Fuel Subsidy Removal and Exchange Rate Unification Part of Long-Term Strategy – Shettima

Vice President Kashim Shettima has emphasized that removing fuel subsidies, unifying exchange rates, and improving debt management are crucial parts of the government’s strategy to achieve long-term economic stability. Speaking at the 30th Nigerian Economic Summit (NES30) in Abuja, Shettima underscored the importance of these reforms for restoring economic balance and ensuring sustainable growth.

“Stability is not just about managing crises as they arise but about building a resilient economy that can withstand shocks,” Shettima stated. He also stressed the need for economic diversification, with a focus on sectors like agriculture, manufacturing, and the digital economy.

Shettima explained that the administration’s Renewed Hope Agenda includes bold reforms designed to create an enabling environment for inclusive and sustainable growth. “Our focus is on sectors that offer inclusive growth, and the digital economy has a promising potential to revitalize Nigeria’s economy,” he said.

The vice president highlighted several key initiatives aimed at boosting small and medium-sized enterprises (SMEs) and large corporations alike. These include the establishment of MSME hubs, single-digit loans for manufacturers, and a credit corporation to provide consumer loans with favorable interest rates.

Collaborative Action for Growth

Shettima further noted that the administration’s economic reforms, including the removal of fuel subsidies and unification of exchange rates, are part of a broader strategy to stabilize Nigeria’s macroeconomic environment. He stressed the importance of social safety nets to protect the most vulnerable during challenging times.

“We have already expanded key programs like the National Social Investment Programme and the National Poverty Reduction and Growth Strategy, but we need to do more to institutionalize these safety nets,” he added.

Shettima concluded by emphasizing the need for collaboration between the public and private sectors, civil society, and international partners to tackle Nigeria’s economic challenges. “With the right policies, partnerships, and commitment, Nigeria can emerge stronger, more competitive, and resilient.”