Vice President Kashim Shettima has called on the organized private sector to actively support the Federal Government’s reforms aimed at strengthening Nigeria’s economy.
Speaking at the 4th Nigeria Employers’ Summit at Abuja Intercontinental Hotel, Shettima, represented by Special Adviser on Job Creation and MSMEs, Temitola Adekunle-Johnson, highlighted the government’s efforts to create a stable, competitive, and inclusive economic environment.
The summit, themed “Enabling Sustainable Enterprise in a Transitioning Economy: Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development,” brought together business leaders and policymakers. Furthermore, it provided a platform for dialogue on actionable strategies to foster sustainable growth.
Shettima explained that although the reforms may be challenging initially, they aim to create transparency, attract investment, and diversify the economy. He said, “President Tinubu’s vision is to build an economy where enterprises thrive, jobs grow, and prosperity reaches all Nigerians.”
Leveraging AfCFTA for Growth
The Vice President revealed that the government recently gazetted Preferential Tariff Concessions under the AfCFTA. Consequently, Nigerian exporters can gain a competitive advantage, reduce import costs, and increase profits, especially for SMEs.
He urged businesses to view reforms as opportunities to innovate and expand. “Moreover, these policies create an environment where sustainable enterprises can succeed and inclusive development becomes tangible,” he added.
FG Supports Private Sector Collaboration
Minister of Interior Olubunmi Tunji-Ojo reaffirmed the government’s commitment to policies that boost private sector growth. He noted that President Tinubu seeks collaboration with businesses for shared prosperity.
Tunji-Ojo highlighted the revised Expatriate Administration and Visa Policy, which the government and NECA jointly improved. The policy will take effect on July 1, 2025, addressing quota abuse and streamlining visa processes.
He encouraged investors to seize current opportunities: “Previously, structural barriers hindered growth. However, the administration has removed bottlenecks. Therefore, the best time to invest in Nigeria is now.”
NECA’s Role and Commitment
In his welcome address, Adewale Smatt-Oyerinde, NECA Director-General, stated the summit aims to align government reforms with business needs. Additionally, he emphasized NECA’s dedication to building a competitive economy that strengthens Africa’s economic platform.
Oluwaseun Faleye, CEO of the Nigeria Social Insurance Trust Fund (NSITF), called on businesses to implement the Employee Compensation Act. In addition, he stressed that this ensures employee protection while supporting sustainable business growth.
UNIDO Advocates Partnerships
Philbert Johnson, UNIDO representative, praised Nigeria for signing the Programme for Country Partnership (PCP) with UNIDO. He stressed the importance of partnerships among governments, international organizations, NGOs, and local businesses.
Johnson stated, “Businesses must prioritize long-term viability and environmental sustainability. Moreover, collaboration ensures continuous benefits for employers, employees, and society as a whole.”
