Govt policies yielding results with improved PPP – Shettima

Vice President, Kashim Shettima has stated that the reforms under the current administration have now yielded results with the aid of collaboration from the Organised Private Sector (OPS)

Shettima stated this in Abuja on Monday during the opening session of the 5th Annual Employers’ Summit 2026 with the theme: “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth,” organised by the Nigeria Employers Consultative Association (NECA).

He said, “When President Bola Ahmed Tinubu assumed office, the economy carried deep structural burdens. Fuel subsidy had become fiscally unsustainable. The foreign exchange market was fragmented, government revenue was weak and investor confidence required rebuilding. The easy option at that time was to postpone difficult decisions. But leadership is tested when the right decision is also the difficult one.

“The Renewed Hope Agenda was designed to confront these realities. We cannot build prosperity on distortions, attract investment when foreign exchange remains uncertain, or create jobs when enterprises are suffocated by multiple taxation, poor logistics and insecurity. The reforms have been difficult, but their purpose is to correct the foundations so that growth becomes real, durable and inclusive.

“There is no doubt that restoring macroeconomic stability was our first task because a stable economy is the first infrastructure of business. Before roads, railways and ports, businesses need confidence to plan and invest.

“This is why removing the fuel subsidy and reforming the foreign exchange market remains central to our reforms. The subsidy crowded out investment while encouraging inefficiency and rent-seeking. The foreign exchange reforms are delivering a more transparent and market-reflective system.

“Our agenda reduces the number of taxes, harmonises administration, protects the vulnerable, supports small businesses and encourages compliance by lowering rates while widening the tax base needed to fund infrastructure and partnerships with the private sector have been fruitful,” he said.

Also in his opening remarks, the Director General of NECA, Mr. Adewale Smart Oyerinde noted that the summit is now in its fifth edition, adding that one of the key recommendations consistently made by the organised private sector over the years was the removal of the fuel subsidy which has now been removed.

Speaking on the essence of the Summit, he said, “We recognised the strength of our over 35 sectoral employer groups, representing industries such as construction, food and beverages, chemicals and non-metallic products, iron and steel, commerce, distribution and many others.

“We believed it was important for employers to come together, not only within existing consultative structures, but also to share their perspectives on the economy and identify policies that would enable the private sector to fulfil its role as the engine of national development.

“Five years later, we are proud that this summit has consistently produced practical policy recommendations that successive governments have found useful. The organised private sector understands this reality. Our responsibility is to ensure that the government also understands where businesses are experiencing challenges and what policy adjustments are required to improve enterprise competitiveness,” he added.

Also speaking, DG of NSITF, Oluwaseun Faleye said Nigeria Social Insurance Trust Fund (NSITF), believes that enterprise competitiveness and workers’ protection are complementary, not competing, objectives.

“A protected workforce is a more confident, productive and resilient workforce, better positioned to contribute to business growth. Similarly, businesses that embrace responsible practices and invest in the welfare of their employees build stronger institutions and more sustainable enterprises.

“That is why we consider the partnership between NECA and NSITF to be both strategic and complementary,” he said.

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