Vice President Kashim Shettima officially launched the 2024 Nigeria Economic Report on Friday, assuring that the government’s ongoing reforms will foster inclusive growth in the near future.
Speaking during a one-day technical workshop on the 2024 Economic Review at the Presidential Villa, Abuja, Shettima highlighted the positive impact of President Bola Tinubu’s administration’s strategic policy interventions, with even more optimistic projections for 2025.
Represented by the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, the Vice President described the report as “a pragmatic synopsis of President Bola Ahmed Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.”
“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation. Every data point and analysis underscores our commitment to turning economic challenges into opportunities for national growth. We are laying the foundation for sustainable development that will create opportunities for every Nigerian,” he added.
Earlier, the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized the potential of Nigeria’s abundant gas deposits to drive economic growth.
“With 209 trillion cubic feet of gas, Nigeria has the opportunity to elevate its economy to enviable levels. We are poised to claim our rightful position in the continent’s gas economy,” he stated.
Ekpo encouraged Nigerians to adopt the President’s Compressed Natural Gas (CNG) initiative, citing its cleaner, safer, and environmentally friendly benefits. He acknowledged the initial expense of conversion kits but assured the availability of incentives to make them affordable.
Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted the untapped potential of Nigeria’s creative industry.
Her ministry, the first of its kind, aims to transform creative content into economic opportunities. She emphasized that while Nigeria boasts unique cultural talents, the creative sector is a critical pathway for diversifying the economy beyond petroleum.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, highlighted tax reform proposals designed to transform Nigeria’s economic landscape.
“These reforms are more than a technical exercise; they represent a commitment to equity, efficiency, and economic transformation,” Oyedele said. He also addressed stakeholders’ concerns, promising continuous engagement to resolve potential challenges.
During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a pivotal year for economic reforms.
“Reforms are never easy; they are like planting seeds and waiting for the harvest. These interventions, such as the removal of fuel subsidies, the unification of foreign exchange markets, and critical tax reforms, are sweeping,” Fasua stated.
He noted that economic indicators are promising, with Nigeria’s GDP growing by 3.46% year-on-year in the third quarter of 2024—the fastest growth since late 2023. Fasua expressed optimism about higher growth rates, a more stable naira, and lower inflation in the coming months.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, expressed optimism, stating, “The foundations for a reinvigorated power sector are being laid.”
He detailed initiatives such as the Electricity Act, which decentralizes the power sector, enabling states to regulate and develop their local electricity markets, and the Presidential Metering Initiative, which aims to eliminate estimated billing.
Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, underscored the inclusiveness of the Renewed Hope Agenda.
“All eight items on the Renewed Hope Agenda are built on inclusion,” Zauro explained. He highlighted efforts to reduce financial exclusion, establish a dedicated office, and accelerate inclusion through the Aso Accord.
Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, outlined efforts to transition Nigeria from a consumption-based to a production-driven economy.
ALSO READ: Tinubu removes North-West Development Commission chairman
“Revenue from manufactured goods exports increased by 118.33%, rising from ₦343.29 billion in H1 2023 to ₦749.52 billion in H1 2024,” Sheriff revealed.
He also noted that the administration is positioning Nigeria as a key player in the global halal economy, with the potential to add $1.5 billion to GDP by 2027.
Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, highlighted the Accelerated Senior Secondary Education Programme (ASSEP), launched in May.
“This comprehensive programme aims to modernize school infrastructure, integrate virtual learning, and improve access to tertiary education,” Masha said. “It focuses on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM education, and revamping dilapidated classrooms.”
and then