Vice President Kashim Shettima has defended President Bola Tinubu’s decision to remove fuel subsidies, restructure the tax system, and implement other economic reforms.
These reforms, Shettima said, are “courageous and unavoidable” and are aimed at fixing Nigeria’s “structural weaknesses”.
Shettima emphasized that the reforms demonstrate the power of political will in economic policy, likening them to “painful surgery” that will ultimately lead to permanent recovery. He stressed the need for African nations to adopt a new approach to their economies, embracing structural transformation to revive human capital challenges and reverse unemployment.
According to Shettima, Nigeria is not immune to Africa’s economic challenges, but President Tinubu’s listening ear and bold leadership in implementing reforms are a silver lining.
Shettima believes the economic reforms will fix Nigeria’s structural weaknesses and lead to long-term benefits. He acknowledged the short-term challenges posed by the reforms but emphasized their importance for Nigeria’s economic growth. Shettima also called on African nations to leverage the knowledge economy to drive economic growth and development through productivity and highlighted the importance of investing in human capital to turn Nigeria’s demographic bulge into a demographic dividend.