Vice President Kashim Shettima has said that President Bola Tinubu’s government deserves commendation for reforms in key sectors, attributing the rise in foreign reserves to the moves.

Shettima spoke on Monday at the Delta Economic and Investment Summit in Asaba, hailing Anambra State Governor Chukwuma Soludo for backing the reforms of the Tinubu administration.

“Professor Soludo, you have done a lot of things for the Federal Government, especially by informing Nigerians where we are coming from,” the vice president said at the event attended by political leaders, captains of industry and other dignitaries.

“From reserves of $3bn, when we were experiencing capital flight and capital scarcity. Now, we are experiencing capital inflows, so that our foreign reserves have gone up to about $52bn and counting in a turbulent world, mind you. I think the President deserves commendation and not condemnation.”

While praising Soludo, the vice president hailed him for his stance in the 2023 elections, saying the Anambra governor went “against the wind”.

Addressing the gathering in the Delta State capital, Shettima said the rise in investment summits is a sign of healthy competition among states.

According to him, with more money coming to states, sub-nationals have a stronger foundation.

In his address, Governor Sheriff Oborevwori of Delta said his government had set aside $100 million as viability gap funding to de-risk new investments in the state.

“Mr. Vice President, as I conclude my address, I am pleased to announce that the government has set aside 100 million dollars, approximately 133,800,000,000, as viability gap funding to de-risk new investments in the state,” the governor said.

According to him, Delta State has also earmarked over 12,000 hectares of farmland for agricultural development for prospective investors.

“Investment opportunities abound in the value chain production of cassava, oil palm, rice, potato, and other cash crops. It is my pleasure to announce that in preparation for this summit, over 12,000 hectares of farmland have been marked for agricultural development for prospective investors.

“And in addition, the entire state has a coastline of one to three kilometres suitable for the development of a thriving marine economy,” he said

The summit is a strategic platform for economic transformation aimed at deepening investor confidence, fostering strategic partnerships, and attracting both domestic and foreign direct investment. (Chanels)

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