He spoke at the opening of the 2026 Tax Conference with the theme, “Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for a Sustainable Future” which is organized by the Chartered Institute of Taxation of Nigeria (CITN), in Abuja.

Shettima said the reforms had become a major tool for strengthening government revenues, improving fiscal sustainability and supporting the administration’s ambition of growing the economy to $1 trillion by 2030.

Represented by Dr. Tope Fasua, special adviser to the President on Economic Affairs, the vice president said, “Many pundits have complained about our high revenue to debt servicing ratio. But the only antidote to this anomaly is to drive revenue for the government, based on well-thought-through and properly-established fiscal laws.

“We are on a solid course, as our current tax reforms are the primary engine for this leap and we have been able to close that chasm by bringing down this ratio from a galling high of 120 per cent in December 2022, to 68 per cent as at the close of 2025.”

The vice president said the reforms, which took effect from January 1, 2026, represented Nigeria’s first comprehensive tax overhaul in more than 35 years and were designed to reposition the economy for long-term growth.

He said the federal government was already streamlining tax administration and broadening the tax base to improve the country’s balance sheet and reduce pressure from debt obligations.

Shettima said,
“Every Naira recovered from inefficiency and every kobo brought into the net from previously untapped sectors is a brick in the bridge toward that $1 trillion milestone”, adding that reforms would also help government shift from a “nation that borrows to survive to one that invests to thrive”.

The vice president also stated that the current administration remained determined to “break the shackles of high-interest burdens that stifle our ability to fund education, healthcare, social services and infrastructure”.

He stressed that Tinubu had inaugurated the tax reform committee then headed by Oyedele, shortly after assuming office in May 2023 to address weak revenue generation and widespread informality in the economy.

He described the reforms as part of a broader effort to rebuild public infrastructure and improve Nigeria’s competitiveness globally.

Shettima also defended the reforms against criticism, adding that many Nigerians were unaware of their “pro-poor” provisions, stressing that many Nigerians remained unaware that anyone earning N1 million and below will go tax free in the country.

He said,

“Some simply cannot believe that small businesses turning over N100 million and below every year are totally tax exempt.”

The vice president however added, “But it is not yet uhuru. We face daunting challenges in our quest for a new, greater Nigeria. The innards of the tax reform must be disseminated far and wide. Many Nigerians are yet unaware, even of the pro-poor nature of the reforms and how it favours the underprivileged amongst us.

“Many Nigerians don’t know that anyone earning N1 million and below will go tax free in Nigeria. Some simply cannot believe – because it has never happened before – that small businesses turning over N100 million and below every year are totally tax exempt. They must be constantly reminded that President Tinubu is not anti-people or anti-business, but pro-people and pro-business.

“He wants Nigerians to thrive and succeed, and we shall work to ensure this. Information dissemination on these reforms is key and we must never yield the entire space to the traducers of government who seek to impugn the good efforts of our leader, by substituting progressive information with concocted information and falsehood.”

Shettima stressed,

“Tax reform is often seen as a technical burden, but I urge you to see it as an act of patriotism. We are not just reforming a system; we are reclaiming our destiny.”

While agreeing with the VP on the decline in debt service-to-revenue ratio, the Nigerian Economic Summit Group (NESG), warns the country’s public finance situation remains fragile despite signs that some debt indicators temporarily improved in 2024.

In its latest debt monitoring report, the policy advocacy group warned that the country is still operating within what it described as a “high-stress” debt environment, with deeper structural weaknesses continuing to undermine fiscal sustainability.

Also, Nigeria’s Debt Burden Index, a metric designed to measure fiscal stress more realistically than conventional debt indicators, declined to 70.9 points in 2024 from a record 83.6 points in 2023.

Ordinarily, such a decline could suggest that debt pressures are easing.

But according to the NESG, the apparent improvement masks a more troubling reality.

The organisation explained that the reduction was driven largely by temporary moderation in debt servicing pressures rather than any meaningful strengthening of government revenues or fiscal fundamentals.

Meanwhile, Nigeria’s debt-to-GDP ratio continued climbing sharply, rising to 40.6 per cent in 2024 as the government maintained heavy reliance on borrowing to finance widening fiscal deficits.

He made this known during a panel session titled “When Food Becomes Security” at the just-concluded World Economic Summit in Davos,  Switzerland.

“Honestly, we have to look inwards and see to it that, as Africans, we find solutions to our problems. And honestly, we have no business being poor. I’m speaking from the bottom of my heart. In certain parts of Nigeria, our land is so rich that if you can plant money, it can grow. So it’s all about us embracing modernity,” he said.

The vice-president called on the Nigerian farmers to adopt modern farming best practices and techniques, noting that this would increase output and boost aggregate incomes.

“So all we need is to embrace modernity, improved agricultural practices, and fertilisation. You know, right now, the yield on some of our crops, like rice, is two to three tons per hectare. In some climes, they produce ten tons per hectare. The same thing with potatoes.

Most of our output is low compared to global standards. So be reassured that the trajectory, as I’ve always said, of global growth is based in Africa.”

Nigeria’s population is projected to reach over 400 million by 2050, making it the world’s third-largest country behind India and China.

Driven by a high fertility rate and a young population, this rapid growth, from over 230 million in 2024, is expected to surpass that of the United States.

“One out of every four Africans is a Nigerian, and by 2050, we’ll be the third most populous nation on earth. By 2050, we’ll be more populous than the United States”, he said.

Meanwhile, Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation (WTO), said Nigeria needs to shift its focus from economic stabilisation to job creation and attracting global investments that will generate employment for the nation’s teeming youth population.

She disclosed this during a fireside chat at the Nigerian House at the just-concluded World Economic Forum (WEF) in Davos.

Targeting global investors for job growth and supply chain opportunities, she noted, would help drive innovation, boost industrialisation, improve productivity, contribute to GDP growth, and increase Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI)q.

“What I’d like to see us doing is continue to try to attract investment into the country because there’s an opportunity now to attract all these supply chains.

“So if there’s one thing I’d like to see, everything we can do to show Nigeria as a country worthy of investing in, that’s what we should be doing.

“And we should deliberately have a strategy to go after those investments, to go after investors, to go to China, the United Nations (UN), whatever it takes to let them come and invest in our country .”

The grand event, hosted at Eko Hotel & Suites in Lagos, brought together an array of distinguished guests, including Senator Kashim Shettima, vice president of Nigeria, state governors, business leaders, and cultural icons.

In his goodwill message, Vice President Shettima applauded Zenith Bank for its transformative role in Nigeria’s banking sector, crediting founder Chief Jim Ovia, with pioneering technology-driven banking in Nigeria and building a culture rooted in innovation, integrity, and service to humanity.

He also praised the bank’s seamless leadership transition, describing current GMD/CEO, Dame Dr. Adaora Umeoji, as “a deserving trailblazer whose leadership embodies strategic foresight and empathy.”

35 Years of Growth and Innovation

Founded in May 1990, Zenith Bank began operations in a modest office on Victoria Island and has grown into a global brand synonymous with trust, excellence, and cutting-edge financial services. Notable achievements include:

• First Nigerian bank to adopt internet banking (1999), setting the pace for digital transformation.
• 16 consecutive years as Nigeria’s top Tier-1 bank by capital strength.
• Shareholders’ funds of ₦4.44 trillion and market capitalization of about ₦3 trillion.
• Expansion into key markets, while financing critical sectors such as agriculture, infrastructure, telecoms, and manufacturing.

Commitment to Service Excellence

Speaking at the event, Dame Dr. Adaora Umeoji, Nigeria’s first female GMD/CEO of Zenith Bank PLC, a Tier-1 bank, reaffirmed the bank’s dedication to customers and communities:

“This celebration is not just about our past; it is about the people who have trusted us for 35 years and the future we are building together. Our promise is to continue redefining service, leveraging technology, and making a positive impact on lives and businesses.”

Looking to the Future

With its legacy of bold innovation and customer-first service, Zenith Bank is positioning for the next decades with renewed focus on:

• Sustainability and Green Banking
• Deepening financial inclusion through agent banking (Z-Money) and digital platforms.
• Investments in people and technology to drive Nigeria’s economic transformation.

As Zenith Bank marks 35 years of excellence, its story remains a powerful symbol of what is possible when vision, innovation, and service are woven together for national and global impact.

Summary Snapshot

The Vice President commissioned the programme on Sunday June 8, at the Borno State Agricultural Mechanization Agency, Farm Centre in Maiduguri, Borno State.

According to Shettima,

“This initiative, NASENI Asset Restoration Programme, is a response to our cross-generational dilemma about what to do with abandoned and poorly maintained assets owned by the nation and the people. It’s a powerful shift in how we think about value, sustainability, and innovation, and I believe that’s what we’ve promised the nation”.

“It fits squarely within the broader vision of President Bola Ahmed Tinubu’s administration: to build a productive, self-reliant, and diversified economy. Our goal, therefore, is to ease this transition to expand the potential and productivity of Nigeria’s agricultural, industrial, and creative sectors through smart investments in infrastructure, skills, and innovation. “We must commend NASENI for stepping forward with this brilliant idea to mitigate a national tragedy. Beyond this promise to refurbish hardware, NASENI has shown a great capacity to serve as a national nerve centre for technology transfer, home-grown engineering, and adaptive innovation. This is why we must support them.”

In his special remarks, the Chief Host, Executive Governor of Borno State, Prof Babagana Umara Zulum, said these tractors being commissioned were procured by his predecessor, Sen. Kashim Shettima when he was the executive governor of Borno State.“ He procured 1,000 tractors with their implements.

“His investment is the single largest not just in Borno state but also in Nigeria. The National Assets Restoration programme we are launching could not have been possible without that foundational investment”, he added, commending NASENI for restoring broken down tractors owned by Borno state government without collecting money from the state government”, the Governor said.

Mr. Khalil Suleiman Halilu, executive vice chairman, NASENI, in his keynote address said the Agency was showing that Nigerian problems can have Nigerian-engineered solutions.

“We are building local capacity, developing talent pipelines, and enabling technology transfer at scale. We are turning NASENI into a true national enabler-quietly but boldly proving that government can deliver, and that transformation is possible”, the EVC said.

When we set out to design the Asset Restoration Programme at NASENI, we were not just looking for another project to tick off. We were confronting a reality: that all across Nigeria, from farms to security outposts, public assets worth trillions of naira had been written off, locked away, or left to rust—not because they were beyond repair, but because there was no clear system to bring them back to life.

He said our national survey revealed that Nigeria holds over 47,000 broken-down but serviceable agricultural and law enforcement assets. The cost to replace them would exceed ₦14 trillion. “But at NASENI, we asked a simple question: Why replace what we can restore?

“With the right engineering, the right people, and the right partnerships, we found that we can recover these assets for just 15 to 25% of their replacement value—and still achieve full functionality. That is over ₦10 trillion in national savings, while reviving productivity, jobs, and security on the ground,” he added.

He thanked President Bola Ahmed Tinubu, and Vice President, Kashim Shettima for their endless support, belief in our mission, and their constant encouragement that we must not only think big—but act fast.

He thanked Governor Zulum for his support and leadership which have helped bring this vision to life here on Borno soil—turning his state into the first node in this national restoration network.

In his address, Minister of Agriculture and Food Security, Sen. Abubakar Kyrai who reeled out statistics of broken-down tractors nationwide said the National Assets Restoration Programme is a welcome development and it will be instrumental to meeting the foods security goal of the Renewed Hope Agenda of government. He commended the EVC of NASENI for the bold vision in rebuilding and repositioning NASENI.

Earlier, Engr. Mohammed Yadudu, Programme Coordinator, Asset Restore, NASENI, said with support from NASENI’s technical partner, the Machine and Equipment Corporation Africa (MECA) in December 2024, began to restore back idle government assets that have long fallen into disuse but held immense value for agricultural economy.

The dignitaries present at the event included the MD/CEO, Niger Delta Power Holding Company (NDPHC), Eng. Jennifer Adighije; the Director General, Federal Radio Corporation of Nigeria (FRCN), Dr. Mohammed Bulama; Senior Special Assistant to the President on Special Needs and Equal Opportunities, Hon. Mohammed Abba Isa; members of Borno State Executive Council; Dr. Muhammed Dahiru, Chairman, Presidential Implementation Committee on Technology Transfer; Secretary to the Borno State Government, Malam Bukar Tijani; and Borno State Commissioner of Agriculture, Eng. Bawu Musami; Speaker of Borno State House of Assembly, Abdulkarim Lawan; members of the National Assembly, and other top government officials in the state.

The $300 million tertiary medical facility, developed by African Export-Import Bank (Afreximbank) in partnership with King’s College Hospital London, welcomed His Excellency President Bola Ahmed Tinubu as guest of honour, represented by His Excellency, Senator Kashim Shettima, vice president of the Federal Republic of Nigeria. 

Other high-ranking Government and private sector officials, who were present at the launch included the Minsters of Health, Finance, and Foreign Affairs, Nigeria Customs Services, Nigeria Immigration Services, Nigerian National Petroleum Corporation Limited (NNPCL) and Bank of Industry (BOI), among others.

Located in Abuja and designed to meet the highest global standards, AMCE Abuja offers world- class services across oncology, haematology, cardiology, and general medical services. 

More than a hospital, the facility represents a bold statement of Africa’s determination to reduce dependence on foreign health systems and reverse the estimated $6-10 billion Africans spend annually seeking treatment abroad.

The opening of AMCE Abuja comes at a critical time, as Africa seeks to strengthen its healthcare systems and reduce reliance on external providers. The COVID-19 pandemic exposed the vulnerabilities of this reliance, with global supply shortages putting immense pressure on African nations. 

Similarly, past responses to health crises like Ebola have reinforced the urgent need for resilient, homegrown solutions. Decades after independence, millions of Africans continue to suffer from diseases like sickle cell and malaria, conditions that could be better managed with targeted local research and investment. 

Yet these illnesses often receive limited global attention or funding, leaving critical treatment gaps. AMCE Abuja represents a bold step forward, bringing world-class care to the continent, centering African health priorities, and laying the groundwork for a healthier, more self-reliant future. 

In strategic partnership with Bank of Industry (BOI), and Nigerian National Petroleum Corporation Limited (NNPCL), AMCE reflects what’s possible when African institutions unite with shared purpose.

“Today, we are not merely unveiling a building, we are making a bold, collective statement: we will no longer accept medical vulnerability as destiny. The African Medical Centre of Excellence stands as proof that Africa is ready to compete with the best in global healthcare.

“I commend Afreximbank and its visionary President, Professor Benedict Oramah, and salute the partnership with King’s College Hospital for turning this audacious dream into reality. This is what happens when African institutions confront African challenges with African solutions.

“Over the past two years, we have taken deliberate steps to transform Nigeria’s health sector— from unlocking the healthcare value chain through the Presidential Initiative (PVAC), to expanding pharmaceutical production, regulatory systems, and diagnostic access, and securing over $2.2 billion in new investments through the Nigeria Health Sector Renewal Initiative.

“But excellence must be sustained. That’s why we’re investing in the roads, power, and connectivity that enable great institutions to thrive. With the largest stem cell lab in West Africa and plans for a medical school, this Centre is more than a hospital, it is a place to heal the sick, and to train the future,” H.E. Bola Ahmed Tinubu, GCFR, president and commander-in-chief of the Armed Forces, Federal Republic of Nigeria, represented by H.E. Senator Kashim Shettima, vice president of the Federal Republic of Nigeria.

Commenting on the momentous achievement, Prof. Benedict Oramah, president and chairman of the Board of Directors of both Afreximbank and AMCE, thanked the Federal Government of Nigeria for providing the land on which the AMCE stands, adding: 

“In 2013, I had my own close call when I became seriously ill and was evacuated to King’s College Hospital in London, where a frantic battle to save my life ensued. Being here today is a testament to the power of cutting-edge medical research, clinical knowledge, and a solid healthcare ecosystem.

“The event we mark today is proof that society is better off saving lives than burying its dead, and that it is a living person who can contribute to development and social transformation. 

“This experience led me to conclude that one of the major contributions I could make to Africa was to help Afreximbank deliver on its health and medical strategy in every way possible.

“Our vision for the African Medical Centre of Excellence is not just to provide top-notch healthcare but to serve as a catalyst for the transformation of the African health sector, making a bold statement to the world that Africa is finally taking its destiny into its own hands in healthcare sovereignty and global standards.”

President Oramah also announced the launch of the Africa Life Sciences Foundation, to act as the vehicle for mobilising appropriate risk capital to drive research efforts and called on African and non-African governments, banks, high net worth individuals, and corporate organisations to join the Bank in investing in the hospital through this platform.

Brian Deaver, chief executive officer of AMCE, highlighted the facility’s comprehensive approach: “Today, we don’t just open a hospital, we launch a healthcare revolution for Africa. AMCE represents a paradigm shift in how specialised medical care is delivered on the continent.

“Our integrated model encompasses early diagnosis, advanced treatment, and long-term disease management, creating a seamless continuum of care that improves patient outcomes and health experiences.”

He added: “Our mission extends beyond treatment to include world-class medical education, groundbreaking research, and continuous innovation. By combining international expertise with local talent development, AMCE will build sustainable healthcare capacity that serves generations to come.”

AMCE’s opening signals a new era for Africa, one in which self-reliance replaces dependency, and world-class care is no longer the privilege of a few but the standard for many. 

By anchoring healthcare delivery, talent development, and innovation on the continent, AMCE is not just stemming the outflow of medical dollars, but redefining Africa’s place in the global health ecosystem.

Through its clinical partnerships with King’s College Hospital, London and The Christie NHS Foundation Trust, AMCE will be home to advance research, education, and medical excellence by fostering continuous knowledge exchange. 

In its next phase, AMCE will expand to include a second 350-bed hospital, medical and nursing schools, a medical sciences foundation, research centres, and residential facilities. Together, this integrated ecosystem will position Nigeria as a leading hub for specialist healthcare, medical training, and clinical research on the continent.

Professor Clive Kay, chief executive officer of King’s College Hospital NHS Foundation Trust said, “We are proud to partner with Afreximbank on this important initiative. The African Medical Centre of Excellence represents a positive step forward, and by bringing together world-class clinical standards, training, and research, we aim to share our expertise and support the development of a sustainable model of care that responds directly to the needs of African patients”.

The AMCE currently boasts 170 beds, with plans to expand this to 500 beds upon completion. It features the largest stem cell laboratory in the region, 15 post-stem cell isolation rooms in West Africa, alongside five theatres and three catheterisation laboratories. 

It also features a 20-bed intensive care unit, six critical care unit beds and 20 chemotherapy chairs with a compounding pharmacy among others. Some of the specialised equipment in Nigeria and the region are exclusively hosted by AMCE Abuja. 

They include an 18MeV cyclotron, 3 Tesla Magnetic Resonance Imaging, 256 slices computed tomography, brachytherapy machine with iridium source, four biosafety cabinets and 128 slices computed tomography machines, among other amenities.

Now open, AMCE Abuja welcomes patients, healthcare professionals, researchers, and partners to join its mission of delivering world-class healthcare, fostering innovation, and building a healthier, more self-reliant Africa.

The decision wasn’t just a ceremonial gesture; it was business. Sweden is looking to Nigeria—not just as Africa’s largest economy, but as a place to build. Build tech. Build trade. Build trust.

The Swedish Crown Princess, Victoria, currently on a three-day state visit, sat down with Nigeria’s Vice President, Kashim Shettima, at the Presidential Villa in Abuja. Discussions went from tech to trade, from culture to climate. And both countries are ready to push this relationship forward.

Vice President Shettima said: “Nigeria will continue to be a dependable ally of Sweden in all seasons.” He spoke of a partnership “anchored in innovation, powered by people, and guided by our shared determination to uplift communities and secure prosperity for generations to come.”

Sweden’s Minister for Infrastructure and Housing, Andreas Carlson, spoke about what’s driving the move: opportunity. “We have opened five innovation hubs in Africa, with the largest one in Nigeria, in Lagos. So, I see a lot of opportunities in other sectors as well, such as health, agriculture, and more.”

And with that came confirmation—Sweden’s physical trade office in Nigeria is set to officially open on Tuesday. After 65 years of bilateral relations, Sweden is betting big, and betting long-term, on Nigeria.

Princess Victoria added weight to the moment, saying, “It’s wonderful to see the opportunities that are here. I think this is especially important in the times we live in right now.”

She’s not wrong. Nigeria is trying to shift its economic gears, and Sweden is offering a toolkit—through tech, investment, and knowledge exchange.

There was also a focus on commitments already made. One of them is a Memorandum of Understanding (MoU) signed between Nigeria and Swedish tech giant Ericsson. Shettima made it clear—Nigeria is ready to get the wheels turning. “We are a large nation with a tech-savvy population. Many of Africa’s tech unicorns are Nigerian-based. The future is Nigeria.”

Ericsson’s team, led by Patrick Johansson, Senior Vice President and Head of Market Area Europe, Middle East and Africa, came calling at the Villa too. They’ve been here before, helping Nigeria build its digital backbone long before most international companies saw potential in the country’s tech scene.

“She has remained a faithful partner in progress and a collaborator in our transformation journey,” Shettima said, referring to the company’s consistent presence in Nigeria.

It didn’t end there.

Majda Lahlou Kassi, another Ericsson executive, emphasised why Nigeria continues to be a priority. “Ericsson believes in Nigeria’s potential and is proud of the existing relationship, especially the possibilities for growth in the local market and entrenchment of a digital culture among the citizenry.”

There was also conversation around education and social development. The VP praised SchoolTry, a Swedish edtech company working to improve education outcomes in Nigeria. It’s another proof point that Sweden isn’t coming in for extractive purposes—they’re bringing tools, tech, and teaching.

Minister of Foreign Affairs, Yusuf Tuggar, used the moment to highlight even more: green energy, agriculture, skilled employment, and ICT outsourcing. According to him, Nigeria is already holding talks with countries like Sweden to ensure skilled workers can access structured opportunities abroad. “This will reduce irregular migration,” he said.

So, yes—it was a packed Monday. But this wasn’t diplomacy as usual.

This was Sweden looking at Nigeria not just as a partner, but as a huge force in Africa’s sustainable development. And it was Nigeria, in return, revealing that it’s not just open for business, but ready to lead from the front.

This was revealed in a statement released by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, following Vice President Kashim Shettima’s engagement with Swedish businesses in Stockholm. 

During the event, the Vice President emphasised Nigeria’s focus on creating an attractive environment for foreign investment, pointing to the digital economy, agriculture, and renewable energy as key growth sectors. 

He noted the government’s efforts to ensure a competitive business sector, supported by recent financial reforms like the unification of exchange rates and fuel subsidy removal. 

Shettima encouraged Swedish investors to explore the expanding opportunities in Nigeria, noting that the country’s ambitions are aligned with the evolving demands of the Fourth Industrial Revolution.

Gluwa’s Director, Akinola Jones, announced that the company is investing $100 million in Nigeria and will also train over 30,000 Nigerians in digital skills. Jones stated that Gluwa’s goal is to promote financial inclusion by “banking the unbanked and connecting the unconnected.”

The company aims to significantly boost connectivity by launching a satellite to provide direct WiFi access by December 2024.

In addition to offering loans worth $100 million, Jones highlighted Gluwa’s focus on impactful investments that align with Nigeria’s broader development agenda.

Similarly, Ericsson’s Managing Director in Nigeria, Peter Olusoji Ogundele, revealed plans to establish a $19 million technology hub in the country. He stated that the country’s youthful population can be trained and potentially exported as skilled professionals to the global market, similar to India’s experience in the technology sector. 

Ericsson has been active in Nigeria since 1978 and continues to see the country as a long-term partner in the technology space.

Shettima reiterated the importance of MSMEs in Nigeria’s economy, noting that they account for 96% of businesses and over 84% of employment. However, he acknowledged the challenges faced by small businesses, including limited access to capital and markets. 

He urged Swedish companies to play a critical role in helping Nigerian MSMEs overcome these hurdles, particularly through technological advancements and expertise in digital finance, renewable energy, and agriculture.

The Vice President also pointed to Nigeria’s thriving digital economy, referencing local fintech giants Flutterwave and Paystack, which have attracted global attention and secured over $1 billion in funding in 2022 alone. He called for further collaboration between Swedish investors and Nigerian startups to fuel innovation and create job opportunities.

This announcement came as Vice President Kashim Shettima, representing President Bola Tinubu, led Nigeria’s delegation at the ongoing 79th session of the United Nations General Assembly (UNGA).

At a US-Nigeria Executive Business Roundtable organised by the US Chamber of Commerce, Nisha Biswal, a representative of the U.S. International Development Finance Corporation (DFC), revealed the commitment.

Of the total investment, $200 million will be allocated to mortgage refinancing in Nigeria, while $100 million will be directed towards SME financing, with a focus on women’s empowerment.

Added to this, $20 million has been earmarked for Robust International, a company involved in cashew nut processing in Nigeria.

Biswal noted the American Chamber’s focus on facilitating sustainable economic policies in Nigeria. Shettima, in response, reiterated President Tinubu’s dedication to creating an investor-friendly environment in Nigeria.

He emphasised the administration’s early reforms, particularly the removal of the fuel subsidy and the unification of the exchange rate, which aimed to stabilise Nigeria’s economy and attract foreign investment.

Shettima’s participation at the UNGA highlights Nigeria’s efforts to engage global leaders and investors. During the session, he will deliver President Tinubu’s national address and hold several high-level meetings.

These include talks with the UN Secretary-General, leaders from the African, Caribbean, and Pacific States, as well as discussions with the heads of major multinational corporations. The Vice President’s itinerary also includes a meeting with the Bill and Melinda Gates Foundation to explore potential partnerships.

The Vice President is supported by a solid Nigerian delegation, including key ministers from health, women affairs, trade, and technology sectors, all aiming to strengthen international collaboration and secure more investments for Nigeria.

President Tinubu, meanwhile, chose not to attend this year’s UNGA due to the flooding in Borno State, which has caused loss of life and property. His absence has drawn sympathy and support from international stakeholders, who are closely monitoring the situation.

The VP noted that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.

He made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the 2024 Nigeria Informal Economy Report powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment.

The Nigeria’s Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria’s informal economy and shaping a more inclusive and sustainable economic landscape.

Some of the key insights from the report include:

• The youthful demographic is a critical driving force of Nigeria’s informal economy, with over 57.7% of business owners under 34 years old
• There is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly
• Retail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses
• The reality that unemployment is the primary driver for starting a business by many players in the informal sector

Sen Shettima, represented by Dr. Nurudeen Abubakar Zauro, the technical adviser to the President on Economic & Financial Inclusion, acknowledged and appreciated the role of players in the informal space, especially Moniepoint.

“We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN’s innovative streak has also been very commendable, he said.

In his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria’s GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.

Dr. Doris Uzoka-Anite, minister of Industry, Trade and Investment, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy.

She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.

She said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.

Also delivering a goodwill message, Mansur Manu Soro, the chairman, House Committee on Small and Medium Enterprises (SMEs), said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings.

He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion.

“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.”

Tosin Eniolorunda, the chief executive officer, Moniepoint Inc, in his foreword provided the rationale for the report,

“In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner.

“The commitment we feel to this sector inspired the creation of this report. By quantifying the informal economy’s impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria’s continued growth and development.”

In a keynote presentation, Charles Odii, the director general/CEO SMEDAN, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.

“Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment.”

Furthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support.

According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria).

This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.

The event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments.

The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.

Some of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.

Techeconomy gathered that Kashim Shettima, vice president of Nigeria, was full of praises as he said it is the start of a new era in Nigeria.

The iDICE Programme is a joint initiative involving government entities and global allies such as the Bank of Industry, African Development Bank (AfDB), French Development Agency, and Islamic Development Bank.

Its principal objective is to support and foster growth in digital and creative industries for businesses.

During its meeting in March, the National Economic Council (NEC) approved the rollout of the $617.7 million iDICE program across all 36 states of Nigeria and the Federal Capital Territory (FCT).

During the inauguration of the Technical Committee of the iDICE program on Wednesday, the Vice President enthusiastically highlighted the potential of the initiative to reshape the digital and creative scene.

“We embark on a journey of innovation, collaboration, and boundless opportunity – a journey that holds the power to redefine the trajectory of our nation’s digital and creative landscape,” VP Shettima said.