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From Juliana Taiwo-Obalonye, Abuja
Vice President, Kashim Shettima, has praised the administration of President Bola Tinubu for implementing bold and necessary economic reforms aimed at addressing Nigeria’s longstanding structural weaknesses.
Speaking at the 66th Annual Conference of the Nigerian Economic Society (NES) in Abuja, he described the efforts as clear evidence of political will translating into effective economic policy.
“Nigeria is, of course, not exempt from Africa’s economic tragedies. But our silver lining is the listening ear of His Excellency, President Bola Ahmed Tinubu. Under his leadership, this administration has embarked on bold and inevitable reforms to address structural weaknesses that others before us only paid lip service to,” he said. “These reforms testify to the power of political will in economic policy. Their painful but necessary consequences remind us that a malignant disease can only be cured by painful surgery. The wounds are temporary, but the recovery is permanent.”
Shettima urged African nations to move away from outdated economic models and embrace structural transformation that prioritizes human capital development to tackle unemployment and poverty. Highlighting the continent’s potential in the digital age, he said, “We live in a world where a random citizen in Daura can outsource his services to a corporation in Dallas without seeing the inside of a plane or leaving his bedroom. But to catch up with this changing world, Africa must embrace structural transformation that reinvents its human capital and reverses unemployment.”
He also addressed global challenges such as geopolitical conflicts, trade protectionism, supply chain disruptions, energy transitions, and artificial intelligence, framing them as disguised opportunities. “They all paint a gloomy outlook. But each threat is also an opportunity in disguise. This is why a society such as yours exists: to light the path of a continent even in the darkest night,” Shettima said, emphasizing the critical role of NES in shaping economic solutions for Nigeria and Africa.
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The Vice President acknowledged the difficulties brought by reforms, including inflationary pressures and global economic spillovers, but praised President Tinubu’s focus on investment-friendly policies and social protections to cushion vulnerable populations. “Policies in transportation, healthcare, and education have been deliberately targeted at reducing inequality because these are the sectors that affect the weakest among us,” he added.
During the conference, Minister of Budget and Economic Planning Abubakar Bagudu commended Shettima’s contributions to the reform agenda and pledged to integrate NES fully in national development planning. Meanwhile, Minister of Livestock Development Alhaji Idi Mukhtar Maiha highlighted the tremendous potential within Nigeria’s livestock sector as a driver for economic diversification, describing it as “the next crude oil.”
NES President, Prof. Adeola Adenikinju, reaffirmed the society’s commitment to supporting the Tinubu administration’s vision for economic transformation through research, mentoring, and policy engagement. He also highlighted NES’s expansion across Nigeria’s states, federal capital, and diaspora to enhance inclusivity and grassroots involvement.
Director of the African Development Institute, Eric Ogunleye, reiterated the African Development Bank’s ongoing support for Nigeria and the continent’s development, urging renewed focus on investments in people, whom he described as Africa’s greatest asset.
The event drew officials including the President’s Special Adviser on Economic Affairs Tope Fasua, Chairman of the Ministry of Finance Incorporated Shamsudeen Usman, Nigeria’s leading capital market scholar Uche Uwaleke, and representatives of the House Speaker and Central Bank Governor Yemi Cardoso.
