Shettima Seeks Private Sector Support On Policy Reforms

Vice President Kashim Shettima has advocated for support from the organised private sector for the myriad reforms being carried out by the federal government to build a resilient and inclusive economy.
Speaking at the opening session of the 4th edition of Nigeria Employers’ Summit with a theme “Enabling Sustainable Enterprise in a Transitioning Economy; Aligning Fiscal, Trade and Regulatory Reforms for Rapid National Development” held at Abuja Intercontinental Hotel, Shettima who the special adviser represented to the President on Job Creation and MSME, Temitola Adekunle-Johnson stated that the nation was currently undergoing a transition with the wave of bold reforms that are designed to steer our volatility economy into becoming a more stable, sustainable economy.

He further stressed that though these reforms may be difficult in the short term, they are meant to lay the groundwork for 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 all share prosperity, not just a privileged few. And it is for this very purpose that this administration is committed to ensuring that its fiscal, trade, and regulatory reforms are aligned to enable sustainable enterprise in Nigeria,” he stated.

He disclosed that the administration remains committed to ensuring that Nigerian businesses take full advantage of African Continental Free Trade Area (AfCFTA) as it recently gazetted the Preferential Tariff Concessions under the AfCFTA as a way of opening doors for Nigerian exporters to access preferential tariffs across African markets, giving them a significant competitive edge, reducing the cost of importing intermediate goods and raw materials from other African countries and improving profit margins, particularly for small and medium enterprises (SMEs).

He urged the organised private sector to see the reforms as an opportunity to innovate, invest, and lead, stating that these reforms are designed to create an environment where sustainable enterprise can flourish and inclusive development is seen as a reality.

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Also speaking at the occasion, Minister of Interior Olubunmi Tunji-Ojo expressed the Federal Government’s commitment to embarking on a policy that would drive growth for the private sector.

Tunji-Ojo noted that President Bola Tinubu is willing to collaborate with the private sector to achieve the collective good.

Citing instance of collaborative approach between President Bola Tinubu administration and NECA, Tunji-Ojo noted that through the Expatriate Administration and Visa Policy, both the government and the private sector contributed a great deal in finetuning and arriving at a more satisfactory policy document that addresses issues such as quota abuse and streamline visa processes adding that the policy is expected to come into effect by July 1, 2025.

In his welcome address, the Director General of NECA, Adewale Smatt-Oyerinde, stated that the summit’s essence was to build consensus around Federal Government policy reforms and transform them into actions favourable to businesses.

Smatt-Oyerinde noted that NECA, as a body, remains determined to work with the government to create an economy that is not only competitive but can also serve as a platform to advance the African economy.

Also speaking at the summit, Oluwaseun Faleye, Chief Executive Officer of the Nigeria Social Insurance Trust Fund, charged organized private sectors, including members of NECA, to pay adequate attention to providing safety nets for their employees by implementing the Employee Compensation Act as they strive to ensure the sustainability of their businesses or enterprises.

In his remarks, Representative of UNIDO, Philbert Johnson, who lauded the FG for signing the Programme for Country Partnership (PCP) with UNIDO, stressed that the agency was committed to working with NECA in the implementation of the agreement to promote and accelerate inclusive and sustainable industrialisation in Nigeria.