By By Elizabeth Ugbo
Vice President Kashim Shettima on Monday said President Bola Tinubu’s administration deserves commendation for its economic reforms, not condemnation, because the policies have increased Nigeria’s foreign reserves and attracted capital inflows. Shettima made the remarks at the Delta Economic and Investment Summit in Asaba, Delta State, while praising Anambra State Governor, Prof. Chukwuma Soludo, for explaining the administration’s reform agenda and encouraging investor confidence.
Shettima Defends Tinubu’s Economic Reforms
Speaking at the summit, Shettima said the Federal Government’s reforms have transformed Nigeria’s economy despite global economic challenges.
He explained that Nigeria’s foreign reserves have risen sharply due to improved investor confidence and increased capital inflows.
According to him, the country’s reserves climbed from about $3 billion during a period of capital flight to approximately $52 billion.
“From reserves of $3bn, when we were experiencing capital flight and capital scarcity, we are now experiencing capital inflows. Our foreign reserves have gone up to about $52bn and counting in a turbulent world. I think the President deserves commendation and not condemnation,” Shettima said.
Shettima Praises Soludo’s Support
The Vice President also commended Anambra State Governor, Prof. Chukwuma Soludo, for consistently explaining the economic realities inherited by the current administration.
According to Shettima, Soludo has helped Nigerians understand the reasons behind the government’s reform policies.
He also praised the former Central Bank of Nigeria governor for standing by his convictions during the 2023 general elections.
“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” he stated.
Delta Sets Aside $100 Million for Investors
Earlier, Delta State Governor Sheriff Oborevwori announced that his administration had earmarked $100 million, approximately ₦133.8 billion, as viability gap funding to support new investments.
The governor said the fund would reduce investment risks and encourage both local and foreign investors.
“The government has set aside $100 million, approximately ₦133.8 billion, as viability gap funding to de-risk new investments in the state,” Oborevwori said.
Delta Offers 12,000 Hectares for Agricultural Investment
Oborevwori also disclosed that Delta State has designated over 12,000 hectares of farmland for agricultural development.
He said the initiative aims to attract investors across several agricultural value chains.
According to the governor, opportunities exist in cassava, oil palm, rice, potatoes and other cash crops.
“Investment opportunities abound in the value chain production of cassava, oil palm, rice, potato and other cash crops,” he said.
He further revealed that Delta State has a coastline stretching between one and three kilometres, creating opportunities for a thriving marine economy.
Investment Summit Targets Economic Growth
Oborevwori noted that improved revenue allocation to states has strengthened their capacity to implement development projects and attract investment.
He described the Delta Economic and Investment Summit as a strategic platform for boosting investor confidence, building partnerships and increasing domestic and foreign direct investment.
Meanwhile, Shettima said the growing number of investment summits across Nigerian states reflects healthy competition among sub-national governments.
The summit attracted political leaders, business executives, investors and other stakeholders to discuss strategies for economic transformation and sustainable investment in Delta State.
