Vice President Kashim Shettima has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in the not-distant future.
According to him, the strategic policy interventions of the administration of President Bola Tinubu are already yielding positive results, with more optimistic projections for 2025.
VP Shettima disclosed this on Friday during a one-day technical workshop on the Year 2024 Economic Review at the Presidential Villa, Abuja.
The Vice President, who was represented at the event by the Deputy Chief of Staff in his office, Ibrahim Hassan-Hadejia, said the report is “a pragmatic synopsis of President Bola Ahmed Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.
“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation. Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth. We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian.”
Gas Deposits
Earlier, Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the Ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.
“We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he stated.
The minister urged Nigerians to key into the CNG initiative of the president, noting that this is cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.
In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.
Also Read: Nigeria’s Economic Reforms Will Impact Africa, President Tinubu Affirms
Musawa said her ministry is the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed that while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.
Also, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals are aimed at transforming Nigeria’s economic landscape.
Oyedele emphasized that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.
He acknowledged concerns raised by stakeholders, assuring them that ongoing engagement will address potential challenges.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”
The government’s initiatives include increased liberalisation through the Electricity Act, which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.
Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized that “all eight items on the Renewed Hope Agenda are built on inclusion.”
He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.
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