed at stabilizing the economy. Despite the public outcry, the government remains committed to these measures, believing they are essential for long-term development.

The Nigeria Economic Summit, organized by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning, brings together policymakers, business leaders, and experts to discuss strategies for driving economic growth and addressing the challenges facing the country.

As the summit continues, the focus will be on identifying practical solutions to boost key sectors such as agriculture, manufacturing, and digital innovation, while also addressing the immediate economic pressures facing ordinary Nigerians.