Vice President Kashim Shettima has defended the economic reforms of President Bola Tinubu’s administration, saying they have strengthened Nigeria’s economy and increased the country’s foreign reserves to about $52 billion.
Shettima made the remarks on Monday at the Delta Economic and Investment Summit in Asaba, where he also commended Anambra State Governor Chukwuma Soludo for supporting the Federal Government’s reform agenda.
Addressing political leaders, business executives and other dignitaries at the summit, the vice president said Soludo had helped Nigerians understand the country’s economic realities.
“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 the impact of the administration’s policies, he added:
“From reserves of $3bn, 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 $52bn and counting in a turbulent world, mind you. I think the President deserves commendation and not condemnation.”
Shettima also praised Soludo for his political stance during the 2023 general election, saying the Anambra governor stood by his convictions despite opposition.
The vice president noted that the growing number of investment summits across the country reflected healthy competition among states and said increased revenue allocations had provided sub-national governments with a stronger financial foundation to attract investments.
Also speaking at the summit, Delta State Governor Sheriff Oborevwori announced that his administration had set aside $100 million (approximately ₦133.8 billion) as viability gap funding to de-risk new investments in the state.
“Mr. Vice President, as I conclude my address, I am pleased to announce that the government has set aside 100 million dollars, approximately ₦133,800,000,000, as viability gap funding to de-risk new investments in the state,” Oborevwori said.
The governor also disclosed that the state had earmarked more than 12,000 hectares of farmland for agricultural development, offering investment opportunities in cassava, oil palm, rice, potato and other cash crops.
He further highlighted Delta State’s coastline, describing it as suitable for developing a thriving marine economy.
The Delta Economic and Investment Summit is aimed at boosting investor confidence, fostering strategic partnerships and attracting both domestic and foreign direct investment into the state.
