Vice President Kashim Shettima has defended the economic reforms introduced by President Bola Tinubu’s administration, saying the policies have strengthened Nigeria’s economy and significantly improved the country’s foreign reserves.
Speaking on Monday at the Delta Economic and Investment Summit in Asaba, Shettima said the government’s reforms had reversed earlier economic challenges, leading to increased investor confidence and stronger capital inflows.
He credited the administration’s policies for raising Nigeria’s foreign reserves from about $3 billion during a period marked by capital flight and limited foreign exchange to approximately $52 billion.
According to the vice president, the improvement reflects the positive impact of the government’s economic decisions despite global economic uncertainties.
“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” Shettima said.
“From reserves of $3bn, when we were experiencing capital flight and capital scarcity. Now, we are experiencing capital inflows, so that our foreign reserves have gone up to about $52bn and counting in a turbulent world, mind you. I think the President deserves commendation and not condemnation.”
Shettima also praised Anambra State Governor Chukwuma Soludo for supporting the Federal Government’s reform agenda, describing his position during the 2023 general election as courageous because he stood by his convictions despite opposing views.
The vice president further noted that the growing number of investment summits across the country reflects healthy competition among state governments to attract investors and accelerate economic growth. He added that improved financial allocations to states have strengthened their capacity to pursue development initiatives.
In his remarks, Delta State Governor Sheriff Oborevwori announced that the state government had established a $100 million viability gap funding programme to reduce investment risks and encourage private sector participation.
“Mr. Vice President, as I conclude my address, I am pleased to announce that the government has set aside 100 million dollars, approximately 133,800,000,000, as viability gap funding to de-risk new investments in the state,” the governor said.
Oborevwori also disclosed that more than 12,000 hectares of land had been designated for agricultural development to support investors interested in commercial farming.
He said the available opportunities span the production of cassava, rice, oil palm, potatoes and other cash crops, adding that Delta’s coastline also offers strong potential for expanding the state’s marine economy.
The Delta Economic and Investment Summit brought together government officials, business leaders and investors to explore opportunities aimed at boosting investment, strengthening partnerships and driving sustainable economic development across the state.
