By Enam Obiosio
In a defining address at the 145th meeting of the National Economic Council (NEC) held recently, Vice President Kashim Shettima tackled Nigeria’s most pressing economic and social challenges, dubbing them ‘the elephants in the room.’
Speaking to an assembly of governors, ministers, and national economic leaders, he highlighted the issues of tax reform, flood resilience, digital and creative industry growth, energy infrastructure, and human capital development as the critical areas needing swift and coordinated action.
“Our meetings since we took charge last year have been a rush for order,” Vice President Shettima began, acknowledging the intensity of the past months and the profound responsibility on the Council’s shoulders. “What haunts us the most is our promise—both as individuals and as a collective—to stay ahead of the challenges before us.” His remarks set the tone for a meeting marked by urgency and a shared commitment to address these challenges head-on.
Among the ‘elephants in the room’ was the topic of tax reform. Vice President Shettima underscored the impact of recent reforms initiated by President Bola Ahmed Tinubu, particularly the Value Added Tax (VAT). Acknowledging that these changes have sparked widespread discussion, he noted, “Our goal remains to broaden our revenue base, foster economic stability, and reduce our dependence on a limited number of sectors.” The Vice President’s remarks resonated with many at the meeting who are focused on enhancing financial resilience across Nigeria’s states and local economies.
Another critical issue highlighted by the Vice President was Nigeria’s vulnerability to natural disasters, particularly flooding. With floods causing significant damage across various regions, he praised the proactive responses of the Ministry of Water Resources and the National Emergency Management Agency (NEMA). He urged NEC members to strengthen their commitment to flood mitigation, stating, “Today invites us to reinforce our commitment to implementing approved mitigation measures, ensuring that states report their flood damages comprehensively.” This collective action, Vice President Shettima emphasized, is essential to developing sustainable solutions to protect lives, properties, and livelihoods.
One of the most promising areas discussed at the meeting was Nigeria’s digital and creative industries, seen as key to unlocking youth potential and economic growth. He pointed to initiatives like the Investment in Digital and Creative Enterprises (iDICE) and the Outsource to Nigeria Initiative (OTNI) as vital to equipping young Nigerians with the digital skills they need to thrive. “These domains hold immense potential for youth empowerment, innovation, and economic growth,” he said, underscoring the government’s goal to position Nigeria as a leader in the digital and creative sectors across Africa. He further called for stronger intellectual property protections to safeguard and monetize Nigerian creativity.
Recognizing the financial strain on citizens, the Vice President emphasized the importance of transparency in subsidy savings and reinvestment. “We must improve transparency around subsidy savings and their reinvestment,” he stated, adding that public confidence in government policy hinges on clear, accountable fiscal strategies. This transparency, paired with regionally sensitive implementation of monetary and fiscal policies, he noted, will help ease the economic pressure on Nigerians and restore hope for a more stable future.
In his remarks, Vice President Shettima also highlighted the importance of decentralizing Nigeria’s energy infrastructure to foster a more stable and resilient power supply. Citing recent power outages caused by vandalism, he proposed decentralization as the way forward, empowering states to generate, transmit, and distribute electricity in areas covered by the national grid. “Together, we can make instability a relic of the past,” he asserted, encouraging governors to support the constitutional framework that allows for greater local control of electricity.
He also urged NEC members to support the Nigeria Energy Sector Implementation Plan (NESIP), which promotes renewable energy solutions tailored to regional needs. He pointed to the abundant solar resources in northern Nigeria and gas reserves in the south, suggesting that harnessing these resources can create a resilient energy system while driving regional development. “If we capitalize on our diverse regional energy resources,” he explained, “we can build a decentralised energy system that drives growth and empowers our communities.”
Confronting the troubling statistics related to Nigeria’s Human Capital Index, Vice President Shettima emphasized the need to improve life expectancy, maternal and child mortality, and educational outcomes. He urged the Council to address these issues collaboratively, underscoring that Nigeria’s human capital development is essential for sustainable growth. “We gather here today to redeem this dark reality,” he said, calling on NEC members to prioritize initiatives that will uplift Nigerians’ quality of life and position the country on a better footing in global rankings.
In closing, he reminded the Council that the policies and actions agreed upon in the NEC chambers would have real impacts on the lives of Nigerians across the nation. “Whatever we agree upon in this chamber will reflect on the lives and futures of each citizen out there,” he asserted. He encouraged every member of the Council to play a pivotal role in transforming Nigeria’s economic landscape and creating opportunities for ambitious citizens.
The meeting concluded with an air of determination and a renewed sense of purpose, as the NEC members departed with a clearer understanding of the ‘elephants’ that must be tackled for Nigeria’s progress. Through collaborative governance, fiscal responsibility, and a focus on youth and energy initiatives, Vice President Shettima’s vision for a more resilient and inclusive Nigeria offers a roadmap to address the country’s pressing challenges while unlocking its vast potential.
