Vice President Kashim Shettima has defended the economic reforms of the Bola Tinubu administration, saying the President deserves commendation rather than criticism for policies that have strengthened Nigeria’s economy.
Shettima made the remarks on Monday at the Delta State Economic and Investment Summit in Asaba, where he also praised Anambra State Governor Chukwuma Soludo for publicly supporting the Federal Government’s reform agenda.
Addressing political leaders, business executives and other stakeholders at the summit, the Vice President said Nigeria’s foreign reserves had risen significantly as a result of the administration’s economic policies.
“Professor Soludo, you have done a lot for the Federal Government, especially by explaining to Nigerians where we are coming from. We moved from foreign reserves of about $3 billion at a time of capital flight and capital scarcity to about $52 billion and counting, despite the turbulence in the global economy. I believe the President deserves commendation, not condemnation,” he said.
Shettima also applauded Soludo for his position during the 2023 general elections, describing the governor as someone who stood “against the wind.”
The Vice President said the increasing number of investment summits across the country reflected healthy competition among states, adding that improved revenue allocation had placed sub-national governments in a stronger position to drive economic development.
Speaking at the event, Delta State Governor Sheriff Oborevwori announced that his administration had earmarked $100 million—about ₦133.8 billion—as viability gap funding to reduce investment risks and attract new businesses to the state.
“As I conclude my address, I am pleased to announce that the government has set aside $100 million, approximately ₦133.8 billion, as viability gap funding to de-risk new investments in the state,” Oborevwori said.
The governor also disclosed that more than 12,000 hectares of farmland had been designated for agricultural development, offering investment opportunities across the cassava, oil palm, rice, potato and other cash crop value chains.
He added that Delta State’s one-to-three-kilometre coastline provides significant potential for the development of a thriving marine economy.
The Delta State Economic and Investment Summit is designed to strengthen investor confidence, promote strategic partnerships and attract both domestic and foreign direct investment to the state.
