By Eshiorameh Sebastian, Abuja
The Vice President of Nigeria, Kashim Shettima, has issued a powerful challenge to African nations, urging them to abandon old-fashioned economic approaches and fully embrace a modern structural transformation to tackle poverty and unemployment.
He delivered this message at the opening of the 66th Annual Conference of the Nigerian Economic Society (NES) in Abuja, using Nigeria’s own recent reforms under President Bola Tinubu as a key example of the necessary political courage.
Shettima stated that the continent must move beyond traditional methods to seize new opportunities in the global knowledge economy. “We live in a world where a random citizen in Daura can outsource his services to a corporation in Dallas without seeing the inside of a plane or leaving his bedroom,” he said, illustrating the changing nature of work.
“But to catch up with this changing world, Africa must embrace structural transformation that reinvents its human capital and reverses unemployment”, the Vice President added.
He argued that current global challenges, often seen as threats, should be viewed as chances for progress. “Geopolitical conflicts, trade protectionism, supply chain disruptions, the energy transition, and the disruptive rise of artificial intelligence all paint a gloomy outlook. But each threat is also an opportunity in disguise,” the Vice President told the audience of economists, policymakers, and scholars. He described it as the mandate of the NES “to find new pathways to solutions.”
Turning to Nigeria’s specific situation, Shettima acknowledged the country is not immune to the economic difficulties facing Africa. However, he pointed to President Tinubu’s leadership as a critical turning point. “Our silver lining is the listening ear of His Excellency, President Bola Ahmed Tinubu,” he said.
The VP defended the administration’s contentious policy decisions, such as the removal of the fuel subsidy, characterizing them as essential surgery. “Under his leadership, this administration has embarked on bold and inevitable reforms to address structural weaknesses that others before us only paid lip service to.”
He admitted the reforms have led to hardship for many citizens but insisted they were unavoidable for long-term recovery. “These reforms testify to the power of political will in economic policy. Their painful but necessary consequences remind us that a malignant disease can only be cured by painful surgery. The wounds are temporary, but the recovery is permanent,” Shettima stated.
To cushion the impact on the most vulnerable, the Vice President highlighted the government’s commitment to social protection programmes. “Policies in transportation, healthcare, and education have been deliberately targeted at reducing inequality because these are the sectors that affect the weakest among us,” he explained.
The Minister of Budget and Economic Planning, Abubakar Bagudu, who also spoke at the event, applauded Vice President Shettima for his significant role in realising the government’s economic strategy. He assured the NES that the society would be fully integrated into the ministry’s programmes, including the implementation of a new national development plan.
The President of the NES, Professor Adeola Adenikinju, reiterated the society’s commitment to collaborating with the government. He outlined reforms within the NES to make it “a bridge between research and policy, a centre for mentoring the next generation of economists, and a trusted partner in Nigeria’s pursuit of sustainable development.”
The conference, which brings together leading economic minds, is expected to generate crucial recommendations for navigating Nigeria’s and Africa’s economic challenges, heeding the Vice President’s call to move beyond outdated ideas.
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