Vice-President Kashim Shettima says the recent policies and programmes introduced by President Bola Tinubu’s administration are already yielding tangible results.
Shettima said this on Tuesday at the opening of the 16th Annual Banking and Finance Conference with the theme, ‘Nigeria’s Economic Growth and Empowerment: The Role of The Financial Services Industry’, held in Abuja.
The Vice-President, who was the Special Guest of Honour at the event, said both State and Federal Governments were now enjoying more substantial allocations.
“These funds promise a direct and positive impact on the lives of our citizens.
“Without the serially unaccounted fuel subsidies, we can now redirect our savings towards more deserving causes.
“We envision a future where no leader can resort to the tired excuse of ‘scarcity of funds’ to evade completion of projects or delayed salary payments.
“Nigeria is crafting a story where the welfare of our people takes precedence and financial accountability reigns supreme.”
The Vice-President in his remarks, titled ‘Our Priorities in a Post-Pandemic World’, therefore, emphasised the need for stronger partnerships with experts in the Banking and Finance industry to turn the economy around in record time.
“We must now do what pessimists may regard as impossible; turning the economy around in record time.
“We seek your partnership in getting this done; we cannot take your support for granted.
“This journey towards economic rejuvenation is not one to be undertaken in isolation.
“It is a call to forge robust partnerships with strategic nations and multilateral organisations for, in unity, Nigeria can reposition itself as a formidable, globally competitive partner.”
On the role of the Banking and Finance sector in rejuvenating the economy, Shettima called on stakeholders to support Tinubu’s administration in serving the nation.
“We have promised to reposition consumer finance and that can’t be done without you.
“We have promised to incentivise and finance value-addition to our agriculture and other products and you are our ally in this.
“We need you because Nigeria teeters on the edge of a precarious balance of payments as we import more than we export.
“The future is already here and this industry is a springboard for the success of our reforms and programmes.
“Whether in incorporating blockchain technology or expanding financial inclusion to deliver dividends of democracy to banked and unbanked citizens, Nigeria is here to occupy the high-table in a fast-changing world.”
On the ‘Eight-Point Agenda’ of the Tinubu Administration, he said the government had resolved to prioritise food security and end poverty.
“We are prioritising economic growth and job creation.
“We are prioritising access to capital and improving security.
“We are prioritising improving the playing field on which people and, particularly, companies like yours operate.
“We are also prioritising the rule of law and the fight against corruption.
“Each agenda cannot be fully implemented without your cooperation,” Shettima said.
Earlier in his remarks, President of the Chattered Institute of Bankers, Mr Ken Opara said the event was the largest gathering of banking and finance professionals in Africa.
According to him, the conference provides the platform for professionals to drive conversation on topical issues that are critical to the growth of the economy.
He commended the reform initiatives of President Bola Tinubu noting that, if well implemented, it could unlock the nation’s economic potential.
“The reform initiatives such as subsidy removal, unifying the foreign exchange regime, investing in infrastructure, promoting agriculture, supporting SMEs and tax reforms, among others, if well implemented, will unlock the economic potentials of the country,” Opara said.
In attendance were the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu and the Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso.
Also in attendance were the acting Governor of Central Bank of Nigeria (CBN), Mr Folashodun Shonubi and World Bank Representative in Nigeria, Mr Shubam Chaudhuri, among others.
