Vice President Kashim Shettima has described the ongoing economic reforms under President Bola Tinubu’s administration as some of the boldest in Nigeria’s history, noting that they are already delivering tangible results.
Speaking on Tuesday through his Special Adviser on Economic Matters, Dr Tope Fasua, at the opening of the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Shettima told a gathering of African leaders and stakeholders that the administration was committed to promoting transparency, resilience, and sustainable growth.
“Our administration is pursuing one of the boldest economic reform agendas in Nigeria’s history,” he said. “Because resilience is not passive, it must be planned, built, and protected.”
According to the vice president, key reform actions include the unification of the foreign exchange market, removal of fuel subsidies, and the rollout of the National Compressed Natural Gas transition plan. He also cited massive infrastructure projects such as the Lagos-Calabar Coastal Highway and the Eastern Rail Corridor as evidence of the administration’s development push.
“We have unified the exchange rate, eliminating multiple FX windows to restore transparency and investor confidence. We have phased out fuel subsidies, saving billions in leakages and reinvesting in social protection and infrastructure,” he said.
Shettima further highlighted reforms in the oil sector, including real-time export tracking and the Petroleum Cargo Declaration Scheme, and revamped support for SMEs through digital platforms aligned with the African Continental Free Trade Area (AfCFTA).
He said the impact of these policies is already visible, with GDP projected to grow by 4–4.5% in 2025, inflation stabilising, and foreign reserves strengthening.
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Afreximbank’s Impact on Nigeria
The vice president praised Afreximbank’s strategic role in Nigeria’s development, stating that the country remains its biggest beneficiary, receiving over US$52 billion out of the US$100 billion disbursed across the continent.
Among key projects supported by the bank are the African Trade Centre and the African Medical Centre of Excellence in Abuja, Quality Assurance Centres in Kaduna and Ogun, a US$300 million export manufacturing initiative in four states, and a US$3 billion intra-African petroleum trade facility.
“These are not merely projects; they are strategic investments in resilience, in sovereignty, and in shared prosperity,” Shettima said.
He called on African nations to move beyond mere resilience and embrace economic renewal by mobilising blended finance, deepening regional value chains, advancing digital trade, and strengthening financial institutions.
“The past three decades have taught us that resilience is not just survival—it is the capacity to adapt, to lead, and to reinvent,” he added. “The future is not something we wait for—it is something we must build.”
Shettima reaffirmed Nigeria’s readiness to collaborate with Afreximbank and other African countries to achieve shared development goals before formally declaring the annual meetings open.
CBN stresses trust and credibility.
Also speaking, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso stressed the importance of institutional credibility in financial governance.
He said the Apex Bank had focused the past year on rebuilding market confidence, restoring policy credibility, and enhancing financial resilience.
“We recognise that institutional credibility is the anchor of effective monetary and financial policy,” Cardoso said, adding that the CBN was committed to consistency, clarity, and credibility in its operations.
Cardoso hailed Afreximbank as a “continental engine of innovation, courage, and continuity”, commending its contributions to trade financing, crisis response, and economic sovereignty initiatives such as the Pan-African Payment and Settlement System (PAPSS).
He said resilience must be “engineered through deliberate choices”, urging African institutions to embed strategic foresight and good governance.
Read Also: Cardoso Hails Afreximbank $40bn Feat, Urges African Unity
Afreximbank Calls for Strengthening Institutions
Afreximbank’s Senior Executive Vice President, Denys Denya, said the bank would continue to support member countries through reforms and shocks.
He warned that new threats similar to those that challenged the bank’s founding in 1993 were resurfacing in different forms to undermine African progress.
“We must be intentional about our aspirations, firm in our convictions, resolute in our actions, and determined in our collective purpose,” Denya said, calling for renewed urgency in driving Africa’s industrialisation and self-reliance.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.