TINUBU SECURES $20BN INVESTMENT TO BOOST AGRICULTURE AND ECONOMY – SHETTIMA
Vice President Kashim Shettima, speaking at the Vanguard Economic Discourse in Lagos on Thursday, highlighted the Tinubu administration’s efforts to address the economic challenges it inherited. Represented by his Special Adviser on Economic Affairs, Tope Fasua, Shettima announced that President Bola Tinubu had successfully secured over $20 billion in investments for Nigeria. These investments include $14 billion from India and $250 million from the Netherlands, alongside commitments of $500 million each for lithium development in Nasarawa State and from Germany.
Theme and Global Context
The discourse, themed “Reforms In An Era Of Global Economic Uncertainties,” saw Shettima emphasizing the importance of technological advancements and strategic reforms. He noted that the government’s initiatives, such as the Siemens power sector projects, aim to enhance energy sufficiency and address global economic challenges.
Policy Implementation and Economic Goals
Fasua underlined the administration’s dedication to implementing beneficial policies for Nigerians, particularly in the post-COVID-19 era. He assured that the Siemens power projects are progressing well and are expected to positively impact energy availability. Fasua reiterated President Tinubu’s stance on being open to new ideas and willing to review policies that might cause undue hardship to Nigerians. The administration’s goal is to make the Nigerian economy sustainable and improve the quality of life for its citizens.
Future Outlook and Ambitious Targets
Shettima expressed optimism about the next few years, predicting significant achievements in living standards, productivity, food security, and economic growth. He assured that the government would pursue ambitious policies and leverage the global value chain to involve Nigerian companies in manufacturing complex products. The administration aims to achieve a $1 trillion GDP by 2031, which necessitates double-digit economic growth.
Manufacturing, Agriculture, and Technological Advancements
The government is adopting measures to boost various sectors, including manufacturing, agriculture, technology, industry, and the creative sectors. Shettima highlighted the importance of investing in human capital development to diversify the economy and take advantage of the African Continental Free Trade Agreement.
Resilience and Global Positioning
Shettima commended the resilience of Nigerians and appealed for continued understanding as the nation navigates global economic uncertainties. He emphasized the importance of positioning in today’s volatile, complex, and ambiguous world. Technological advancements, particularly in Artificial Intelligence, Machine Learning, and the Internet of Things, are rapidly evolving and impacting employment and hardship. The administration is adopting measures to secure the future for youths and all Nigerians amidst these changes.
Decisive Leadership and Vision
Shettima described the Tinubu administration as decisive, emphasizing the importance of vision and decisive action in leadership. He cited the removal of petroleum subsidies and finding a workable value for the Naira as key reforms that, while potentially unpopular, are necessary for economic stability. Shettima affirmed the administration’s commitment to achieving its promises under President Tinubu’s leadership.
Sectoral Achievements
In concluding his remarks, Shettima provided a scorecard of the administration’s achievements in financial, housing, energy, and infrastructure development sectors. He appealed for the continued support of Nigerians as the government strives to improve the country’s situation and achieve sustainable economic growth.
Source: Pulse
