VP Shettima Launches 2024 Nigeria Economic Report, Assures on Inclusive Growth

Vice President Kashim Shettima has formally launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future.

Shettima disclosed this during a one-day technical workshop on the Year 2024 Economic Review at the State House, Abuja.

According to him, the strategic policy interventions of the administration of President Bola Tinubu were already yielding positive results, with more optimistic projections for 2025.

The Vice President who was represented by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, said the report is “a pragmatic synopsis of President Bola Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.

“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation. Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth. We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian,” he added.

Earlier, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.

According to him, “We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent.”

The minister urged Nigerians to key into the CNG initiative of the President, noting that it was cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.

In her remarks, Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.

Musawa said her ministry was the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.

Also speaking, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals were aimed at transforming Nigeria’s economic landscape.

Oyedele emphasised that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.

He acknowledged concerns raised by stakeholders, assuring that ongoing engagement will address potential challenges.

During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a critical year of economic reforms.

“Reforms are never easy. It’s like the process of planting and waiting for them to grow and for harvest,” Fasua said, explaining that these interventions have been sweeping, including the “removal of fuel subsidies, CBN ways and means, unification of foreign exchange markets, and critical tax reforms.

“The economic indicators are promising, with Nigeria’s GDP growing 3.46 per cent year-on-year in the third quarter of 2024 – the fastest growth since late 2023. Going forward, we are going to be seeing leaps in growth and the worst is over for the economy. We’re looking at a higher growth rate, more stable naira, and lowered inflation,” he further said.

In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”

According to him, the government’s initiatives include increased liberalisation through the Electricity Act which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.

On his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasised that “all eight items on the Renewed Hope Agenda are built on inclusion.”

He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.

Also, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the administration is focused on moving Nigeria from a consumption-based to a production-driven economy.

“Revenue from the export of manufactured goods rose by 118.33 percent to N749.52 billion in H1 2024, compared to N343.29 billion in H1 2023,” Sheriff said.

He maintained that the government’s initiatives aim to position Nigeria as a key player in the global halal economy, potentially adding $1.5 billion to GDP by 2027.

Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, explained that the Accelerated Senior Secondary Education Programme (ASSEP), launched by the federal government in May, will modernise school infrastructure, integrate virtual learning, and improve access to tertiary education.

“This comprehensive programme is focused on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM learning, and revamping dilapidated classrooms,” Masha said.