Tinubu Would Put An End To Economic Sabotage, Shettima Assures African Leaders

Vice President Kashim Shettima on Monday said President Bola Tinubu was working to end the reign of economic saboteurs who had been hindering the progress of the nation.

Shettima said this at the meeting of African Heads of State and Government on the 21st Replenishment of the International Development Association held in Nairobi, Kenya.

The Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed this in a statement he signed on Monday titled ‘Our youths will transition Nigeria into digital economy powerhouse – President Tinubu.’

While representing Tinubu at the meeting, Shettima said Nigeria’s aspirations had transcended merely birthing unicorns to becoming a global hub for outsourcing talent within the digital and creative economy.

He also said the country would achieve this by harnessing the potential of its youthful population.

“Since assuming office, President Tinubu has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the progress of our nation.

“I am pleased to report that our economy has escaped the phase of sabotage,” the VP noted.

Reading the President’s address titled, ‘The Path to Recovery: Nigeria’s Journey Beyond Sabotage,’ Shettima also reiterated Nigeria’s plans to build a vast digital market capable of absorbing cutting-edge innovations and technologies.

He said this would position the country as a hub for outsourcing talent in the digital and creative economy spheres.

“Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents,” the VP said.

His comments come nearly two months after Shettima launched the Outsource to Nigeria Initiative to plunge Nigeria’s net into the $350bn global outsourcing market.

OTNI, a private sector-led, government-enabled programme is anchored by the Office of the Vice President to create jobs in the business process and technology-enabled outsourcing sector.

Shettima informed other African leaders of the sweeping reforms implemented by Tinubu’s administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.

Alongside the digital transformation agenda, the VP said Nigeria was committed to prioritising climate resilience and becoming an attractive destination for carbon market investments.

He said, “The tensions resulting from climate-induced disruptions serve as a pressing call to action.

“The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions.

“We aim to become an investment-friendly destination for carbon market investments,” the organ was informed.’’

He expressed Nigeria’s belief that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections.”

He listed key priorities for Nigeria’s economic recovery in his administration’s Renewed Hope Agenda, anchored on poverty alleviation, to include economic expansion, job creation, enhanced access to capital, food security, and inclusivity.

In this vein, the VP stressed the importance of regional economic integration through instruments such as the African Continental Free Trade Area Agreement to dismantle investment barriers and facilitate access to international markets.

“Our path to the future depends on nurturing strategic partnerships with other nations and development organizations.

“Therefore, we will utilize our absolute and comparative advantages to establish partnerships across borders,” he said.

Earlier in his opening remarks, the President of Kenya, William Ruto, said the summit was urgent because it was “convened at a critical juncture facing a convergence of global crises which include escalating geopolitical tensions that challenge international unity, a deepening development and debt crisis that threatens our economic stability, and an urgent climate emergency that demands immediate and collective action for our planet’s survival.”

Ruto gave instances of the devastating impact of severe flooding in the East African region, which, according to him, has displaced thousands in Nairobi alone, and the vulnerability of the continent to extreme weather patterns, which points to the critical role of the IDA in financing Africa’s development and stability.

The Kenyan Leader said, “This new normal demands immediate and united action to safeguard our collective future. This underscores the critical role of IDA for Africa Summit as a cornerstone for financing for Africa.

“IDA has directed 75 per cent of its total commitment, which is nearly $26bn, to Africa in the last fiscal year, with African countries comprising eight of IDA’s top 10 borrowers.

“This support is not just financial but a lifeline for development and stability.”

Also, the World Bank President, Ajay Banga, expressed optimism about Africa’s potential, saying, “It’s very easy to feel hopeful when we’re together anywhere in Africa,” adding that you feel the infectious energy of young people.”

Banga affirmed the IDA’s commitment to accelerating progress on the continent, vowing to “move with urgency and purpose” while making the institution more efficient and impactful.

“We stand at the crossroads of a new era of growth and prosperity for Africa,” said the World Bank Chief.

At the end of the Summit, African Heads of State and Government adopted a joint communique committing countries on the continent to accelerate the continent’s economic transformation by strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA.

They also called for an ambitious replenishment of the International Development Association to support the continent’s development goals.

The Nairobi Communique described IDA as Africa’s largest source of concessional financing, outlining priorities for IDA21 to include building human capital, creating jobs, boosting energy and digital access, enhancing resilience to climate change and fragility, and promoting inclusive growth policies.