Africa (Commonwealth Union) _ Vice President Kashim Shettima has declared that the sweeping reforms initiated by the administration of President Bola Ahmed Tinubu are already reshaping the Nigerian economy, describing them as risky and necessary. Speaking during the 66th Annual Conference of the Nigerian Economic Society (NES) in Abuja, Shettima said that the initiatives aim to tackle entrenched structural imbalances that have been ignored for too long by past administrations while positioning the African continent to capture a future anchored on productivity and knowledge.
He acknowledged the economic cost induced by inflation and global crises but likened the reforms to an operation that is painful in the short term but necessary for eventual healing. “Nigeria is not exempt from Africa’s economic tragedies,” Shettima added. “But our silver lining is the listening ear of President Bola Ahmed Tinubu. The wounds are temporary, but the recovery is permanent.”
The Vice President invited African countries to embrace the knowledge economy as a gateway to prosperity with the assertion that today a “random citizen in Daura” can sell services to anywhere in the world without having to step out of the house. He argued that structural transformation, human capital investment, and confronting poverty head on are required to turn around unemployment and realise Africa’s full potential.
Shettima also offered global disruptions from protectionism in trade and supply chain disruptions to artificial intelligence and energy shifts as cloaked opportunities and not threats. He tasked the NES with helping to chart how to navigate the disruptions while ensuring policy reforms unleash inclusive growth.
NES President Prof. Adeola Adenikinju reaffirmed the society’s commitment to be a bridge between research and policy. Under his leadership, the NES has expanded national chapters, initiated a Women’s Wing and Students’ Wing, and intensified grassroots outreach, becoming an advanced, globally networked think-tank.
Other speakers, including Budget and Planning Minister Abubakar Bagudu and Livestock Development Minister Idi Mukhtar Maiha, have both seen diversification possibilities, most particularly in Nigeria’s livestock sector, which Maiha referred to as “the next crude oil.” The African Development Bank, represented by Dr Eric Kehinde Ogunleye, also made a pledge, referring to Nigeria as a “strategic driver of Africa’s growth”.
Shettima concluded by emphasising that we should not view reforms as isolated policy experiments, but rather as urgent national imperatives. With Tinubu’s political will and the collective will of Africa, the continent can transform its current challenges into a platform for sustainable development and shared prosperity, he said.
