As part of efforts towards building a resilient and inclusive economy, Vice President Kashim Shettima has pleaded for support from the Organised Private Sector (OPS) on the reforms being carried out by the Federal Government.

Shettima, while speaking at the fourth edition of Nigeria’s employers summit, themed, “Enabling Sustainable Enterprise in a Transitioning Economy; Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development,” represented by the Special Adviser to the President on Job Creation and MSME, Temitola Adekunle-Johnson, stated that the nation is currently undergoing a transition with the wave of bold reforms designed to steer the volatile economy into becoming a more stable and sustainable economy.

He further stressed that though these reforms were difficult in the short term, they are meant to lay the groundwork for a more transparent, competitive, diversified and investor-friendly business environment.

The Vice President disclosed that the current administration remains committed to ensuring that Nigerian businesses take full advantage of the African Continental Free Trade Area (AfCFTA) recently gazetted and the Preferential Tariff Concessions under the AfCFTA as a way of opening doors for Nigerian exporters to access preferential tariffs across African markets.

This, he said, would give them a more competitive edge, reduce the cost of importing intermediate goods and raw materials from other African countries. and improve profit margins, particularly for Small and Medium Enterprises (SMEs).

He, therefore, urged the OPS to see the reforms as an opportunity to innovate, invest and lead, stating that these reforms are designed to create an environment where sustainable enterprise can flourish and inclusive development is seen as a reality.

Also speaking, Minister of Interior, Olubunmi Tunji-Ojo, expressed the commitment of the Federal Government to embark on policy that would drive growth for the private sector, noting that the President is willing to collaborate with the OPS to achieve collective good.

He said that through the expatriate administration and visa policy, both the government and OPS contributed to fine-tuning and arriving at a more satisfactory policy document that addresses issues, such as quota abuse and streamline visa processes, adding that the policy is expected to come into effect on July 1, 2025.

Director-General of NECA, Adewale Smatt-Oyerinde, said that the essence of the summit was to build consensus around the Federal Government’s policy reforms to transform them into actions favourable to businesses, noting that NECA remains determined to work with the government to create an economy that is not only competitive but can also serve as a platform to advance African economy.

Also, Chief Executive Officer (CEO), Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Faleye, charged OPS, including NECA, to pay adequate attention to providing safety nets for their employees by implementing the Employee Compensation Act as they strive to ensure sustainability of their businesses or enterprises.

UNIDO Representative, Philbert Johnson, stressed their commitment to work with NECA in the implementation of the agreement signed with the Federal Government to promote and accelerate inclusive and sustainable industrialisation in Nigeria.