Vice President Kashim Shettima has called on members of the newly inaugurated the 3rd Cohort of the Presidential Enabling Business Environment Council (PEBEC) to be 100% committed to promoting a conducive business environment.
He made the call on Thursday during the inaugural meeting of the PEBEC at the Presidential Villa, Abuja.
This, according to him, would directly reflect the strong political will behind the transformative initiatives of President Bola Ahmed Tinubu-led government.
Sen. Shettima also implored members of the Council to align themselves effortlessly with the eight-point Renewed Hope Agenda of the Tinubu administration.
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Recalling that emerging markets, particularly in Africa, were slowed down in the face of global economic challenges occasioned by the disruptions of the COVID-19 pandemic, VP Shettima regretted that “Heightened geopolitical tensions in the West African Sahel, coupled with concerns about national debt sustainability, contributed to a slowdown in Sub-Saharan Africa’s economic growth to 3.6% in 2022.
“Nigeria, as the largest economy in Africa, experienced a significant economic slowdown over the past decade. For instance, by the end of the last decade, Africa’s GDP was $400 billion less than what experts predicted it to be. Nigeria alone accounted for $140 billion (or 37%) of this unrealised GDP gain,” he added in a statement by his spokesman, Stanley Nkwocha.
The vice president however expressed optimism that Nigeria has remained steadfast in navigating the challenges through its commitment to economic revival and growth at both the national and continental levels, with 2023 businesses generating over $1 billion in revenue.
“Furthermore, amidst the economic challenges, it is with great pride and optimism that we acknowledge the remarkable resilience of the Nigerian business landscape. Currently, our nation boasts 23 businesses generating over $1 billion in revenue-a testament to the entrepreneurial spirit and economic prowess within our borders,” he noted.
In celebrating the achievements of these 23 businesses, VP Shettima underscored the need to consider them as the beginning of Nigeria’s potential, just as he maintained that all hands must be on deck “to foster the growth of more businesses of such calibre.
Earlier, the Special Adviser to the President on PEBEC and Investment, Dr Jumoke Oduwole, noted that PEBEC’s mandate is to deliver Nigeria’s business environment reform, with the dual mandate to remove bureaucratic and legislative constraints to doing business and improve the perception about the ease of doing business in Nigeria.
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