Vice President Kashim Shettima has defended the economic reforms introduced by President Bola Ahmed Tinubu, insisting that the administration deserves commendation rather than criticism for stabilising Nigeria’s economy.
Speaking on Monday at the Delta State Economic and Investment Summit in Asaba, Shettima said the Federal Government’s reforms have strengthened the country’s economic outlook, pointing to the significant increase in Nigeria’s foreign reserves as evidence of progress.
According to the Vice President, the country has moved from a period of capital scarcity and capital flight to one of growing investor confidence.
“From reserves of $3 billion, when we were experiencing capital flight and capital scarcity, now we are experiencing capital inflows, so that our foreign reserves have gone up to about $52 billion and counting in a turbulent world. I think the President deserves commendation and not condemnation,” Shettima said.
Shettima Praises Soludo
The Vice President also commended Anambra State Governor Chukwuma Soludo for publicly supporting the Federal Government’s economic reforms despite criticism from some quarters.
“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” he said.
Shettima further praised Soludo for standing by his convictions during the 2023 general elections, describing him as someone who went “against the wind.”
Investment Summits Driving Healthy Competition
Speaking on the growing number of investment summits across Nigeria, the Vice President said the trend reflects healthy competition among states to attract investors and improve economic performance.
He noted that increased revenue to sub-national governments has created more opportunities for states to drive development and economic growth.
Delta Unveils $100 Million Investment Fund
At the summit, Delta State Governor Sheriff Oborevwori announced that the state had set aside $100 million (about ₦133.8 billion) as viability gap funding to reduce investment risks and encourage more private sector participation.
“The government has set aside 100 million dollars… as viability gap funding to de-risk new investments in the state,” the governor said.
Oborevwori also disclosed that over 12,000 hectares of farmland have been earmarked for agricultural development, inviting investors to explore opportunities in cassava, oil palm, rice, potatoes and other cash crops.
He added that Delta’s extensive coastline also provides significant opportunities for the development of the marine economy.
The summit brought together government officials, business leaders and investors to discuss strategies for attracting more domestic and foreign investments into Delta State and strengthening economic development.
