VICE President Kashim Shettima has said President Bola Tinubu’s administration deserves commendation rather than condemnation for its economic reforms, attributing the sharp rise in Nigeria’s foreign reserves to the policy measures introduced by the Federal Government.
News Point Nigeria reports that Shettima made the remarks on Monday at the Delta Economic and Investment Summit in Asaba, where he also commended Anambra State Governor, Prof. Chukwuma Soludo, for consistently supporting and explaining the Tinubu administration’s reform agenda to Nigerians.
The summit brought together political leaders, captains of industry, investors and other dignitaries to discuss strategies for economic transformation and investment opportunities in Delta State.
Commending Soludo, the Vice President said the former Central Bank of Nigeria governor had helped Nigerians understand the economic realities inherited by the current administration.
“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 what he described as the impact of the administration’s reforms, the Vice President said Nigeria’s foreign reserves had grown significantly despite prevailing global economic uncertainties.
“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,” he said.
Shettima also praised Soludo for the position he took during the 2023 general elections, noting that the Anambra governor stood by his convictions despite prevailing political sentiments.
While addressing participants at the summit, the Vice President described the increasing number of investment summits across states as evidence of healthy competition among sub-national governments.
According to him, improved revenue allocation to states has strengthened their capacity to pursue development initiatives and attract investments.
In his address, Delta State Governor, Sheriff Oborevwori, announced that his administration had earmarked 100 million dollars, 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 designated more than 12,000 hectares of farmland for agricultural development to encourage prospective investors.
“Investment opportunities abound in the value chain production of cassava, oil palm, rice, potato, and other cash crops. It is my pleasure to announce that in preparation for this summit, over 12,000 hectares of farmland have been marked for agricultural development for prospective investors.
“And in addition, the entire state has a coastline of one to three kilometres suitable for the development of a thriving marine economy,” he said.
The Delta Economic and Investment Summit is designed as a strategic platform for economic transformation aimed at deepening investor confidence, fostering strategic partnerships, and attracting both domestic and foreign direct investment into the state.