Vice President Kashim Shettima has stated that the courageous reforms being implemented by President Bola Tinubu’s administration are a testament to the power of political will in economic policy.
Speaking at the 66th Annual Conference of the Nigerian Economic Society (NES) on Tuesday, he said these reforms are crucial for addressing Nigeria’s long-standing structural weaknesses.
Shettima acknowledged that the reforms have been painful but necessary, comparing them to a “painful surgery” that will lead to a permanent recovery.
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He emphasised that the administration is aware of the inflationary effects and is implementing measures to mitigate the impact on vulnerable citizens.
“Policies in transportation, healthcare, and education have been deliberately targeted at reducing inequality because these are the sectors that affect the weakest among us,” he said.
He urged African nations to embrace a knowledge-based economy and structural transformation to tackle human capital challenges and unemployment.
Shettima highlighted that while geopolitical conflicts and supply chain disruptions may seem like threats, they also present opportunities for economic transformation. “Each threat is also an opportunity in disguise,” he noted.
He commended the NES for its role in finding solutions to Africa’s economic challenges and urged participants to view their involvement as a national and continental assignment.
Shettima praised Tinubu’s “listening ear” and commitment to investment-friendly policies and social protection programs.
Other dignitaries at the conference echoed the Vice President’s sentiments.
Minister of Budget and Economic Planning, Abubakar Bagudu, applauded Shettima’s contributions to the economic reforms and assured the NES of the ministry’s full collaboration.
Minister of Livestock Development, Idi Maiha, presented the vast economic potential of the livestock sector, calling it “the next crude oil.”
The President of the NES, Adeola Adenikinju, reaffirmed the society’s commitment to partnering with the Tinubu administration to achieve genuine economic transformation.
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He highlighted recent reforms within the society aimed at making it “a bridge between research and policy” and a trusted partner in Nigeria’s pursuit of sustainable development.
Eric Ogunleye of the African Development Institute commended the Tinubu administration’s bold reforms and stressed the importance of investing in people as the continent’s greatest asset.
