Vice President Kashim Shettima has reiterated the government’s commitment to fostering inclusive economic growth through ongoing reforms under the leadership of President Bola Ahmed Tinubu.
Speaking at the launch of the 2024 Nigeria Economic Report on Friday at the Presidential Villa, Abuja, the Vice President, represented by Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), described the report as a testament to the administration’s bold and transformative strides.
“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation,” he said. “Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth. We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian.”
The event brought together key government officials and stakeholders, who highlighted efforts across various sectors to drive growth and diversification. Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized the role of Nigeria’s vast gas reserves in fueling economic transformation. “We have 209 trillion cubic feet of gas. If Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he said. He encouraged Nigerians to embrace the President’s Compressed Natural Gas (CNG) initiative, describing it as safer, cleaner, and environmentally friendly.
In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, highlighted the untapped potential of Nigeria’s creative industry, describing it as a critical pathway for economic diversification. She stated, “Our ministry is focused on transforming creative content into economic opportunity. Nigeria’s cultural talents are unique, and this sector is a vital driver for growth beyond petroleum.”
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, underscored the administration’s focus on tax reforms aimed at promoting equity and efficiency. He assured stakeholders that potential challenges are being addressed through consultations. “These reforms are not just a technical exercise but a commitment to economic transformation,” Oyedele said.
Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a defining year for economic reforms, citing key interventions such as the removal of fuel subsidies, unification of foreign exchange markets, and critical tax reforms. “Reforms are never easy; it’s like planting and waiting for growth and harvest. The economic indicators are promising, with Nigeria’s GDP growing 3.46% year-on-year in the third quarter of 2024, the fastest growth since late 2023,” Fasua noted.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, expressed optimism about reforms such as the Presidential Metering Initiative and the Electricity Act, which decentralizes the power sector. “The foundations of a reinvigorated power sector are being laid,” he stated.
Other officials emphasized the administration’s commitment to inclusion and financial growth. Technical Adviser on Economic and Financial Inclusion, Dr. Nurudeen Zauro, noted that all aspects of the Renewed Hope Agenda prioritize inclusion, pointing to reduced financial exclusion and the Aso Accord as key milestones. Special Assistant on Export Promotion, Aliyu Bunu Sheriff, revealed that export revenues from manufactured goods had risen by 118.33% in the first half of 2024 compared to the same period in 2023. He also highlighted efforts to position Nigeria as a key player in the global halal economy, with the potential to add $1.5 billion to GDP by 2027.
Dr. Mariam Masha, Senior Special Assistant on Regional Development Programmes, detailed progress in education reforms through the Accelerated Senior Secondary Education Programme (ASSEP). She noted that the initiative is modernizing school infrastructure, enhancing STEM learning, and improving access to tertiary education.
The workshop, which attracted several dignitaries, including the Minister of State for Regional Development, Uba Maigari Ahmadu, and the Director-General of SMEDAN, Charles Odii, concluded with a shared optimism about the country’s economic trajectory. The report, according to Vice President Shettima, reflects the administration’s dedication to turning challenges into opportunities for sustainable growth.
