406
By Lizzy Chirkpi
Vice President Kashim Shettima on Monday defended the economic reforms introduced by the President Bola Tinubu administration, insisting that the policies are beginning to yield tangible results and deserve commendation rather than criticism.
Speaking at the Delta Economic and Investment Summit in Asaba, Shettima cited the country’s improving foreign reserves and renewed investor confidence as evidence that the administration’s economic direction is producing positive outcomes despite prevailing global economic challenges.
The Vice President also commended Anambra State Governor, Prof. Chukwuma Soludo, for consistently explaining the rationale behind the Federal Government’s reforms to Nigerians.
«”Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” Shettima said.»
Highlighting what he described as a significant turnaround in Nigeria’s economic fortunes, the Vice President said the country had moved from a period of capital flight and foreign exchange scarcity to one of growing capital inflows.
«”From reserves of $3 billion, when we were experiencing capital flight and capital scarcity, now we are experiencing capital inflows, so that our foreign reserves have gone up to about $52 billion and counting in a turbulent world, mind you. I think the President deserves commendation and not condemnation.”»
Shettima also praised Soludo’s political courage during the 2023 general election, describing the former Central Bank of Nigeria governor as a leader who stood by his convictions despite intense political pressure.
According to him, the increasing number of economic and investment summits being organised by state governments reflects healthy competition among sub-national governments to attract domestic and foreign investments.
He added that improved revenues accruing to states have enhanced their capacity to undertake development projects and implement investor-friendly policies.
At the summit, Delta State Governor, Sheriff Oborevwori, announced a package of incentives aimed at attracting strategic investments to the state, including the establishment of a $100 million viability gap fund to de-risk major investment projects.
«”Mr. Vice President, as I conclude my address, I am pleased to announce that the government has set aside 100 million dollars, approximately ₦133.8 billion, as viability gap funding to de-risk new investments in the state,” Oborevwori said.»
The governor also disclosed that more than 12,000 hectares of land had been earmarked for commercial agriculture, assuring investors of opportunities across multiple agricultural value chains.
«”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 stated.»
The Delta Economic and Investment Summit is aimed at positioning the state as a preferred investment destination by strengthening partnerships with local and international investors, promoting private-sector participation and driving sustainable economic growth.
The event brought together senior government officials, policymakers, business leaders and investors to explore investment opportunities across key sectors of the Delta State economy.