Vice President Kashim Shettima has said the federal government’s target is to exceed the projected growth rate of 3.38 per cent by multilateral agencies and even the 3.8 per cent in the country’s 2024 budget.
Once this is done, the government will begin to pursue the near-double-digit vision of President Bola Ahmed Tinubu.
The vice president stated this in an address at the 2nd Chronicle Roundtable organised by 21st Century Chronicle Newspaper in Abuja, on Thursday, with the theme: “Tinubu administration’s economic and social agenda: How it will transform Nigeria.”
He pointed out that while our economic indices may appear modest, it was merely a transition—a short but necessary action in the operating theatre.
“Incessantly, we are working hard to ensure that our inflation numbers drop, avoiding the pitfalls experienced by nations such as Egypt, Turkey, Ghana, and certainly not the Argentine experience. Instead, we hope to replicate the Brazilian experience in driving down our inflation from the current 33.2% to a moderate number before the end of this year. Our surveys show that food and other prices are moderating across several markets,” he stated.
Shettima pointed out that amidst the current surge of government efforts and initiatives across several sectors, the government was anticipatory of a further reduction in unemployment rates and will continue to deploy countermeasures against underemployment.
According to him, Nigeria’s Gini Coefficient stands at 35.1 per cent, positioning the country as the 11th most equitable nation in Africa—a testament to our policies fostering opportunities, inclusivity, and relative parity.
“While it may not be the most favourable time anywhere on the planet, our destination is a place where safety and optimism prevail.
“Every policymaker’s clearest guide is data; it’s unsentimental. The numbers show that our Gini coefficient surpasses that of our African counterparts—with South Africa standing at 67.1%, Algeria at 38.1%, Morocco at 50.1%, and even the United States at 43%.
“This means that the aspirational spirit of Nigerians is unsullied, and it’s encouraged by our government. We look forward to the positive impact on the economy that will be brought by some of our new initiatives in the oil and gas sector, creative arts sector, the newly rejigged steel and solid minerals sectors, our housing sector, the blue economy, and the digital sectors, to mention but a few,” he stated.
The vice president appealed for patience and collective sacrifice from all, especially the leaders, pointing out that there is a time to plant and a time to reap, and added: “We wish there were a way to treat this ailment without surgery.”
