Nigeria Will Become Major Global Economic Force Under President Tinubu – VP Shettima

Nigeria Will Become Major Global Economic Force Under President Tinubu – VP Shettima

By Haruna Yusuf,  Abuja.

*Says Executive will liaise with NASS on review of ICAN Act

Vice President Kashim Shettima has tipped Nigeria to become a major economic force in the world under President Bola Ahmed Tinubu.

According to him, the Tinubu administration is committed to creating an unprecedented enabling environment for both local and foreign investors to thrive.

The Vice President who spoke on Wednesday in his office at the Presidential Villa while playing host to a delegation from the Commonwealth Enterprise Investment Council (CWEIC) led by its CEO, Rosie Glazerbrook, noted that this is being done through harnessing resources of the country’s youth population in digital technology, improving electricity supply, boosting production and manufacturing, among other initiatives of government.

This is just as he assured a delegation from the Institute of Chartered Accountants of Nigeria (ICAN) who also paid him a courtesy visit that the executive arm of government would liaise with the National Assembly to consider the review of the Institute’s enabling Act of 1965 in order to ensure its current practices are in harmony with global standards and international best practices.

Addressing the CWEIC delegation earlier, VP Shettima said the Tinubu-led federal government is determined to transform the country’s demographic bulge into demographic dividends, assuring that the “administration will harness the resources of its young population to build a more prosperous and progressive country.”

He noted that Nigeria is ready for business and President Tinubu, a pro-business leader who rose from the business ecosystem, is committed to supporting the growth of businesses in Nigeria.

The Vice President declared that the Tinubu administration is ready to create the enabling environment for businesses in Nigeria to prosper, whether they are indigenous or foreign.

Speaking on the country’s position in the global growth projections, Senator Shettima said, “Nigeria is where the attraction should be for investors all over the world as Nigeria will become a major global economic force under President Tinubu.

“By 2050, Nigeria will be the third most populous country in the world and only recently, an investment bank projected that by 2075 Nigeria’s economy will be the third largest in the world. It shows that the trajectory of global growth is facing Africa and Nigeria will make or mar that transition. So, the future belongs to Africa. If Nigeria works, Africa works. You have come to Nigeria at the right time – a time when a pro-business government is at the helm of affairs in the country and we are ready for business,” the Vice President emphasised.

On her part, the CEO of the Commonwealth Enterprise Investment Council (CWEIC), Glazerbrook, pledged the group’s support to the Nigerian government.

She highlighted some of CWEIC’s forthcoming events both in Nigeria and outside, including the Commonwealth Trade and Investment Forum in London in 2025, and the proposed Trade and Investment Forum to be held in Nigeria in the second half of 2025.

Pledging CWEIC’s support to the Nigerian economy, she said, “We want to help boost trade and investment into Nigeria and equally support Nigerian businesses looking out to develop plans for more interactions with foreign partners.

“We will really like to look up ways where we can encourage the Nigerian government and the business community to take advantage of the commonwealth market across the 56 countries and other partners in the Middle-East and North Africa.”

Present at the meeting with the Vice President were Founder of Zenith Bank, Chief Jim Ovia; Chair of the CWEIC in Nigeria, Mr Olasupo Shasore; CWEIC Country Director, Nigeria, Mr Obinna Anyanwu, and representatives of partners and members of the Council from the public and private sectors.

Meanwhile, Vice President Shettima on Wednesday assured the Institute of Chartered Accountants of Nigeria (ICAN) that the executive arm of government would liaise with the National Assembly to consider the review of the Institute’s enabling Act of 1965.

The VP was responding to the appeal made by a delegation from ICAN led by its President, Dr. Innocent Okwuosa, that the Executive should initiate the review of the Institute’s Act 1965 to ensure its current practices are in harmony with global standards and international best practices.

Highlighting the significance of ICAN, the Vice President told the delegation from the Institute that the Tinubu-led federal government is proud of their accomplishments.

“We are very proud of your accomplishments, apolitical stands on issues, standing with the interest that supersedes other considerations. Our task reform committee is headed by one of your best,” he said.

VP Shettima assured the body of his support at all times, saying he would personally attend ICAN’s forthcoming conference slated for Abuja, even as he said his office will partner with the Institute to achieve set goals.

“We will liaise with the National Assembly and see to it that the 1965 Act which has become obsolete and outlived its usefulness is reviewed, taking into cognizance the views and perspectives of your members,” he told the ICAN delegation

Earlier, ICAN President and leader of the delegation, Dr. Okwuosa, solicited the VP’s support in ICAN’s bid to review its establishing Act of 1965 currently before the National Assembly, noting that “we will appreciate His Excellency’s support to amend this obsolete Act”.

He commended the initiatives of the President Tinubu administration such as the fuel subsidy removal and unification of the foreign exchange rates, among others, describing them as bold and courageous, noting that they reflect the thrust of the Renewed Hope Agenda of the administration.

Inviting the Vice President to its 2024 Conference, Dr. Okwuosa outlined the Institute’s contributions to the development of the nation’s economic policies and national development through its research works and direct participation of its members in key government committees and offices.