…………..As Renewed Hope Agenda yields promising results across multiple sectors.
The Vice President, Senator Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future.
According to him, the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already yielding positive results, with more optimistic projections for 2025.
Senator Shettima disclosed this on Friday during a one-day technical workshop on the Year 2024 Economic Review at the Presidential Villa, Abuja.
The Vice President who was represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, said the report is “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 every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth. We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian,” he added.
Earlier, Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the Ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.
“We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he stated.
The Minister urged Nigerians to key into the CNG initiative of the President, noting that this is cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.
In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.
Musawa said her ministry is the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.
Also, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals are aimed at transforming Nigeria’s economic landscape.
Oyedele emphasized that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.
He acknowledged concerns raised by stakeholders, assuring that ongoing engagement will address potential challenges.
During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a critical year of economic reforms.
“Reforms are never easy. It’s like the process of planting and waiting for them to grow and for harvest,” Fasua said, explaining that these interventions have been sweeping, including the “removal of fuel subsidies, CBN ways and means, unification of foreign exchange markets, and critical tax reforms.
“The economic indicators are promising, with Nigeria’s GDP growing 3.46% year-on-year in the third quarter of 2024 – the fastest growth since late 2023. Going forward, we are going to be seeing leaps in growth and the worst is over for the economy. We’re looking at a higher growth rate, more stable naira, and lowered inflation,” he added.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”
The government’s initiatives include increased liberalisation through the Electricity Act which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.
On his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized that “all eight items on the Renewed Hope Agenda are built on inclusion.”
He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.
Also, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the administration is focused on moving Nigeria from a consumption-based to a production-driven economy.
“Revenue from the export of manufactured goods rose by 118.33% to ₦749.52 billion in H1 2024, compared to ₦343.29 billion in H1 2023,” Sheriff said.
He maintained that the government’s initiatives aim to position Nigeria as a key player in the global halal economy, potentially adding $1.5 billion to GDP by 2027.
Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, explained that the Accelerated Senior Secondary Education Programme (ASSEP), launched by the federal government in May, will modernise school infrastructure, integrate virtual learning, and improve access to tertiary education.
“This comprehensive programme is focused on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM learning, and revamping dilapidated classrooms,” Masha said.
Others who also attended the workshop included Minister of State for Regional Development, Uba Maigari Ahmadu; Director General of National Institute for Policy and Strategic Studies Kuru, Prof Ayo Omotayo, and Director General of Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, among many others.
Signed
Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)
