Vice President Kashim Shettima has appealed to Nigeria’s organised private sector to actively support and lead in the implementation of the Federal Government’s policy reforms aimed at transforming the economy into a more resilient, inclusive, and competitive one.
Speaking at the 4th Nigeria Employers’ Summit in Abuja on Thursday, Shettima, represented by the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, acknowledged that Nigeria is in the midst of a challenging but necessary economic transition.
“We are implementing bold reforms designed to stabilise and rebuild the economy into one that creates decent jobs and distributes prosperity beyond the elite few,” he stated, referencing the economic agenda of the President Bola Tinubu administration.
According to Shettima, these reforms are not only focused on macroeconomic stabilization, but also on making Nigeria a more attractive destination for business, investment, and innovation — particularly for small and medium enterprises (SMEs).
The Vice President emphasized the pivotal role of the private sector in realizing Nigeria’s economic transformation, calling for stronger collaboration and shared responsibility.
“We call on the private sector to see these reforms not just as challenges but as golden opportunities to invest, innovate, and lead the charge toward sustainable enterprise,” he said.
One of the key reform components highlighted by Shettima is Nigeria’s strategic engagement with the African Continental Free Trade Area (AfCFTA). He disclosed that the government had recently gazetted Preferential Tariff Concessions under the AfCFTA, opening up new export channels and lowering import costs for raw materials and intermediate goods across African markets.
“This gives Nigerian exporters a competitive edge across the continent, particularly for SMEs,” Shettima noted. “It also improves their profit margins and drives broader regional integration.”
Also speaking at the summit, Minister of Interior Olubunmi Tunji-Ojo reassured business leaders of the government’s ongoing efforts to eliminate long-standing barriers that have discouraged investment.
“This administration is determined to remove bottlenecks that have historically impeded business growth. There is no better time to invest in Nigeria than now,” he stated.
Tunji-Ojo cited improved administrative processes, tax reforms, and inter-agency cooperation as examples of recent progress, urging businesses to respond positively by increasing local production and employment opportunities.
The summit, organized by the Nigeria Employers’ Consultative Association (NECA), also provided a platform for the private sector to engage directly with policymakers. NECA’s Director-General, Adewale Smatt-Oyerinde, affirmed the association’s commitment to working hand-in-hand with the government.
“This summit is about building consensus on economic reforms and ensuring that they are transformed into actionable solutions for Nigerian businesses,” Smatt-Oyerinde stated. “NECA remains focused on creating an economy that is globally competitive and capable of catalyzing growth across the African continent.”
He also highlighted the need for continuous dialogue between the government and the business community, particularly in designing policies that promote ease of doing business, labour market flexibility, and inclusive job creation.
Nigeria’s economic trajectory, according to analysts, hinges significantly on the ability of both the public and private sectors to forge lasting partnerships. With inflationary pressures, foreign exchange volatility, and high unemployment still posing challenges, the government’s reform push — including fuel subsidy removal and unification of the FX market — needs complementary private sector support to succeed.
Vice President Shettima’s remarks underscore a clear message: sustainable growth is only achievable if businesses step up as active partners in national development.
As Nigeria continues to navigate its path to economic stability, industry stakeholders are optimistic that with the right policy alignment and private sector leadership, the country can unlock new levels of prosperity and regional competitiveness.