FG Reforms Rebuilding Nigeria’s Economic Foundations — Shettima

FG Reforms Rebuilding Nigeria’s Economic Foundations — Shettima

Vice President Kashim Shettima has said the sweeping economic reforms of President Bola Ahmed Tinubu are laying a strong foundation for sustainable growth across Nigeria’s states, positioning them as drivers of national development.

Speaking on Wednesday at the Nasarawa Investment Summit 2026 in Lafia, Shettima explained that the administration’s restructuring efforts are focused on reducing dependence on the federal government by strengthening subnational economies through fiscal reforms and increased allocations.

According to him, key pillars of the reforms include energy reliability, fiscal balance, tax reform, and the creation of a single digital gateway for investment.

“At the national level, we are rebuilding the pillars every state depends on: energy reliability, fiscal balance, tax reform, and a single digital gateway for investment,” the Vice President stated.

He noted that ongoing power sector reforms, alongside major infrastructure projects such as the Ajaokuta–Kaduna–Kano gas pipeline and the Abuja industrial corridor, are expected to complement Nasarawa State’s Gas Master Plan and position the region as a critical energy hub.

Shettima emphasized that strong federating units are central to rapid national development, adding that Nigeria is aligning with global trends where subnational governments serve as engines of enterprise, innovation, and industrial growth.

“States now have greater room to think, build, invest, and respond to the needs of their people with renewed confidence,” he said.

Highlighting the impact of the reforms, the Vice President disclosed that capital inflows rose from $12.32 billion in 2024 to $23.22 billion in 2025, while the equity market recorded a 51.19 percent return, with market capitalisation reaching ₦99.38 trillion.

“Investors are beginning to read Nigeria again as a country willing to correct itself… Capital follows credibility, stability, and direction,” he added.

Shettima also described the “Lafia Declaration” signed at the summit as an economic covenant that guarantees policy continuity and long-term development beyond political cycles.

Earlier, Nasarawa State Governor Abdullahi Sule said the summit was designed to strengthen investor confidence by ensuring stability in governance and continuity in policy implementation.

He stressed that the state’s development strategy is anchored on durable institutions rather than individual leadership, ensuring sustained progress regardless of political transitions.

Also speaking, Minister of Budget and Economic Planning Abubakar Bagudu noted that reforms must remain dynamic to adapt to global changes, describing the current economic policies as necessary disruptions yielding long-term benefits.

Minister of Industry, Trade and Investment Jumoke Oduwole reaffirmed the Federal Government’s commitment to partnering with states to attract investments, expand local production, and connect Nigeria’s economy to global markets.

Meanwhile, the Managing Director of the Nasarawa Investment and Development Agency (NASIDA), Ibrahim Abdullahi, revealed that the agency has attracted over $2 billion in investments, underscoring the growing investor confidence in the state.

The summit brought together policymakers, investors, and stakeholders, marking a renewed push to position states as key players in Nigeria’s economic transformation.

FG Reforms Rebuilding Nigeria’s Economic Foundations — Shettima