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Nigeria’s Vice President, Kashim Shettima, stated on Tuesday that President Bola Tinubu’s economic decisions during his first 100 days in office are beginning to yield positive results. Shettima made this declaration while addressing various stakeholders in the banking and finance sector during the opening of the 16th Annual Banking and Finance Conference, which centered on the theme, ‘Nigeria’s Economic Growth and Empowerment: The Role of The Financial Services Industry.’

He pointed out that the aftermath of removing the petrol subsidy and unifying the exchange rate has led to substantial allocations for both state and federal governments.

“I am proud to announce that our decisions are already producing tangible results, with both state and federal governments now receiving larger allocations,” Shettima stated.

As the special guest of honor at the conference held in Abuja, the Vice President discussed the topic, ‘Our Priorities in a Post-Pandemic World.’ Shettima’s comments come shortly after the National Economic Council, which he chairs, approved a 5 billion Naira allocation for states and the Federal Capital Territory to procure food items for distribution to those in need.

Highlighting the positive impact of these funds on the lives of Nigerians, Shettima emphasized that without the recurring fuel subsidies, Nigeria can now direct its savings toward more deserving causes.

“We envision a future where no leader can use the excuse of ‘funds scarcity’ to delay projects or salary payments,” he remarked. Shettima concluded by seeking a stronger partnership with experts in the banking and finance industry, believing that such collaboration could swiftly transform the economy.

He emphasized, “We must now undertake what pessimists may consider impossible – revitalizing the economy in an unprecedented timeframe. We seek your collaboration in achieving this, as we do not take your support for granted.”

Shettima stressed that the journey toward economic revitalization is not something the Tinubu administration can embark upon in isolation. He added, “It is a call to establish strong partnerships with strategic nations and multilateral organizations because, through unity, Nigeria can position itself as a formidable and globally competitive partner.”

The Vice President highlighted the pivotal role of the banking and finance sector in rejuvenating the economy and called upon stakeholders to join hands in serving the nation. He stated, “We have committed to reinvigorate consumer finance, and we cannot do it without your involvement. We have pledged to incentivize and finance value addition to our agricultural and other products, and you are our ally in this endeavor.”

Shettima emphasized the need for collaboration because Nigeria currently faces a precarious balance of payments, importing more than it exports. He expressed that the future has arrived, and the financial industry serves as a platform for the success of their reforms and programs, whether it involves incorporating blockchain technology or expanding financial inclusion.

Regarding the ‘Eight-Point Agenda’ of the Tinubu Administration, the Vice President highlighted the government’s priorities, including food security, poverty eradication, economic growth, job creation, access to capital, security improvement, leveling the playing field for businesses, and upholding the rule of law and anti-corruption efforts. He emphasized that each agenda item requires the cooperation of stakeholders.

Earlier in the event, the President of the Chartered Institute of Bankers, Mr. Ken Opara, commended President Bola Tinubu’s reform initiatives, such as subsidy removal, unifying the foreign exchange regime, infrastructure investment, agricultural promotion, SME support, and tax reforms. Opara believed that if implemented effectively, these reforms would unlock Nigeria’s economic potential.

The event was attended by notable figures, including the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu; Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso; Acting Governor of the Central Bank of Nigeria, Mr. Folashodun Shonubi; and World Bank Representative in Nigeria, Mr. Shubam Chaudhuri, among others.