Nigerian Vice-President Kashim Shettima has reiterated the federal government’s commitment to economic reforms under President Bola Tinubu, describing recent policy shifts as difficult but necessary for national progress. Speaking during a meeting with business leaders in Abuja, Shettima defended contentious decisions—including fuel subsidy removal and currency reforms—as steps to stabilize Africa’s largest economy and attract private-sector growth.
The remarks came during a visit by executives from the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), led by its National President, Jani Ibrahim. Shettima emphasized Tinubu’s resolve to prioritize “the greater good” despite pushback from critics. “The oil cabal fought back, but he refused to budge,” he said, referencing opposition to ending fuel subsidies that cost Nigeria an estimated $10 billion annually under previous administrations. Other measures, like unifying exchange rates and revising tax policies, aim to streamline fiscal systems long criticized as opaque and counterproductive.
Shettima framed Tinubu’s corporate background—including his role as a former financial controller at Mobil Nigeria—as central to the administration’s pro-business agenda. “He speaks the language of commerce,” Shettima said, adding that collaboration with manufacturers and entrepreneurs mirrors strategies behind economic transformations in nations like South Korea. However, he acknowledged challenges, stating reforms require “courage and conviction” to overcome entrenched interests.
NACCIMA’s leadership, meanwhile, called for deeper ties between government and private enterprises to drive recovery. Ibrahim, recently elected as chair of Nigeria’s Organised Private Sector coalition, praised Shettima’s oversight of key economic councils but urged structural changes. He proposed bi-annual consultations with the vice-president’s office and private-sector representation on technical committees overseeing trade, privatization, and small business policies. “Government sets the framework; we are the engine of growth,” Ibrahim said, stressing that shared goals could bolster job creation and foreign investment.
The dialogue reflects Tinubu’s balancing act: courting local and global investors while managing reform fallout, including inflation exceeding 29% and protests over rising living costs. While Shettima assured Nigeria is “ready for business,” analysts note sustained progress hinges on stabilizing the naira, curbing insecurity, and ensuring reforms translate to broad-based economic relief. The administration’s ability to align public and private sector priorities may prove pivotal in determining its legacy.
