Vice President of Nigeria, His Excellency Kashim Shettima, has called on the organized private sector to support the Federal Government’s ongoing reforms aimed at building a resilient and inclusive economy.
Speaking at the opening session of the 4th edition of the Nigeria Employers’ Summit, held at the Abuja Intercontinental Hotel, the Vice President—represented by the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson—highlighted the government’s commitment to transforming Nigeria’s economic landscape through bold fiscal, trade, and regulatory reforms.
Themed “Enabling Sustainable Enterprise in a Transitioning Economy: Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development,” the summit provided a platform for dialogue between policymakers and business leaders.
According to Shettima, “Nigeria is undergoing a significant transition. The reforms introduced by President Bola Ahmed Tinubu’s administration, while challenging in the short term, are strategic steps toward a stable, transparent, competitive, and investor-friendly economy.”
He emphasized the administration’s vision to foster an environment where sustainable enterprises thrive, decent jobs are created, and prosperity is shared across all sectors of society—not limited to a privileged few.
Leveraging AfCFTA for National Growth
Shettima disclosed that the government has gazetted the Preferential Tariff Concessions under the African Continental Free Trade Area (AfCFTA). This move is designed to give Nigerian exporters a competitive edge in African markets, reduce import costs for intermediate goods, and boost profit margins—particularly for small and medium-sized enterprises (SMEs).
He urged private sector stakeholders to embrace the reforms as an opportunity to innovate, invest, and drive national development.
FG Committed to Private Sector-led Growth
Also addressing the summit, Minister of Interior Olubunmi Tunji-Ojo reaffirmed the Federal Government’s commitment to policies that promote private sector growth. He stated that President Tinubu is open to collaboration with business stakeholders to achieve shared prosperity.
Tunji-Ojo cited the recently revised Expatriate Administration and Visa Policy as a successful outcome of collaboration between the government and NECA. The revised policy, set to take effect on July 1, 2025, aims to curb quota abuse and streamline visa processing for foreign investors and professionals.
He stressed that the current administration has removed several barriers to doing business in Nigeria and encouraged investors to seize the opportunities being created. “Before now, structural conditions hindered private sector growth. But today, with targeted reforms, the best time to invest in Nigeria is now,” he affirmed.
NECA and Stakeholders Align on Policy Execution
In his welcome address, Adewale Smatt-Oyerinde, Director-General of NECA, said the summit’s objective is to build consensus around Federal Government reforms and translate them into actionable, business-friendly policies.
He reiterated NECA’s commitment to partnering with the government to build a competitive Nigerian economy that contributes meaningfully to African economic integration.
Also speaking, Oluwaseun Faleye, Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), urged NECA members and the wider private sector to comply with the Employee Compensation Act, ensuring workplace safety and financial protection for employees.
UNIDO Calls for Long-Term Partnerships
Philbert Johnson, representative of the United Nations Industrial Development Organization (UNIDO), praised the Nigerian government for signing the Programme for Country Partnership (PCP) with UNIDO.
He stressed the need for partnerships at all levels—between donor nations, international bodies, NGOs, and local businesses—to mobilize resources for Nigeria’s industrial development and enhance trade competitiveness.
“We must go beyond profits and focus on long-term enterprise viability and environmental sustainability,” Johnson said, noting that collaborative efforts are essential to ensuring lasting benefits for employers, employees, and society at large.
