Shettima asks private sector to back FG’s economic reforms

Vice-President Kashim Shettima has called on the private sector to support the federal government’s ongoing reforms aimed at building a resilient and inclusive economy.

According to a statement on Wednesday by the Nigeria Employers’ Consultative Association (NECA), Shettima spoke at the opening session of the 4th edition of the Nigeria Employers’ Summit in Abuja.

The summit was themed ‘Enabling Sustainable Enterprise in a Transitioning Economy; Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development’.

Shettima, who was represented by Temitola Adekunle-Johnson, special adviser to the president on job creation and MSMEs, said Nigeria is undergoing a wave of bold reforms designed to transition its volatile economy into a more stable and sustainable one.

The vice-president emphasised that although the reforms may be challenging in the short term, they aim to establish a more transparent, competitive, diversified and investor-friendly business environment.

“The vision of the President Bola Ahmed Tinubu administration is to build an economy where sustainable enterprises, like yours, can thrive, create decent jobs, and contribute to a society where prosperity is shared by all, not just a privileged few,” he said.

“And it is for this very purpose that this administration is committed to the intricate but essential task of ensuring that its fiscal, trade, and regulatory reforms are aligned to enable sustainable enterprise in Nigeria.”

Shettima said the administration remains committed to ensuring that Nigerian businesses take full advantage of the African Continental Free Trade Area (AfCFTA).

The vice-president explained that the government recently gazetted the preferential tariff concessions under the AfCFTA to open access for Nigerian exporters to enjoy lower tariffs across African markets.

He said the concessions offer businesses a significant competitive edge by reducing the cost of importing intermediate goods and raw materials from other African countries, thus improving profit margins, especially for small and medium enterprises (SMEs).

Shettima also urged the organised private sector to view the reforms as an opportunity to innovate, invest, and lead, as the reforms aim to create an environment where sustainable enterprises can thrive and inclusive development becomes a reality.

On his part, Olubunmi Tunji-Ojo, the minister of interior, said the federal government remains committed to introducing policies that would stimulate private sector growth.

Tunji-Ojo reaffirmed President Bola Tinubu’s willingness to collaborate with the private sector, citing the successful partnership on the expatriate administration and visa policy, which will ensure streamlined visa processing from July 1.

The minister noted that the current administration has made considerable efforts to improve the investment climate, adding that its intention is to eliminate obstacles and foster a business-friendly environment.

“Before now, there were conditions beyond the control of the private sector that didn’t allow for a more conducive business environment. Since the advent of this administration, we have seen efforts to remove the bottlenecks that impedes growth of business. So, the best time to invest in Nigeria is today,” he said.

Tunji-Ojo praised NECA for generating millions of jobs and contributing to socio-economic growth, urging greater collaboration with the private sector to build a globally competitive economy.

‘NECA SUMMIT TO BUILD CONSENSUS AROUND POLICY REFORMS’

In his welcome address, Adewale Smatt-Oyerinde, the director-general (DG) of NECA, said the summit aims to build consensus around the federal government policy reforms with a view to converting them into actions favourable to businesses.

Smatt-Oyerinde said NECA remains committed to working with the government to build an economy that is both competitive and capable of advancing the broader African economy.

Also speaking at the summit, Oluwaseun Faleye, chief executive officer (CEO) of the Nigeria Social Insurance Trust Fund, urged the organised private sector to prioritise employee welfare by fully implementing the Employee Compensation Act while ensuring their businesses remain sustainable.

In his remarks, Philbert Johnson, representative of the United Nations Industrial Development Organisation (UNIDO), commended the federal government for signing the programme for country partnership (PCP) with the agency.

Johnson said UNIDO is committed to working with NECA to implement the agreement and drive inclusive and sustainable industrialisation in Nigeria.

“We also need partnerships on all levels with donor countries, international organizations, NGOs and local businesses including the organised private sector to mobilize resources to enhance Nigeria’s industrial development and trade competitiveness,” he said.

“It is only by so doing that both the employers and employees in an enterprise and the entire society can all benefit on a continuous basis.”

Johnson added that there is an urgent need to go beyond profits by prioritising the long-term viability of enterprises and the well-being of the planet.