Economic Reforms Wounds Temporary, Recovery Permanent – Shettima

Vice President Kashim Shettima has described President Bola Ahmed Tinubu’s ongoing reforms as courageous measures that demonstrate the strength of political will in reshaping Nigeria’s economic policy.

Speaking at the opening of the 66th Annual Conference of the Nigerian Economic Society (NES) in Abuja on Tuesday, Shettima said the reforms, though painful, were necessary to address long-standing structural weaknesses.

“These reforms testify to the power of political will in economic policy,” he said.

“Their painful but necessary consequences remind us that a malignant disease can only be cured by painful surgery. The wounds are temporary, but the recovery is permanent.”

The Vice President acknowledged the economic difficulties facing Nigerians but maintained that Tinubu’s administration was committed to investment-friendly measures and social protection programmes. “Policies in transportation, healthcare, and education have been deliberately targeted at reducing inequality because these are the sectors that affect the weakest among us,” he added.

Shettima urged African nations to embrace the knowledge economy, stressing that economic transformation would not come from outdated approaches.

“We live in a world where a random citizen in Daura can outsource his services to a corporation in Dallas without leaving his bedroom,” he said.

“Africa must embrace structural transformation that reinvents its human capital and reverses unemployment.”

The Vice President also framed global economic challenges as potential opportunities.

“Geopolitical conflicts, trade protectionism, supply chain disruptions, the energy transition, and the disruptive rise of artificial intelligence all paint a gloomy outlook,” he said. “But each threat is also an opportunity in disguise.”

Earlier, Minister of Budget and Economic Planning, Abubakar Bagudu, praised Shettima’s role in advancing reforms under President Tinubu. He assured that the NES would be fully integrated into government programmes, including the Renewed Hope Ward Development Programme.

The Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, highlighted the multi-billion-dollar potential of Nigeria’s livestock industry, describing it as “the next crude oil” and pledging collaboration with the NES to drive growth in the sector.

NES President, Prof. Adeola Adenikinju, reiterated the society’s readiness to support the government’s reform agenda.

He noted that under his leadership, the body has expanded its reach by creating chapters across the 36 states and the diaspora, as well as launching women’s and students’ wings.

“We have transformed into a modern, inclusive, and globally connected professional body while preserving our core identity as Nigeria’s foremost economic think-tank,” he said.

Also speaking, Dr. Eric Kehinde Ogunleye, Director of the African Development Institute at the African Development Bank, commended Nigeria’s reform efforts and called for deeper investment in human capital. “These are the people who represent the greatest assets of the continent,” he said.

Other dignitaries at the event included Special Adviser to the President on Economic Affairs, Tope Fasua; MOFI Board Chairman, Dr. Shamsudeen Usman; and representatives of the House of Representatives Speaker Tajudeen Abass, and CBN Governor Yemi Cardoso.