Vice President Kashim Shettima has described President Bola Tinubu’s ongoing economic reforms as bold and necessary steps to rebuild Nigeria’s economy, saying the short-term pain will pave the way for lasting recovery.
Speaking at the opening of the 66th Annual Conference of the Nigerian Economic Society (NES) in Abuja on Tuesday, Shettima said the reforms reflect strong political will to address long-standing structural weaknesses.
“These reforms testify to the power of political will in shaping economic policy,” he noted. “Their painful consequences remind us that a malignant disease can only be cured by painful surgery. The wounds are temporary, but the recovery is permanent.”
Acknowledging the economic strain on Nigerians, the Vice President said the administration remains committed to cushioning the effects through social protection programmes and investment-friendly policies. He pointed to interventions in healthcare, education, and transportation as deliberate efforts to reduce inequality and support vulnerable groups.
Shettima also urged African nations to embrace the knowledge economy, stressing that growth cannot come from outdated approaches. “We live in a world where a citizen in Daura can offer services to a corporation in Dallas without leaving his home. Africa must reinvent its human capital and confront unemployment with innovation,” he said.
He framed global challenges—including geopolitical conflicts, supply chain disruptions, trade barriers, and the rise of artificial intelligence—not only as threats but also as opportunities that could be harnessed for growth.
Minister of Budget and Economic Planning, Abubakar Bagudu, commended Shettima’s leadership and assured that the NES would play a central role in government programmes such as the Renewed Hope Ward Development initiative.
Also speaking, Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, described the livestock industry as Nigeria’s “next crude oil,” pledging to work with the NES to unlock its multi-billion-dollar potential.
NES President, Prof. Adeola Adenikinju, said the society had transformed into a modern, inclusive, and globally connected think tank while expanding chapters across Nigeria and abroad, as well as launching women’s and students’ wings. He reaffirmed the group’s commitment to supporting government reforms.
Dr. Eric Kehinde Ogunleye, Director of the African Development Institute at the African Development Bank, praised Nigeria’s reform drive but stressed the need for deeper investments in human capital, which he described as the continent’s greatest asset.
Other dignitaries at the event included Special Adviser to the President on Economic Affairs, Tope Fasua; MOFI Board Chairman, Dr. Shamsudeen Usman; and representatives of the House of Representatives Speaker Tajudeen Abass and CBN Governor Yemi Cardoso.
