The Vice President, Kashim Shettima yesterday, said he and President Bola Tinubu empathise with Nigerians over the current hardship occasioned by ongoing economic reforms.
Declaring open the ongoing 30th Nigeria Economic Summit in Abuja, the VP said that there was, however, no alternative to the reforms if the economy must return to sustainable growth.
He said: “My heart and the heart of President Tinubu go out to most of the Nigerian people, we empathize with what the poor and the young are going through in Nigeria. But we have no option, as he (Tinubu) rightly said.
“Nigeria’s economy has been volatile, heavily dependent on oil revenues, and unable to create enough jobs to keep pace with our rapidly growing population. As a nation, we must prioritize economic diversification.
“Our focus is on sectors that can offer inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy. The digital economy poses a very promising prospect for revitalizing our economy. According to Pond Theory, a global finance conglomerate has currently 65 million global deputies. By 2035, however, the United States, Brazil, and Russia will suffer from six million talent deficits each.
“The global talent powerhouse India by 2035 will only have one million supporters. And there are more English speakers in Nigeria than in India. And in terms of age, the average age of the Nigerian nation is 16.9.
“We need to harness our potential so that we can transform our anticipated demographic bulge into demographic dividends, not the demographic disaster that will consume all of us. As rightly said by my friend, from the bottom,
“Some of the policy conditions, policy options, are very difficult. But they are almost inevitable. Yes, some of these decisions are unpopular, but they must be taken to set the economy on the trajectory of growth.”
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