Vice President Kashim Shettima, speaking at the 30th Nigeria Economic Summit in Abuja yesterday, acknowledged the hardships Nigerians are facing due to ongoing economic reforms but stressed the need for these measures to restore sustainable growth to the economy. Shettima assured the public that both he and President Bola Tinubu empathize deeply with the challenges currently experienced by citizens as a result of these reforms.
“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,” Shettima remarked during his address.
The vice president explained that Nigeria’s economy, being highly volatile and overly reliant on oil revenues, has struggled to generate enough jobs to meet the needs of its rapidly growing population. He emphasized that economic diversification is key to breaking this cycle and highlighted sectors such as agriculture, manufacturing, and the digital economy as critical areas for inclusive and sustainable growth.
“Our focus is on sectors that can offer inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy. The digital economy poses a very promising prospect for revitalizing our economy,” Shettima stated, drawing attention to the country’s potential in emerging industries.
Referencing global talent forecasts, Shettima pointed out Nigeria’s demographic advantage, noting that by 2035, major economies like the United States, Brazil, and Russia will face significant talent shortages. He emphasized the unique opportunity Nigeria has, stating, “There are more English speakers in Nigeria than in India. And in terms of age, the average age of the Nigerian nation is 16.9.”
Shettima underscored the importance of harnessing this demographic potential to avoid a looming crisis. “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,” he warned.
He acknowledged the difficulty of some of the government’s policy decisions but affirmed their necessity to set Nigeria on the path to growth. “Some of the policy conditions, policy options, are very difficult. But they are almost inevitable. Yes, some of these decisions are unpopular, but they must be taken to set the economy on the trajectory of growth,” Shettima concluded.
As the government continues to push through with reforms, the vice president called on Nigerians to remain patient, confident that the measures being implemented will ultimately lead to a stronger, more diversified economy.