Vice President Kashim Shettima expressed his and President Bola Tinubu’s empathy for Nigerians facing difficulties due to ongoing economic reforms during the opening of the 30th Nigeria Economic Summit in Abuja yesterday.
Shettima emphasized that despite the hardships, there is no alternative to these reforms if sustainable economic growth is to be achieved. He stated, “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.”
He highlighted the volatility of Nigeria’s economy, which is heavily reliant on oil revenues and struggles to generate sufficient jobs for its rapidly growing population. “As a nation, we must prioritize economic diversification,” he said.
The Vice President pointed out that the focus should be on sectors that promote inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy. He noted the potential of the digital economy, referencing a report from Pond Theory that indicates a looming talent shortage in major economies by 2035....Read Full Article [Click Here>]
Shettima remarked, “The global talent powerhouse India by 2035 will only have one million supporters. And 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.”
He called for harnessing Nigeria’s potential to turn its demographic bulge into a demographic dividend, rather than a disaster. “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,” he concluded.
