Abuja – Vice President Kashim Shettima has stated that Nigeria is implementing one of the most ambitious economic reform programs in its history, and the efforts are already yielding results in economic growth and stability.
Speaking at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) in Abuja, the Vice President — represented by his Special Adviser on Economic Matters, Tope Fasua — said the administration of President Bola Tinubu is focused on building long-term resilience, transparency, and transformation.
“Our administration is pursuing one of the boldest economic reform agendas in Nigeria’s history. Resilience must be planned, built, and protected,” he said.
Among the key reforms highlighted were:
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Unification of the foreign exchange market to eliminate multiple FX windows and increase investor confidence
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Removal of fuel subsidies, redirecting savings toward infrastructure and social protection
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Launch of a compressed natural gas (CNG) transition program
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Acceleration of major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Eastern Rail Corridor
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Implementation of real-time oil export tracking through the Petroleum Cargo Declaration Scheme
The Vice President also emphasized support for small and medium enterprises (SMEs) through digital platforms integrated with the African Continental Free Trade Area (AfCFTA) framework, positioning Nigeria to better harness regional trade.
He noted that these difficult reforms are producing measurable progress:
“GDP is projected to grow between 4% and 4.5% in 2025. Inflation is stabilizing. Foreign reserves are strengthening. Our economy is now on a firmer, more diversified footing.”
Shettima lauded Afreximbank for its support to Nigeria, revealing that the country had received over $52 billion in disbursements — the highest of any African country. Notable initiatives include:
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The African Trade Centre in Abuja
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The African Medical Centre of Excellence
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Quality Assurance Centres in Kaduna and Ogun
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A $300 million export manufacturing initiative across four states
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A $3 billion intra-African petroleum trade facility
“These are not merely projects,” he said, “but strategic investments in resilience, sovereignty, and shared prosperity.”
He called on African nations to go beyond basic resilience and focus on renewal through digital trade, regional value chains, and robust financial institutions.
“The future is not something we wait for; it is something we must build.”
Shettima concluded by reaffirming Nigeria’s readiness to collaborate with Afreximbank and other African partners to drive economic transformation across the continent.
“Nigeria stands ready — ready to lead, ready to collaborate, and ready to deliver,” he affirmed.
