The Nigerian economy is in the midst of multiple reforms aimed at restoring balance and ensuring long-term stability. Vice President Kashim Shettima stressed at the 30th Nigerian Economic Summit (NES30) in Abuja that the removal of fuel subsidies, unification of exchange rates and debt management strategies are part of a broader effort to restore economic balance.
According to Shettima, stability is not about managing crises as they arise, but about building a resilient economy that can withstand shocks. He stressed the need to prioritize economic diversification to ensure sustainable development.
The current government is firmly committed to bold reforms, particularly in the agriculture, manufacturing and digital economy sectors, which offer inclusive and sustainable growth. Shettima sees the digital economy as a promising potential to reinvigorate the economy and highlights the progress made in improving the business climate.
In addition, the government is investing heavily in security operations to combat terrorism, banditry and other forms of insecurity. Ongoing fiscal reforms, such as the removal of fuel subsidies, unification of exchange rates and debt management strategies, are aimed at restoring economic balance and ensuring long-term stability.
Shettima also underscored the importance of strengthening social safety nets to protect the most vulnerable members of society. Existing programmes, such as the National Social Investment Programme and the National Poverty Reduction and Growth Strategy, are critical to supporting millions of Nigerians.
The Vice President stressed that collaboration between the public and private sectors, civil society and international development partners is essential to overcome current challenges. With the right policies, strong partnerships and sustained commitment, Nigeria can emerge stronger, more competitive and more resilient.
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, also highlighted the effectiveness of the Renewed Hope Agenda strategy in the country’s economic transition. The ongoing foreign exchange reforms and efforts to strengthen monetary policy stability are positive signs for the Nigerian economy.
In conclusion, the ongoing economic policy reforms in Nigeria are aimed at creating an enabling environment for sustainable economic growth and shared prosperity. These efforts are critical to building long-term stability and ensuring an inclusive economic future for all Nigerians.