VP Shettima Calls For Private Sector Partnership To Revive Nigeria’s Economy

Vice President Kashim Shettima has urged the private sector to throw its weight behind the federal government’s reform efforts geared towards creating a robust and inclusive economy.

Vice President Kashim Shettima has urged the private sector to support the federal government’s bold economic reforms aimed at creating a stable and inclusive economy.

Speaking through Temitola Adekunle-Johnson, the president’s special adviser on job creation and MSMEs, at the opening of the 4th Nigeria Employers’ Summit in Abuja on Wednesday, Shettima addressed stakeholders under the theme: “Enabling Sustainable Enterprise in a Transitioning Economy: Aligning Fiscal, Trade, and Regulatory Reforms for Rapid National Development.”

Shettima stated that Nigeria is undergoing a crucial transformation through sweeping reforms intended to stabilise the economy and foster long-term growth. While acknowledging that these measures may pose short-term difficulties, he stressed that they are intended to build a transparent, diversified, and investor-friendly business environment.

“President Bola Ahmed Tinubu’s vision is to build an economy where sustainable enterprises thrive, decent jobs are created, and prosperity is shared across society—not limited to a privileged few,” he said.

He added that aligning fiscal, trade, and regulatory policies is central to enabling sustainable businesses to flourish. Shettima also noted the government’s dedication to helping Nigerian businesses capitalise on the African Continental Free Trade Area (AfCFTA). The administration, he said, has already approved preferential tariff concessions under the AfCFTA to give exporters access to reduced tariffs across the continent, enhancing competitiveness—especially for SMEs.

Shettima encouraged the private sector to view the reforms as a call to innovate and invest, contributing to a more inclusive national economy.

FG WILL CONTINUE TO SUPPORT PRIVATE SECTOR – INTERIOR MINISTER

Minister of Interior Olubunmi Tunji-Ojo also addressed the summit, reiterating the federal government’s support for private sector growth. He pointed to recent reforms—such as streamlined visa processes starting July 1—as evidence of the administration’s willingness to ease doing business in Nigeria.

“There were challenges beyond the private sector’s control that hindered growth. But this administration has actively removed those barriers. Now is the best time to invest in Nigeria,” Tunji-Ojo said.

He praised NECA for its role in job creation and socio-economic advancement, urging stronger collaboration to create a globally competitive economy.

NECA: SUMMIT AIMS TO TRANSLATE POLICY INTO ACTION

NECA Director-General Adewale Smatt-Oyerinde, in his opening address, said the summit was convened to build consensus around government reforms and to ensure they translate into practical benefits for businesses. He reaffirmed NECA’s commitment to supporting economic growth across the continent.

Meanwhile, Oluwaseun Faleye, CEO of the Nigeria Social Insurance Trust Fund, advised private businesses to prioritise employee welfare through the full implementation of the Employee Compensation Act, while also maintaining sustainable operations.

UNIDO COMMENDS FG, CALLS FOR BROAD COLLABORATION

Also speaking, Philbert Johnson of the United Nations Industrial Development Organisation (UNIDO) applauded the Nigerian government for signing the Programme for Country Partnership (PCP) with the agency. He pledged UNIDO’s collaboration with NECA to support industrialisation efforts.

“We need partnerships at all levels—international donors, NGOs, and the private sector—to mobilise resources that will drive Nigeria’s industrial and trade competitiveness,” he said.

Johnson further stressed the importance of sustainability, saying businesses must look beyond profit and focus on long-term viability and planetary well-being.