Nigeria’s Economic Decisions Beginning to Pay Off, Says FG

The Federal Government has expressed optimism about the positive effects of its tough economic decisions, citing recent growth in Nigeria’s GDP as a sign of progress.  Vice President Kashim Shettima made the statement during the National Economic Council’s (NEC) 147th meeting in Abuja on December 13, 2024.  He noted that the 3.46% GDP growth reported for the third quarter of 2024 was an indication of better economic times ahead.  READ THIS: NNPCL 2024 Recruitment: Candidates Ready For Interview Stage Shettima acknowledged the contributions of the Council’s members and urged them to prepare for the coming year, taking into account how this year’s policies and projects have shaped the nation’s economic trajectory.  He emphasized that, despite the challenges, the government’s reforms are starting to show results. In addition, the meeting included a discussion on the World Bank’s Economic Report, which highlighted efforts to strengthen Nigeria’s education and healthcare sectors.  Shettima pointed out that these initiatives aim to improve human capital, reduce inequalities, and better equip the workforce to thrive globally.

Shettima’s plane attack by ‘foreign object’: Shehu Sani calls for probe

Senator Shehu Sani has called on the Nigerian government to demand a full investigation from the U.S. authorities following an incident involving Vice President Kashim Shettima’s aircraft at John F. Kennedy (JFK) Airport in New York. According to a statement from presidential media aide Bayo Onanuga, the vice president’s plane was struck by a “foreign object” that damaged the cockpit window, forcing the cancellation of Shettima’s planned trip to the 2024 Commonwealth Heads of Government Summit in Samoa. Writing on social media, Sani stressed the need for transparency and accountability from the U.S., given JFK Airport’s status as a high-security aviation hub. He noted that such an event was unprecedented and highlighted the importance of investigating the circumstances thoroughly. Senator Sani also expressed gratitude for the safety of Shettima and all those on board. His words: “The incident at JFK Airport in New York, where a “foreign object” was reported to have hit and damaged the cockpit window of the VP Shettima’s plane, must be treated seriously. “Nigeria must demand a thorough investigation and explanation from the US. Such an incident in one of the most tightly secured aviation spots in the world is unprecedented. “We thank the Almighty for the life of the VP and other crew and staff.”

VP Shettima Embarks On 2-day Visit To Sweden

The Vice President Kashim Shettima has departed Abuja for Sweden on a 2-day visit to represent Nigeria in bilateral engagements with the Scandinavian nation. At the instance of President Bola Ahmed Tinubu, the Vice President, during the working visit, will engage in high-level bilateral talks with key government officials, including a meeting with Crown Princess Victoria of Sweden and the Swedish Prime Minister. Senator Shettima will use the visit to explore opportunities for strengthened collaboration between Nigeria and Sweden in areas such as ICT, innovation, education, digitalisation, sustainable transport, mining, and agriculture. He will also meet with key stakeholders in both the Government and Private Sector. The Vice President will also meet with Norrsken, a Stockholm-based venture capital impact investor, which recently launched Norrsken22, a USD 205 million tech investment fund for Africa.  Norrsken22 is a technology growth fund, backed by over 30 prominent unicorn founders, partnering with exceptional entrepreneurs building Africa’s next tech giants. The meeting with Norrsken will provide insights into how Nigerian entrepreneurs can benefit from this fund and further strengthen the technology ecosystem in Nigeria. Notably, 40% of the investments from Norrsken22 are expected to be allocated to Nigerian technology entrepreneurs. Twelve (12) Nigerian private sector companies that are doing business with Sweden are going independently as a private sector bloc. While in Sweden, VP Shettima is also expected to articulate Nigeria’s economic vision and the reforms being undertaken by the administration to create a business-friendly environment in Nigeria for investors. The myriad of opportunities that abound in Africa’s largest economy will also be showcased. The Vice President is expected back in the country on Saturday. ReplyForwardAdd reaction

Improved Human Capital Development: Vice President Shettima Advocates for Quality Education, Healthcare

Vice President Kashim Shettima has declared that every child must have access to quality education, equitable healthcare must be the norm, and our workforce must be equipped with the skills necessary to thrive in the 21st-century economy. He made this statement on Saturday ehile launching the Nasarawa State Human Capital Development (HCD) Strategy Document and Gender Transformative Human Capital Development Policy Framework at the Aliyu Akwe Doma Banquet Hall, Lafia. Senator Shettima emphasized the urgent need for targeted interventions to improve educational outcomes and healthcare access in Nasarawa State. He pointed out the alarming rates of out-of-school children and the high maternal and infant mortality rates, stating that Nasarawa Sate cannot afford to overlook these pressing issues. “The future of our nation depends on the quality of education and healthcare we provide today. We must work together to ensure that our children are not left behind,” he asserted. The VeePee called for a collaborative effort among government agencies, private sector partners, and civil society to implement effective solutions. The Vice President also highlighted the importance of equipping the workforce with relevant skills, noting that education should align with the demands of the modern economy. He urged the state government to focus on vocational training and skill development to enhance employability and reduce unemployment among the youth. Shettima commended Nasarawa State for its commitment to the HCD programme, emphasizing that successful implementation requires adequate budgetary allocations, particularly in education. He noted that Nasarawa’s allocation of over 15% of its budget to education exceeds international benchmarks, showcasing a significant step toward achieving these goals. As the state moves forward with its Human Capital Development initiatives, Shettima reiterated the importance of partnerships and collaboration in achieving sustainable progress. “Together, we can create a future where every child has the opportunity to succeed and every citizen has access to the services they need,” he concluded.

Shettima launches Nasarawa State Human Capital Development Plan

It is D-day in Nasarawa State today as the Vice President, His Excellency Senator Kashim Shettima launches the Nasarawa State Human Capital Development Strategy Document in Lafia, the state capital. A release from the focal Nasarawa State Human Capital Development Agency (HCDA) indicates the overarching focus of the strategy as “accelerating growth and development.” The occasion shall also feature the launch of the Nasarawa state Gender Transformative Human Capital Development policy framework. Human Capital Development was adopted as a development strategy by the National Economic Council in 2018. The aim was to address poverty and ensure sustainable economic growth. ” Nigeria’s Human Capital Development program (HCD 1.0) set clear targets and commitments for investment priorities, accelerating investments in human capital, and expanding stakeholder support to drive outcomes in Health, Education, and Labour Force participation in line with the UN Sustainable Development Goals 2030.” With a population of about 215million, expected to double to 400million by 2050, the human capital, apart from a huge reserve of oil and gas, which is a finite resource, is Nigeria’s most sustainable development resource. A huge population alone is however, not enough. Age and educational attainment are two critical attributes required to make the population amenable to development needs. READ ALSO: Human Capital Development and Economic Growth in Nigeria Consequently, the World Bank Human Capital Project defines human capital “as a combination of the knowledge, skills, and health people accumulate throughout their lives that enables them to realise their potential as productive members of society.” It is therefore the position of the NEC that, “For Nigeria to unlock its ‘demographic dividend’ and tap into the economic potential of its working age citizens, the country will need to first enhance its investment in its people – particularly women and children.” It argues that, “Over the past decade, many of the key metrics relating to Human CapitalDevelopment (HCD) in Nigeria have been going in the wrong direction. Nigeria’s performance across all major global HCD indices, including the United Nations Human Capital Index, the Institute of Health Metrics and Evaluation (IHME) ExpectedHuman Capital Index, and the World Bank Human Capital Index, is below the global average, as well as below the average for developing economies in sub-Saharan Africa (SSA),” the NEC, Nigeria’s apex economic policy body posited. According to a statement by Habiba Balarabe Suleiman, the Director General, Nasarawa State HCDA, successful implementation of the state HCD Strategic Plan 2024-2030 “is pivotal to the socioeconomic growth and sustainable development of Nasarawa state.” The launch of the HCD Strategy Document and Nasarawa state Gender Transformative Human Capital Development policy framework by the Vice President opens a new vista in the development aspiration of the state and a benchmark for peer review by other sub-nationals.

President Tinubu’s UNGA79 Address: Some Key Points

In Nigeria’s national statement delivered at the 79th session of the United Nations General Assembly (UNGA) late Tuesday, President Bola Tinubu, made an appeal to global leaders, urging them to prioritize debt forgiveness for Nigeria and other developing nations. The president emphasized the need for relief from multilateral financial institutions and creditors during the 79th Session of the UNGA in New York. Represented by Vice President Kashim Shettima, Tinubu stressed that the nations of the Global South cannot achieve meaningful economic progress without concessions on their overwhelming debt burdens. His call for debt relief and reforms came amid the pressing economic challenges these nations face. In a press release issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), the Nigerian leader highlighted to the UN how the global debt crisis is crippling countries’ abilities to address the needs of their citizens. He also pointed out that trade barriers and protectionist policies are shattering nations’ aspirations, while unchecked competition is stifling motivation and obstructing global investment opportunities. The Debt Management Office, in its Q1 2024 report, revealed that Nigeria’s total domestic and external debts amounted to ₦121.67 trillion ($91.46 billion). With state governments seeing a 122% increase in external debt servicing in the first half of 2024, the economic strain has been severe, with Kaduna and Lagos states paying the highest servicing costs. During the first half of 2024, Nigerian states witnessed a 122% rise in external debt servicing, reaching ₦139.92 billion, up from ₦63.06 billion in 2023. This increase was driven by escalating borrowing costs due to currency depreciation, which has severely affected state-level spending and fiscal stability. Addressing world leaders, Tinubu stated, “We must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development. “Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden.” The Nigerian leader also called for the recovery of funds lost through corruption and illicit financial flows. He urged international cooperation to recover and return stolen assets, noting that the return of such funds to their countries of origin is essential under the United Nations Convention against Corruption. “Therefore, the international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies,” The Nigerian leader said. Tinubu expressed concerns over rising nationalism and unilateralism, warning that these trends threaten global peace and cooperation. He argued that such an inward focus detracts from efforts to tackle pressing issues like terrorism, climate change, poverty, food crises, inflation, and growing debt. The President also underscored that multilateralism, rooted in inclusivity, equality, and cooperation, remains the surest path toward addressing these challenges. Reflecting on global conflicts and other ongoing crises, Tinubu highlighted the UN’s failure to achieve its core objectives, stating that billions of dollars are funneled into wars and conflicts rather than resolving issues such as poverty, hunger, and inequality. “Today, these pillars of our organisation are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today. “While commitment to multilateralism offers us the surest guarantee of global action to address the existential challenges we face, singularity and nationalism are undermining the aspirations towards the peaceful and collective resolution of such challenges. “From last year’s summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations. “The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict,” he said. Tinubu reaffirmed what he termed “Nigeria’s steadfast commitment to the deepening of multilateralism,” just as it did 65 years ago when it joined the United Nations as the 99th member-state. “We remain committed to that desire to remain friendly with all nations and participate actively in the works of the United Nations, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa,” he said. Speaking on Africa, Tinubu expressed deep concern over the resurgence of military coups and unconstitutional changes in governance. He explained that these events underscore the fragility of democracy when not accompanied by economic development, peace, and security. These challenges, he said, must be a central focus of deliberations at the UNGA, as the lack of development and security fuels dissatisfaction among African citizens. “Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe and secure environments. They need hope and they need opportunity,” he added. Tinubu also called for reforms in the global financial system and a fair, transparent multilateral trading regime. He urged that the “Pact for the Future” be used to reposition developing economies and implement concrete measures to overcome their unique challenges. “It is for this and other reasons that we reiterate the call by countries, especially of the global South, for reform of the international financial architecture and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system,” he noted. Addressing the issue of insecurity, Tinubu highlighted how it has driven citizens into extreme hardship, eroding their trust in democracy. He emphasized that restoring confidence in democratic governance and constitutional order is a responsibility that rests with the global community. He stated, “We cannot build durable societies with the threat of terrorism, banditry and insurgency growing in our countries and regions. Indeed, violent extremism remains an existential threat to both national and international peace, security and

79th UNGA: Nigerian Government most Investor-Friendly – VP Shettima

Vice President Kashim Shettima, has said that the current administration is the most investor-friendly in the history of Nigeria. Alhaji Shettima made the claim yesterday, while addressing the 79th United Nations General Assembly (UNGA), in New York, USA, where he is standing in for President Bola Tinubu. Nigeria’s involvement in the 79th United Nations General Assembly (UNGA) kicked off on a positive note, securing $320 million in investment commitments from the U.S. Chamber of Commerce during Vice President Kashim Shettima’s debut engagement. At a U.S.-Nigeria executive business roundtable hosted by the U.S. Chamber of Commerce, Nisha Biswal, representing the American International Development Finance Corporation, announced a significant $200 million investment in mortgage refinancing for Nigeria. Furthermore, $100 million was allocated to FCMB for the financing of small and medium enterprises (SMEs), while $20 million was earmarked for Robust International, an agri-commodity trader, to support the cashew nut processing industry in Nigeria. Vice President Shettima, who represented President Bola Tinubu, promoted Nigeria as a prime destination for foreign investment, highlighting the nation’s openness to international business. Stanley Nkwocha, Shettima’s spokesman, quoted Biswal affirming the U.S. Chamber of Commerce’s commitment to collaborating with Nigeria on developing sustainable economic policies. She expressed optimism about Nigeria’s future and the potential for mutual benefits in continued cooperation. In his address, Shettima urged potential investors to trust in Nigeria’s new economic direction. He said, “I urge you to give Nigeria the benefit of the doubt. The current administration led by President Bola Ahmed Tinubu is the most investor-friendly administration in the history of Nigeria. “When fuel subsidy was an albatross around Nigeria’s neck, President Tinubu, from day one, hit the ground running by withdrawing the fuel subsidy and unifying the multiple opaque foreign exchange markets.” The Nigerian delegation at the meeting included key officials such as the Minister of Communications, Innovation, and Digital Economy, Dr. ‘Bosun Tijani; the Minister of Women Affairs, Uju Kennedy-Ohanenye; the Minister of Innovation, Science, and Technology, Chief Uche Geoffrey Nnaji; the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate; and the Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite. Other notable attendees were the Minister of Solid Mineral Development, Dele Alake; the Minister of State for Environment, Dr. Iziaq Kunle Salako; the Minister of Defence, Alhaji Mohammed Badaru Abubakar; and the Director-General of the National Intelligence Agency, Mohammed Mohammed. Vice President Shettima’s activities at UNGA79 include delivering President Tinubu’s national statement during the General Debate of the Assembly and engaging with several international leaders and organizations. These include the UN Secretary-General, heads of state, the President of the World Trade Organization, and representatives from multinational corporations and foundations, such as the Bill and Melinda Gates Foundation

Shettima Arrives US For AfDB’s World Food Dialogue

Vice President Kashim Shettima has arrived in the United States of America to participate at the African Development Bank (AfDB) World Food Prize-facilitated Norman Borlaug, International Dialogue slated for Iowa. Mr Stanley Nkwocha, Senior Special Assistant to the President, Media and Communications, Office Of The Vice President, disclosed this known in a statement on Sunday in Abuja. He explained that as the special guest, Shettima would deliver a keynote address at the event which would commence on Oct. 24. “In the itinerary of the Vice-President while in the U.S. are high stake meetings across some states of the U.S. with manufacturers, investors and top government officials. “On the Norman Borlaug International Dialogue, Shettima will be joining the late UN Secretary-General Kofi Annan’s organisation, AGRA; World Food Prize laureates; Ghana President, John Kufuor and AfDB President, Akinwunmi Adeshina. “Others are at the event are former President Olusegun Obasanjo; Presidents Felix Tshishiked and Joaquim Chissano; Joyce Banda; Ameenah Gurib – Fakim and IFAD President, Kanayo Nwanze as distinguished African leaders who in the past used the event to canvas support for agricultural development and food sufficiency in Africa.” Nkwocha said the vice president would use the platform to speak on the potentialities and endowments of Nigeria’s agricultural sector. He also said that Shettima would woo investors and push for commitments in achieving President Bola Tinubu’s mandates and programmes for Nigeria’s agro-food sector. 

Nigeria Requires N21trn To Bridge Housing Deficit – FG

The Vice President, Kashim Shettima, has said that Nigeria requires N21 trillion to effectively bridge housing deficit, despite efforts across the three tiers of governments. The vice president stated this on Sunday in Sokoto at the groundbreaking for the construction of a 500-unit housing estate by the State government. Shettima, who commended Gov. Ahmed Aliyu for his efforts to address the housing needs of his people, noted that the housing deficit in Nigeria remained a huge challenge. “Nigeria has a deficit of 28 million houses and we will need N21 trillion to meet our housing needs. This step taken by the Governor is highly commendable and worthy of emulation by other State governments. “The governor has started well by completing the roads and flyovers he inherited,” he added. Earlier, the governor explained that the housing estate would be for civil servants and would be sold to them when completed on an owner-occupier basis. Aliyu said: “This is a project that was initiated by the former Governor of the State, Aliyu Wamakko but was later abandoned by the immediate past administration. “But, we are determined to complete it for the benefit of our workers and the general public.” Aliyu disclosed that the project located at Wamakko Local Government Area of the State will cost the State government N7.3 billion to complete. The event, which was to mark the first 100 days in office by the administration was attended by Sen. Aliyu Wamakko and the Minister of Agriculture and Food Security, Sen. Abubakar Kyari. Others were the Minister of State, Water Resources and Sanitation, Alhaji Bello Goronyo and former Deputy Governors of Sokoto, Mukhtari Shagari and Chiso Abdullahi-Dattijo, among others. 

Tribunal ruling, a clear verdict on integrity of Nigeria’s electoral process- Akpabio

Senate President, Godswill Akpabio has said that the Presidential Election Petition Court (PEPC) delivered a clear verdict which resounds the integrity of Nigeria’s electoral process. Akpabio, in a statement on Thursday lauded the court judgment which affirmed the victory of President Bola Tinubu and Vice President Kashim Shettima in the 2023 presidential election. He said the verdict is an affirmation of the popular mandate by Nigerians for Tinubu and Shettima at the February 25 presidential election. Akpabio congratulated Tinubu and Shettima on the resounding affirmation of their mandate. Akpabio said that the five-member panel painstakingly evaluated all the issues raised by the petitioners and and gave a clear ruling. He said it was clear for dispassionate observers that despite the challenges, Nigeria’s electoral process was making a steady progress and deserves the appreciation and support of all Nigerians and friends of Nigeria. Akpabio urged Nigerians to continue to support Tinubu’s government in its drive to deliver the renewed hope agenda of the ruling All Progressives Congress (APC). “I also congratulate our great party, the All-Progressives Congress (APC), on its vindication by this well-thought-out landmark judgement. “This judgment has expressly affirmed the popular mandate of the Nigerian people for our party the APC and its Presidential and Vice-Presidential candidates, freely given at the February 2023 polls. “As the court has painstakingly addressed all the issues raised by the petitioners, I urge all concerned to accept the judgment and join hands with the Tinubu government in its bold efforts to secure the wellbeing of our people,” Akpabio said.