Vice President Kashim Shettima has defended the economic reforms introduced by President Bola Tinubu’s administration, stating that the policies have stabilised Nigeria’s economy, reversed capital flight, and boosted the nation’s foreign reserves.
Speaking on Monday at the Delta Economic and Investment Summit in Asaba monitored by The News Chronicle, Shettima said the Tinubu administration inherited a fragile economy marked by dwindling reserves, capital scarcity, and investor uncertainty, but had successfully changed the trajectory through bold economic reforms.
According to him, Nigeria’s foreign reserves have risen significantly from about $3 billion to approximately $52 billion, reflecting renewed investor confidence and increased capital inflows despite global economic uncertainties.
“From reserves of $3bn, when we were experiencing capital flight and capital scarcity, we are now 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 said.
The Vice President also commended Anambra State Governor, Chukwuma Soludo, for openly supporting the Federal Government’s economic reform agenda and helping Nigerians understand the economic challenges inherited by the current administration.
“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” he said.
Shettima further praised Soludo’s stance during the 2023 general elections, describing the former Central Bank governor as a leader who stood by his convictions despite political pressure and “went against the wind.”
He noted that the increasing number of investment summits being organised by state governments reflects improving fiscal conditions across the country, adding that enhanced federal allocations have strengthened sub-national governments and positioned them to attract more local and foreign investments.
At the summit, Delta State Governor, Sheriff Oborevwori, announced the establishment of a $100 million Viability Gap Fund, equivalent to about ₦133.8 billion, aimed at reducing investment risks and encouraging private sector participation in key development projects.
“As I conclude my address, I am pleased to announce that the government has set aside $100 million, approximately ₦133.8 billion, as viability gap funding to de-risk new investments in the state,” Oborevwori said.
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The governor also unveiled plans to expand agricultural investments, revealing that more than 12,000 hectares of land had been earmarked for commercial farming.
He said investment opportunities exist across the value chains of cassava, oil palm, rice, potatoes, and other cash crops, adding that the state’s coastline also presents significant opportunities for developing a thriving marine economy.
“Investment opportunities abound in the value chain production of cassava, oil palm, rice, potato, and other cash crops. It is my pleasure to announce that in preparation for this summit, over 12,000 hectares of farmland have been marked for agricultural development for prospective investors.
“In addition, the entire state has a coastline of one to three kilometres suitable for the development of a thriving marine economy,” he added.
The Delta Economic and Investment Summit was convened to deepen investor confidence, foster strategic partnerships, and attract both domestic and foreign investments into Delta State.
