FaFuel Subsidy Removal and Exchange Rate Unification: Shettima Unveils Long-Term Strategy for Nigeria’s Economic Stability

 

 Vice President Kashim Shettima emphasized that the removal of fuel subsidies, unification of exchange rates, and strategic debt management are part of a comprehensive effort to restore Nigeria’s economic stability and foster long-term growth. Speaking at the 30th Nigerian Economic Summit (NES30) in Abuja, themed "Collaborative Action for Growth, Competitiveness, and Stability," Shettima highlighted the importance of economic diversification as a national priority.

He stressed that the Nigerian Economic Summit Group (NESG) plays a pivotal role in this transformative process. Under the current administration’s "Renewed Hope Agenda," Shettima outlined bold reforms aimed at creating an enabling environment for sustainable economic growth and widespread prosperity.

“Our focus is on sectors that drive inclusive and sustainable growth, including agriculture, manufacturing, and the digital economy,” he stated, underscoring the digital economy as a key pillar for revitalizing Nigeria’s financial landscape.

Citing data from a global financial consultancy, Shettima pointed out that by 2035, the global digital economy is expected to generate 65 million highly skilled professionals, positioning Nigeria to tap into this opportunity.

“We are making significant progress in addressing critical challenges, particularly in regulatory frameworks and improving the ease of doing business,” Shettima concluded, signaling optimism for Nigeria's economic future.