VP Shettima,Reaffirms Administration Stand To Boost Economic Growth To $1 Trillion GDP By 2031

Vice President Kashim Shettima has said that the Federal Government is working very hard to realise its plan to achieve $1 trillion Gross Domestic Product (GDP) size by 2031.

Speaking yesterday at the Vanguard Economic Discourse with theme: ‘Reforms in The Era of Global Economic Uncertainties: Whither Nigeria’ held in Lagos, he said the economy must however start growing in double digits to make the projection a reality.

Shettima, who was represented at the event by his Special Adviser on Economic Affairs, Tope Fasua, said: “Please note that our promises stand. Our leader, President Bola Ahmed Tinubu is a promise keeper. We his lieutenants will do all within our power to deliver those promises. We shall not lower our projection to achieve a $1 trillion GDP by 2031, which strongly suggests that our economy must start growing in double digits”.

“ We will capture every growth from every sector in the economy. Trust us to give it the best shot possible. As they say, those who aim for the skies, are likely to find themselves among the stars. We will also strive to improve the per capita incomes of Nigerians, and to protect our most vulnerable citizens,” he stated.

Shettima emphasised the administration’s openness to ideas and its willingness to refine policies to avoid undue hardship for Nigerians.

He added: “Our government has always maintained that we don’t know it all. We are a determined government open to ideas and the refinement of well-meaning members of society. We are not afraid to backtrack and review if a policy will impose undue hardship on Nigerians. This administration is not out to make the lives of Nigerians suffer but to make Nigeria’s economy sustainable and the lives of our people more enjoyable, he said.

 Shettima further expressed optimism about the future, promising positive achievements, improved standards of living, higher productivity, and enhanced food security in the coming years.

Also, speaking at the event, Central Bank of Nigeria (CBN), Governor Olayemi Cardoso disclosed that foreign exchange (FX) inflows recorded in the first quarter into Nigeria was 136 per cent of the total inflows achieved in 2023.

Cardoso also restated that the CBN is dedicated to maintaining a transparent and functional FX market where price discovery is guided by market-driven frameworks and that this approach will lead to the long-term stability of the naira.

 Cardoso who was represented by the Director of Risk, CBN, Blaise Ijebor reiterated that the recent reforms have seen an uptick in inflows into Nigeria compared to the previous year.

He said: “We remain committed to using all the orthodox monetary policy tools available to us to address inflation. We have also embarked on major reforms to liberalise the foreign exchange market, which has enhanced transparency, reduced arbitrage opportunities promoted stability, and improved the liquidity in the market.

“The settlement of all valid FX forwards which was one of my commitments when I came on as governor of the Central Bank of Nigeria, has also improved the confidence of stakeholders. We are already seeing the result of these reforms in the growth of FX flows into the country.

The FX flows into the country in first quarter of 2024 was 136 per cent of the total inflows that we had in the whole of 2023.”

Furthermore, he noted that he remains committed to repositioning the Central bank to deliver meaningful data-driven and sustainable solutions with clear positives for all Nigeria.

“We continue to be committed to a transparent and functional FX market where price discovery is based on market-driven frameworks and we are confident that this will lead to long-term stability of the naira which I know is what all of us seek.”

“We are confident that a good implementation of our reform program will restore the economy to the path of inclusive and accelerated economic growth in the near term.”

“I won’t lie but much more work is required to address our economic challenges, but let me assure you that the Central Bank of Nigeria is committed to will and will continue to enhance its effort to deliver on its mandate of promoting monetary and price stability in Nigeria,” Cardoso said.

He added that under his stewardship the CBN is committed to implementing bold reforms to ensure the economy benefits all Nigerians.

“We have initiated a tightening of the bank’s monetary policy to address inflationary pressures on the economy. I am confident that the results will become apparent in the near term. Fortunately, we are already witnessing a deceleration in inflation, as evidenced by the decline in month-on-month growth in headline and food inflation.”