Vice President Kashim Shettima called Nigeria’s current economic reforms the boldest in history, highlighting their positive outcomes during the 32nd Annual Meetings of the African Export-Import Bank. These reforms include unifying the foreign exchange market and removing fuel subsidies. With GDP projected to grow and inflation stabilizing, Nigeria is emphasizing resilience and collaboration with African countries to bolster economic advancement.
Vice President Kashim Shettima has labeled the economic reforms initiated by President Bola Tinubu as some of the boldest Nigeria has ever undertaken. His remarks, made during the 32nd Annual Meetings of the African Export-Import Bank in Abuja, emphasize that these reforms are already showing positive results. Dr. Tope Fasua, his Special Adviser on Economic Matters, conveyed these insights on Shettima’s behalf.
While addressing an audience that included African leaders and business executives, Shettima highlighted Nigeria’s strategic moves to transform its economy. He mentioned that the government’s reforms aim to boost transparency and resilience, fostering long-term growth. “Our administration is pursuing one of the boldest economic reform agendas in Nigeria’s history,” he stated, emphasizing the proactive nature of resilience.
Among the measures taken, the unification of the foreign exchange market stands out. Shettima noted that removing fuel subsidies and launching new infrastructure plans, like the Lagos-Calabar Coastal Highway, are critical steps. He pointed out, “We have unified the exchange rate… and phased out fuel subsidies, saving billions and reinvesting in social protection.” This shift aims to eliminate ambiguity in foreign exchange processes, creating a more investor-friendly landscape.
Moreover, the Vice President mentioned a notable reform in the oil sector with the introduction of real-time export tracking, designed to guarantee revenue. Additionally, he shared ways the government is restructuring support for small and medium enterprises to align with the African Continental Free Trade Area initiatives.
Shettima painted an optimistic picture for the economy, forecasting GDP growth between 4% and 4.5% by 2025. He indicated that inflation rates are illustrating stability, and reserves are on the rise. “Our economy is on a firmer, more diversified footing,” he asserted, suggesting that the reforms, although challenging, are beginning to show benefit.
The Vice President also recognized Afreximbank’s impact, noting Nigeria as its largest beneficiary, receiving more than $52 billion. He enumerated several major projects supported by the bank, including the African Trade Centre and the African Medical Centre of Excellence, describing them as strategic investments that advance resilience and shared prosperity across the continent.
In addressing the future, Shettima encouraged African nations to shift their focus from merely surviving to rejuvenating their economies. He called for a collaborative effort to harness blended financing and refine digital trade systems. “The past three decades have taught us that resilience is not just survival—it is the capacity to adapt,” he stated, outlining a vision where Africa proactively builds its future.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, echoed similar sentiments regarding institutional trust and consistency within the country’s monetary and financial systems. He reaffirmed the Central Bank’s commitment to restoring market confidence through clear, consistent policies.
“There’s an urgent need for effective policy delivery,” Cardoso said while emphasizing the significance of institutional credibility. His commendations for Afreximbank highlighted its role in fostering African financial independence and enhancing trade efficiency amid prevalent crises.
Denys Denya, Afreximbank’s Senior Executive Vice President, underscored the need to strengthen home-grown institutions in light of increasing global challenges. He urged concerted action to prevent setbacks in African progress, stating, “The time to be deliberate about industrialisation has never been more urgent.” The call to action was clear, with Denya stressing that Africa must now assert itself in a rapidly changing world.
Overall, the remarks from Nigerian leadership underlined a commitment to transformative economic reforms aimed at enhancing Nigeria’s economic stability and growth. With initiatives in foreign exchange unification, subsidy removal, and a thriving oil sector, Nigeria is positioning itself towards resilience and long-term prosperity. The collaborative support of institutions like Afreximbank is pivotal as Africa navigates its path forward, seeking not just survival, but sustainable growth and development.
Original Source: punchng.com
