Vice President Shettima: Nigeria Has Moved Beyond Economic Instability
News Story:
Nigeria’s Vice President, Kashim Shettima, has said that the nation has successfully come out of a period of economic instability, backed by stronger fiscal performance and rising foreign reserves.
Speaking on Tuesday, the Vice President revealed that Nigeria’s external reserves have climbed to $43 billion, reflecting renewed confidence in the country’s economy. He also mentioned that non-oil revenues have continued to grow, showing progress in the government’s diversification drive away from oil dependency.
Shettima explained that key debt indicators have improved, and the overall fiscal outlook is now more stable. “We have turned the corner. The economy is on a recovery path, and the results of our reforms are becoming visible,” he said.
He credited the improvement to ongoing reforms that focus on enhancing local production, increasing government revenue, and ensuring financial discipline across ministries and agencies.
Economic observers note that while inflation and unemployment still pose challenges, the rising reserves and better non-oil performance are encouraging signs that Nigeria’s economy is gradually regaining balance.
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Analysis:
The Vice President’s remarks come at a time when Nigeria is seeking to rebuild investor confidence and attract foreign inflows. The increase in reserves could help strengthen the naira and ease pressure on import costs. Meanwhile, improved non-oil earnings suggest that sectors such as agriculture, manufacturing, and ICT are beginning to contribute more significantly to national income.
If sustained, these developments could pave the way for stronger economic growth, a more stable exchange rate, and reduced vulnerability to oil price shocks — a goal long pursued by successive administrations.
