“Nigeria’s Economic Earthquake Paying Off — Shettima Declares!”

Kashim Shettima, the Vice President, says Nigeria is undergoing one of its most courageous economic transformations ever — and it’s already producing tangible results in terms of growth and stability.....KINDLY READ THE FULL STORY HERE▶

At the opening ceremony of the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja on Wednesday, Vice President Kashim Shettima declared that Nigeria is undergoing one of the most ambitious economic reform programmes in its history, with early signs of progress already visible.

Represented by his Special Adviser on Economic Matters, Tope Fasua, Mr Shettima affirmed the Tinubu administration’s strong commitment to resilience, transparency, and long-term economic transformation.

“Our administration is executing one of the boldest economic reform agendas Nigeria has ever seen,” Shettima stated. “Resilience doesn’t happen by chance — it must be designed, developed, and protected.”

According to him, the federal government has taken deliberate actions to fix structural imbalances and restore confidence in the economy. These include the unification of the foreign exchange market, the removal of costly fuel subsidies, and the launch of targeted infrastructure projects.

“We have unified the exchange rate, removing multiple FX windows to enhance transparency and restore investor trust. Fuel subsidies have been phased out, saving billions and allowing us to reinvest in social welfare and infrastructure,” Shettima said.

He also highlighted the administration’s commitment to energy and transportation reform through initiatives such as the compressed natural gas (CNG) transition programme, and major capital projects like the Lagos-Calabar Coastal Highway and the Eastern rail corridor.

In the oil and gas sector, Shettima noted the introduction of real-time export tracking and improved revenue assurance via the Petroleum Cargo Declaration Scheme. He further revealed that the government had restructured support for small and medium enterprises (SMEs) using digital platforms in line with the African Continental Free Trade Area (AfCFTA), aiming to position Nigeria for stronger regional economic integration.

“These reforms, though challenging, are producing measurable impact. GDP is forecast to grow by 4 to 4.5 per cent in 2025. Inflation is stabilising, and foreign reserves are recovering. Our economy is becoming more stable and diversified,” he said.

Shettima commended Afreximbank for its longstanding support, noting that Nigeria has received over $52 billion in disbursements from the bank — the highest of any African country. He listed key projects funded by the bank in Nigeria, including the African Trade Centre in Abuja, the newly inaugurated African Medical Centre of Excellence, quality assurance centres in Kaduna and Ogun states, a $300 million export manufacturing programme in four states, and a $3 billion intra-African petroleum trade facility.

“These are more than just projects — they are strategic investments in resilience, sovereignty, and shared prosperity,” he added.

Call for Continental Collaboration

Shettima urged African nations to move beyond mere survival and focus on collective renewal, calling for investments in digital trade, regional value chains, and robust financial institutions.

“The last three decades have shown that resilience is not just about enduring challenges, but about adapting, leading, and reinventing. The future isn’t something to wait for — it’s something we must build,” he said.

He reaffirmed Nigeria’s commitment to working with Afreximbank and its fellow African nations to accelerate growth and development across the continent.

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