Nigerian Vice President Kashim Shettima said Monday that President Bola Tinubu’s administration deserves praise rather than criticism for economic reforms he credited with driving a sharp rise in the country’s foreign reserves.
Speaking at the Delta Economic and Investment Summit in Asaba, Shettima said reserves had climbed to about $52 billion from $3 billion, a period he said had earlier been marked by capital flight and scarcity. “Now, we are experiencing capital inflows, so that our foreign reserves have gone up to about $52bn and counting in a turbulent world, mind you. I think the President deserves commendation and not condemnation,” he said.
The vice president also praised Anambra State Governor Chukwuma Soludo for backing the federal government’s reform agenda, saying Soludo had gone “against the wind” in supporting Tinubu during the 2023 elections. Shettima said the growing number of state-level investment summits reflected healthy competition among Nigeria’s states, adding that increased investment strengthens their fiscal foundations.
Delta State Governor Sheriff Oborevwori, addressing the same summit, said his government had set aside $100 million in viability gap funding to de-risk new investments in the state, and had earmarked more than 12,000 hectares of farmland for agricultural development, targeting crops including cassava, oil palm, rice and potatoes. He also pointed to the state’s coastline of one to three kilometers as suitable for developing a marine economy.
The summit drew political leaders and business figures aimed at deepening investor confidence and attracting domestic and foreign direct investment to the state.
