Vice President Kashim Shettima Stresses Private Sector Role in Economic Growth at NES30

Vice President Kashim Shettima underscored the pivotal role of private sector involvement in boosting Nigeria’s economic trajectory at the conclusion of the 30th Nigerian Economic Summit (NES30), Represented by Minister Sen. Atiku Bagudu, Kashim Shettima highlighted that the partnership between public and private sectors is vital to achieving sustainable growth, improved competitiveness, and long-term stability in the nation’s economy. He stated that fostering such synergies is key to navigating current economic challenges and achieving development goals.

Kashim Shettima stressed the importance of leveraging private sector innovation alongside public sector regulatory frameworks to ensure transparency, efficiency, and good governance. According to him, while the government creates the environment through policies, the private sector drives creativity, entrepreneurship, and innovation, which can unlock the nation’s economic potential.

Kashim Shettima: Private Sector Innovation, A Catalyst for National Development

Kashim Shettima emphasised that private sector contributions are indispensable to Nigeria’s economic advancement. He noted that private companies have the capacity to generate new ideas, apply cutting-edge technologies, and develop infrastructure that can modernise the economy. The Vice President, Kashim Shettima also pointed out that innovation stemming from private enterprises can reduce bureaucracy and improve service delivery across various sectors, including agriculture, technology, and manufacturing.

In his address, Kashim Shettima urged the private sector to continue pushing the envelope with innovations that can transform local industries and create jobs. He noted that the government’s role is to facilitate this process by ensuring a favourable regulatory environment, which would encourage investments and sustain economic momentum.

Public Sector Support Through Policy and Regulation

While acknowledging the private sector’s role, Kashim Shettima highlighted that the public sector plays an equally important role by providing policy frameworks, infrastructure, and regulatory oversight. He noted that effective regulation can help create a more transparent business environment that fosters trust between investors and the government. Additionally, clear policies can guide private companies to align their objectives with national economic priorities.

The Vice President, Kashim Shettima further explained that public sector input, through initiatives such as economic reforms and infrastructure investments, is necessary to complement private sector efforts. This synergy, he argued, ensures that economic growth is both inclusive and sustainable, benefiting all Nigerians.

SEC to Establish Talent Fund for Market Development

In a related development, Agama, the representative of the Securities and Exchange Commission (SEC), announced plans to establish a Talent Fund aimed at engaging top industry experts. The initiative is expected to enhance regulatory frameworks and support market development by attracting seasoned professionals to key positions. This will not only ensure more efficient oversight but also help bolster investor confidence.

The Talent Fund, according to Agama, is part of a broader effort to position Nigeria’s capital markets as competitive on a global scale. The goal is to align market practices with international standards, thereby fostering greater trust in Nigeria’s financial system.

Good Governance and Transparency as Economic Pillars

Kashim Shettima also emphasised the need for good governance and transparency in both public and private sector collaborations. He noted that transparency is critical for building investor confidence and ensuring that economic policies are implemented effectively. By maintaining a strong commitment to good governance, Nigeria can avoid corruption and inefficiencies, making it easier for businesses to operate within a reliable framework.

Transparency and accountability, Kashim Shettima added, are essential for attracting foreign investment, which is crucial for sustaining economic growth. He urged policymakers to ensure that all decisions are made in the public’s best interest, and that regulatory bodies remain independent and free from undue influence.

Nigeria’s Future Hinges on Sustainable Economic Policies

Vice President Kashim Shettima reiterated that Nigeria’s economic future depends on sustainable policies that promote inclusivity and long-term growth. He called for continued collaboration between the private sector and the government, emphasising that such partnerships can unlock new opportunities in sectors like energy, agriculture, and technology. This, in turn, will drive job creation, improve infrastructure, and raise the standard of living for all Nigerians.

Kashim Shettima’s remarks at NES30 served as a call to action for both sectors to work together to achieve the country’s development goals. He stressed that with the right policies in place, Nigeria has the potential to become a global economic powerhouse.