Vice President Shettima Highlights Nigeria’s Bold Economic Reforms…

Vice President Kashim Shettima claims Nigeria’s current economic reforms are among the boldest in history, aiming for long-term growth and transparency. He outlines unification of foreign exchange and infrastructure projects as key measures. The importance of regional cooperation and institutional strength is emphasized by various leaders at the African Export-Import Bank meeting, citing confidence in Nigeria’s future growth.

Vice President Kashim Shettima has made a strong statement regarding Nigeria’s ongoing economic reforms, describing them as some of the most significant in the nation’s history. During the opening remarks at the 32nd Annual Meetings of the African Export-Import Bank in Abuja, Shettima, represented by Dr. Tope Fasua, emphasized that these measures are already yielding positive outcomes. He highlighted the administration’s commitment to transforming the economy to foster transparency and long-term growth.

The Vice President pointed out a series of substantial changes made by the government, including the unification of the foreign exchange market and the removal of fuel subsidies. Moreover, he announced the initiation of several large-scale infrastructure projects, such as the Lagos-Calabar Coastal Highway and the Eastern rail corridor. “We have unified the exchange rate, eliminating multiple FX windows to restore transparency and investor confidence,” Shettima explained.

In addition to reforms in foreign exchange, he spoke about changes within the oil sector, which now includes real-time export tracking and enhanced revenue assurance practices. He also mentioned efforts to support small and medium enterprises through digitized platforms that align with the African Continental Free Trade Area. “These actions, while difficult, are already yielding impact,” Shettima said, predicting GDP growth of 4–4.5% by 2025.

Shettima also commended the Afreximbank for its critical contributions to Nigeria’s development. He revealed that the institution has disbursed over $100 billion across Africa, with Nigeria being the primary beneficiary, receiving more than $52 billion. Key projects funded by the bank include the African Trade Centre and the newly launched African Medical Centre of Excellence, among others, which he described as strategic investments.

In his address, the Vice President urged African countries to evolve from merely managing challenges to focusing on renewal and growth. He stressed the importance of mobilizing blended finance and strengthening regional value chains to ensure a robust economic future for the continent. “The future is not something we wait for—it is something we must build,” he stated firmly.

Central Bank of Nigeria Governor Olayemi Cardoso also spoke at the event, emphasizing his bank’s commitment to rebuilding trust and confidence within the monetary and financial systems of Nigeria. He noted this past year has focused on restoring market confidence through consistent and credible policies. “At the Central Bank of Nigeria, we’ve made this work a priority,” Cardoso said.

The CBN Governor acknowledged Afreximbank’s significant role in promoting innovation and supporting small businesses across the continent. He highlighted the importance of resilience as something that must be actively constructed through strategic decisions, urging African institutions to focus on forward-thinking and preparedness.

Denys Denya, Senior Executive Vice President of Afreximbank, emphasized the urgent need for strengthening Africa’s institutions to better navigate global volatility. He noted that the challenges faced today bear similarities to those encountered during the bank’s establishment in the 1990s. “The time to be deliberate about industrialization has never been more urgent,” Denya declared in his remarks.

In conclusion, these discussions during the annual meetings reflect a collective goal for African nations to embrace economic transformation and resilience. With Nigeria at the forefront, the commitment to growth and innovation appears strong, bolstered by ongoing support from financial institutions like Afreximbank.

In summary, Nigeria’s bold economic reforms, deemed among the most significant in its history, aim to rejuvenate its economy through transparency and infrastructure growth. With strong backing from Afreximbank and a clear path toward sustainable growth, the nation’s leadership expresses optimism for future development. Additionally, fostering regional support and collaboration among African nations is seen as crucial for collective success.

Original Source: punchng.com