Economy will grow in leaps and bounds next year, Shettima assures Nigerians

By Abubakar Yunusa

Vice-President Kashim Shettima, says the country’s economy will grow in “leaps and bounds” by 2025.
Shettima spoke over the weekend at a retreat organised for presidential aides and heads of units in his Abuja office.
The politician referenced the crude oil production of 1.8 million barrels per day recorded recently as part of the country’s economic improvements so far.
According to the vice-president, the nation’s economy is on the path of growth on account of President Bola Tinubu’s policies and determination to transform the economy for all Nigerians.
”President Tinubu is determined to change the fortunes of the nation. We all want to bequeath to the younger generation a united and progressive country,” Shettima said.
“Yes, the economy has and is experiencing challenges but we have turned the corner. As of now, we are producing 1.8 million barrels of oil per day.
“The economy is on an upward trajectory and I believe in the new year, the economy will grow in leaps and bounds.”
Shettima urged the presidential aides and Nigerians at large to assist President Bola Tinubu in delivering on his mandate.
“The country is greater than all of us. I urge you, let’s work as a team and as a family,” he added.
Speaking earlier, Hassan Hadejia, deputy chief of staff to the president (office of the vice-president), said the retreat was planned to enable aides to synergise on ideas.
According to Hadejia, the retreat was also to ensure a seamless execution of tasks assigned to the office of the vice-president.
He said the essence of the event was to enhance strategic communication in the office, streamlining project funding, and partnership.
Hadejia added that it would improve collaboration and synergy within the office and enhance collaboration with ministries, departments, and agencies.
He said that the plan would be effective from year 2024 to 2027.
Omosehin explained that the plan took into cognisance the strategic imperatives of the industry transformation roadmap as well as the current macroeconomic realities in Nigeria as a whole.
The NAICOM boss noted that the commission had set out five priority areas for immediate implementation which included safeguarding policyholders and improving confidence in the industry, among others.
“The policy thrusts of the commission’s new administration will thrive on the above priorities, which will in turn shape the direction of regulation in the industry.
“One of the enshrined and fundamental responsibilities of the commission as a regulator is the protection of policyholders, hence NAICOM has placed significant premium on prompt settlement of all genuine claims,” he said.
Omosehin congratulated the new leadership of CIIN under the stewardship of Mrs Yetunde Ilori for a successful outing.
He also commended the immediate and past presidents of the institute for their steadfastness and dedication to its growth and development.
In her welcome address, Mrs Yetunde Ilori, President of CIIN, said the insurance sector presently faced an unprecedented opportunity to reinvent itself.
Ilori stated that through digital transformation, insurers could offer personalised, seamless experiences to its customers, simplify its operations and create innovative products that addressed the changing risk landscape.

According to her, whether through AI-driven underwriting, blockchain in claims management or new models like on-demand insurance, the industry is being reshaped.

“However, transformation is not only about technology. It is about creating a customer-centric mindset that focuses on building trust, offering transparency and fostering long-term relationships.

“Expanding our market reach involves understanding the evolving needs of our customers, reaching underserved segments and providing solutions that speak directly to their concerns,” she said.

The Insurance Professionals Forum is a yearly gathering of insurers across the country organised by the CIIN.

It is an opportunity for these insurers to brainstorm on the recorded successes, challenges and opportunities ahead to move the industry forward.