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

Representation of Nigeria's economic reform initiatives with modern infrastructure and growth symbols in vibrant colors.

Vice President Kashim Shettima praised Nigeria’s economic reforms as bold and effective during the African Export-Import Bank’s Annual Meetings. Key initiatives include unifying the foreign exchange market and removing fuel subsidies. These measures aim for sustainable growth, with projections indicating GDP growth by 2025. Leaders stressed the importance of resilience and collaboration for Africa’s future development and financial sovereignty.

In a recent address at the 32nd Annual Meetings of the African Export-Import Bank in Abuja, Nigeria’s Vice President Kashim Shettima praised the government’s economic reforms as among the boldest in the country’s history. He emphasized the measures are already producing significant results. Shettima, via his Special Adviser on Economic Matters, Dr. Tope Fasua, outlined the government’s steps to enhance the economy, focusing on reforms that promote transparency and resilience.

During the meeting, Shettima highlighted specific actions taken by the Federal Government, including unifying the foreign exchange market, eliminating fuel subsidies, and launching major infrastructure projects like the Lagos-Calabar Coastal Highway. “We have unified the exchange rate, eliminating multiple FX windows to restore transparency and investor confidence,” he stated. The Vice President mentioned that these steps are meant to foster long-term economic growth while restructuring support for small and medium enterprises through digitized platforms aligned with the African Continental Free Trade Area.

He reported that these reforms, while challenging, are beginning to bear fruit. Projections indicate Nigeria’s GDP growth could reach between 4-4.5 percent by 2025, and indicators show inflation stabilizing and reserves strengthening. “Our economy is on a firmer, more diversified footing,” Shettima asserted, reflecting optimism about Nigeria’s economic future.

While commending the African Export-Import Bank for its contributions, Shettima noted Nigeria remains its largest beneficiary, with over $52 billion disbursed for various development projects. He emphasized that these investments are not mere projects but are strategic moves towards resilience and prosperity. Mentioned projects include the African Trade Centre in Abuja and multiple health and manufacturing initiatives across different states.

Moreover, Shettima urged other African nations to shift from merely building resilience to renewal. He highlighted the need for blended finance, regional value chains, and robust digital trade systems. “The future is not something we wait for—it is something we must build,” he proclaimed, reiterating Nigeria’s commitment to work with Afreximbank and other nations towards collective developmental goals.

Central Bank of Nigeria Governor Olayemi Cardoso also spoke at the event, reaffirming the bank’s dedication to rebuilding institutional trust amid global challenges. He underscored the importance of consistency and clarity in the country’s monetary policies, stating, “At the Central Bank of Nigeria, we’ve made this work a priority.”

Cardoso praised Afreximbank as a pivotal force in promoting African financial sovereignty and called for a more robust approach to crisis preparedness. He noted resilience requires being proactive through strategic decision-making and governance. His comments echoed the sentiment that Africa must not only survive global shocks but also actively shape new financial paradigms.

Afreximbank Senior Executive Vice President Denys Denya stressed the urgency of fortifying Africa’s home-grown institutions to face rising global volatility. He highlighted the necessity for intentionality in actions and aspirations, declaring that it is vital for the continent to remain firm and resolute.

Denya concluded by reaffirming Afreximbank’s commitment to support member states through crises, emphasizing, “The time to be deliberate about industrialisation… has never been more urgent.” The discussions at this gathering reflect a concerted effort among African leaders to collaborate, innovate, and prepare for the evolving economic landscape in the region.

The event served as a pivotal platform for leaders to outline strategies aimed at fostering resilience, growth, and cooperation across the continent, while addressing pressing challenges facing the African economy today.

The Annual Meetings of the African Export-Import Bank highlighted Nigeria’s significant economic reforms under Vice President Kashim Shettima, viewed as some of the boldest in the country’s history. With measures aimed at fostering transparency and growth now producing tangible results, Nigeria is positioning itself to cope with future challenges. Strengthening institutions and collaborating across borders were recurring themes from leaders like Central Bank Governor Cardoso and Afreximbank’s Denya. The emphasis on resilience and strategic investment could set the framework for Africa’s deeper economic integration and robust development in the years ahead.

Original Source: punchng.com

About Allegra Nguyen

Allegra Nguyen is an accomplished journalist with over a decade of experience reporting for leading news outlets. She began her career covering local politics and quickly expanded her expertise to international affairs. Allegra has a keen eye for investigative reporting and has received numerous accolades for her dedication to uncovering the truth. With a master's degree in Journalism from Columbia University, she blends rigorous research with compelling storytelling to engage her audience.

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