Shettima: We’re Not in Davos to Beg, But Dialogue on Equal Terms

·      Declares Nigeria, Africa not poor by any standard

·      Says global community thrilled with  subsidy removal, collapse of multiple FX regimes, taxation

·      Insists quest for foreign investment  will soon yield result

·      Boasts wherever trajectory of global growth faces Africa, Nigeria will make or mar destination

Deji Elumoye, Kingsley Nwezeh, Dayo Adedayo in Abuja and Nume Ekeghe in Lagos

Vice President Kashim Shettima said yesterday, at the ongoing World Economic Forum (WEF) in Davos, Switzerland, that Nigeria was not at the event to beg as a poor nation, but was dealing with Western nations on equal terms.

Shettima spoke exclusively to Arise News Channel as head of the Nigerian delegation to the global forum.

While reiterating that the country did not head to the 2024 WEP to beg but to dialogue with investors on a fair, balanced and mutually beneficial relationship, he expressed happiness with the outpouring of support for Nigeria by the global business community.

The vice president said the global business community was thrilled with the policy direction of the federal government, which culminated in fuel subsidy removal, collapse of multiple taxation, and the foreign exchange regimes initiated by the President Bola Tinubu government.

According to him, “We are not a poor nation by any standard. We are not a poor continent. We want to deal with people on a pedestal of equality. We do not come to the West with a begging bowl.

“No, we want to deal with them on mutually beneficial terms because ours is the richest continent in the world. The whole countries of Europe, their resources are not up to the resources in the Democratic Republic of Congo.

“This is why I said we carry our poverty with dignity. We are not here to beg. Wherever we go, we go to have mutually beneficial relationships with Western nations and Western entities.”

On the government’s policy direction, investment climate, and potential investors in Nigeria, the vice president affirmed that the global investment community was thrilled with steps taken by the government to reengineer Nigeria’s economy.

He stated, “Our presence was well-received, especially in the light of some far-reaching decisions taken by the present administration towards repositioning the economy.

“Oil subsidy for successive administrations had been an albatross around our neck. The president summoned the political willpower to remove the oil subsidy.

“And we know the consequences of unveiling a masquerade. There’s a huge cabal that were packed on the oil subsidies camp.

“Look at the multiple exchange rate regimes that provided room for elective, shady practices. We collapsed the multiple exchange rates, the multiple taxation.

“The president had set up a committee to synchronise our taxes and come up with a single line taxation system.

“So the global community was thrilled. We have had a lot of positive interface, positive interactions, and very soon our efforts will start yielding fruit.”

On private sector investment and the African Continental Free Trade Area (AfCFTA), Shettima expressed confidence that Nigeria was poised to take advantage of digital revolution to encourage investment in the private sector.

He said, “Well, Africa missed the agricultural age, Africa missed the industrial age. We are now in the knowledge ribbon post-industrial age dominated by big data, artificial intelligence, biotechnology and we are uniquely positioned to really leapfrog into the new age because this is knowledge-driven and Africans are doing marvellously well in that arena.

“As Charles Darwin rightly said, it’s not the strongest or the most intelligent of the species that survive, but those that are adaptable to change.

“Yes, the illiterates of the 21st century are not those who cannot read and write, but those who cannot learn and learn and relearn. We are poised to take advantage of the digital revolution.”

Shettima maintained that Nigeria would lead the charge to take Africa to the desired destination with the strength of its population.

He said, “For the purpose of perspectives, one out of every four black men is a Nigerian, and by 2050 we are projected to be the third most populous nation on earth. We will surpass the United States.

“Our population will be 440 million people by then. One out of every three black men will be a Nigerian, and by the end of the century, we’ll be the most populous nation on earth.

“Certainly, this is the most populous country in Africa and its largest economy. Wherever Nigeria goes, that’s where Africa goes and the trajectory of global growth is facing, Africa and Nigeria will make or mar that destination.

“We are poised to take advantage of the digital revolution. We are in a unique position, digitally equipped. We can really take advantage of the digital revolution and occupy our rightful place in the comity of nations.”