Vice President Kashim Shettima has said that the bold and unavoidable reforms being implemented by the President Bola Tinubu-led administration, which are already addressing Nigeria’s structural economic weaknesses, stand as clear proof of the power of political will in governance.
Speaking on Tuesday in Abuja at the opening of the 66th Annual Conference of the Nigerian Economic Society (NES), Shettima urged African nations to adopt the knowledge economy as a bridge to genuine economic transformation, warning that outdated approaches could no longer meet the demands of today’s challenges.
“Nigeria is 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 declared.
“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,” the Vice President said.
He urged African nations to adopt structural transformation to address unemployment and human capital deficits, emphasising that the continent’s future lies in enhancing productivity, innovation, and poverty reduction.
“Geopolitical conflicts, trade protectionism, supply chain disruptions, the energy transition, and the disruptive rise of artificial intelligence 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 told the gathering.
While acknowledging the inflationary impact of ongoing reforms and global spillovers on Nigeria’s economy, the Vice President explained that President Tinubu remains committed to investment-friendly policies and social protection programmes to cushion vulnerable groups, especially in transportation, healthcare, and education.
Other speakers at the conference included the Minister of Budget and Economic Planning, Abubakar Bagudu, who assured that the NES would be fully integrated into government planning and implementation processes; and the Minister of Livestock Development, Idi Mukhtar Maiha, who described the livestock sector as “Nigeria’s next crude oil.”
NES President, Prof. Adeola Adenikinju, reiterated the Society’s commitment to serving as a bridge between research and policy, while mentoring future economists.
He highlighted the NES reforms under his leadership, including the creation of chapters across Nigeria and the diaspora, as well as the establishment of women’s and students’ wings to promote inclusivity.
Also in attendance were the Special Adviser to the President on Economic Affairs, Tope Fasua; MOFI Board Chairman, Dr. Shamsudeen Usman; Nigeria’s first Professor of Capital Market Studies, Uche Uwaleke; and representatives of the Speaker of the House of Representatives and the Central Bank Governor.
