Tinubu and I Empathize with Nigerians, But Economic Reforms Are Inevitable

VP Shettima Speaks at Nigeria Economic Summit

Vice President Kashim Shettima addressed the ongoing 30th Nigeria Economic Summit in Abuja, expressing his and President Bola Tinubu’s empathy for the hardships faced by Nigerians due to current economic reforms. However, he emphasized that these reforms are essential for the nation’s sustainable economic growth.

Acknowledgment of Economic Hardship

Shettima acknowledged the struggles of the poor and the youth, stating, “My heart and the heart of President Tinubu go out to most of the Nigerian people. We empathize with what the poor and the young are going through in Nigeria. But we have no option, as he (Tinubu) rightly said.” He noted that Nigeria’s economy has been volatile and overly reliant on oil revenues, failing to generate sufficient jobs to meet the needs of its rapidly growing population.

Call for Economic Diversification

The Vice President stressed the necessity of economic diversification, urging a focus on sectors that can drive inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy. He highlighted the digital economy’s potential, referencing a report by Pond Theory that forecasts a significant talent deficit in major global economies by 2035.

Harnessing Nigeria’s Potential

Shettima pointed out that Nigeria has more English speakers than India and a relatively young population, with an average age of 16.9 years. He stated, “We need to harness our potential so that we can transform our anticipated demographic bulge into demographic dividends, not the demographic disaster that will consume all of us.”

Inevitability of Difficult Decisions

The VP acknowledged the challenges of the current policy conditions and the unpopularity of certain decisions but maintained that they are necessary for steering the economy toward growth. He concluded by reiterating the commitment to navigating these tough choices for the future prosperity of Nigeria.

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