Tinubu Deserves Praise, Not Condemnation for Reforms- Shettima

• Vice-President Kashim Shettima defended President Bola Tinubu's economic reforms at the Delta State Economic and Investment Summit.
• Shettima asserted that the reforms have led to positive results, including attracting investment and increasing Nigeria's foreign reserves.
• He noted that foreign reserves recently reached a peak of over $52 billion under the Tinubu administration, though they have since seen a slight decline.
• Shettima praised Anambra Governor Chukwuma Soludo for publicly supporting the administration's reform agenda.
• The Vice-President assured investors of the Federal Government's commitment to creating an enabling business environment by removing obstacles.

For businesses and potential foreign direct investors, these statements underscore the Tinubu administration's dedication to creating a more predictable and attractive operating landscape.

Vice-President Kashim Shettima recently articulated a strong defense of President Bola Tinubu's economic reforms, asserting that the administration merits praise, not criticism, for its strategic policies aimed at repositioning Nigeria's economy.

Speaking on Monday at the Delta State Economic and Investment Summit in Asaba, Shettima underscored the government's efforts to transform the national financial landscape. He contended that these reforms have already begun to yield tangible positive outcomes, specifically pointing to an increase in capital inflows and a significant bolstering of the nation's external reserves.

The Vice-President emphasized that the current administration inherited a challenging economic landscape but has since overseen considerable improvements, signaling a positive shift in the Nigeria investment climate under the Tinubu administration.

Highlighting the initial economic hurdles, Vice-President Shettima recalled a period when Nigeria's foreign reserves stood at a mere $3 billion, a figure he attributed to Professor Soludo's earlier insights. He contrasted this with the current situation, where the country is now experiencing robust capital inflows, a marked departure from previous capital flight and scarcity.

Shettima proudly announced that Nigeria's foreign reserves recently reached a peak of over $52 billion, though they have since seen a slight decline, even amidst global economic turbulence. This substantial increase, he argued, is a direct testament to the efficacy of the Tinubu economic policies, which are designed to stabilize and grow the national economy. The Vice-President reiterated that President Tinubu's leadership in this transformation warrants commendation.

Beyond defending the administration's economic agenda, Vice-President Shettima also extended commendation to Anambra State Governor Chukwuma Soludo. He lauded Governor Soludo for his public backing of the Tinubu administration's reform efforts, noting Soludo's consistent support.

Shettima specifically referenced Soludo's principled stance during the 2023 electioneering period, where the former Central Bank of Nigeria governor "defied the direction of the wind." Soludo had then maintained that the presidential election would be determined by "grassroot support" rather than "blackmail and intimidation," a position Shettima highlighted as courageous, underscoring the significance of Anambra Governor Soludo Tinubu support.

Addressing the audience of investors directly at the Delta State Economic Summit, Shettima offered assurances regarding the Federal Government's unwavering commitment to fostering an enabling Nigeria business environment. He pledged that the government would collaborate closely with state administrations to dismantle existing obstacles to investment and enterprise, thereby enhancing the overall investment climate.

The Vice-President's robust defense of Shettima defends Tinubu economic reforms Nigeria signals a clear and consistent message from the highest levels of government regarding the nation's economic trajectory. For businesses and potential foreign direct investors, these statements underscore the Tinubu administration's dedication to creating a more predictable and attractive operating landscape.

The reported increase in foreign reserves to over $52 billion, coupled with the shift from capital flight to capital inflows, suggests a strengthening macroeconomic environment that could reduce currency volatility and improve access to foreign exchange. Furthermore, the explicit commitment to working with state governments to remove business obstacles indicates a proactive approach to improving the ease of doing business, which is crucial for attracting and retaining investment in Nigeria. This sustained focus on improving the Nigeria investment climate under the Tinubu administration should be closely monitored by legal and financial advisors.

Lawyers advising clients on foreign direct investment or business operations in Nigeria should note the administration's reiterated commitment to improving the investment climate and removing business obstacles, signaling potential future policy shifts or incentives to monitor for their clients.

Source: Original reporting via Vanguard, published by AllAfrica.