Nigerian Economy On Transformative Journey, Says Akpabio

The President of the Senate, Godswill Akpabio has described the Nigerian economy as one on transformative journey under with the various bold reforms initiated by the Bola Tinubu administration.

Akpabio, spoke on Monday at the National Assembly while receiving a delegation of the Swiss European Free Trade Association (EFTA) on a courtesy visit, cited the fuel subsidy removal and the unification of the naira exchange rate as some of the bold reforms.

“These measures are laying the foundation for sustainable growth, with projections indicating a promising GDP growth rate of 4.17 per cent in 2025,” he said.

Akpabio told his visitors that Nigeria was ready to partner with Switzerland to ignite innovation, diversify the economy and create opportunities for generations to come.

He added that being the largest economy in Africa and a member of the African Continental Free Trade Area, Nigeria was ready to engage with EFTA in ways that would transcend mere trade.

“We envision partnerships that will ignite innovation, diversify our economy and create opportunities for generations to come.
Switzerland and indeed the European Free Trade Association, has long been a beacon of ingenuity and perseverance.

“Your work in advancing free trade and fostering economic cooperation has set a standard for what nations can achieve when they focus not on their divisions but on their commonalities.

“Our two nations, Nigeria and Switzerland, have already shared moments of profound partnership. One such moment was the historic agreement in 2017, when Switzerland returned $321 million in recovered funds to Nigeria.”

According to him, that gesture by Switzerland not only strengthened the bonds of trust between the two countries but also set a global example of accountability and mutual respect.

“It was proof that when nations act with integrity and in the spirit of justice, the world becomes a better place. Now, we have before us the opportunity to write the next chapter of our shared history.

“Nigeria, as the largest economy in Africa and a proud member of the African Continental Free Trade Area, stands ready to engage with EFTA in ways that will transcend mere trade”.

The leader of the Swiss delegation, Mr Thomas Aeschi, who spoke earlier, said it was a privilege for his team to be in Nigeria, describing Nigeria as a country of immense potential and a indispensable partner for Switzerland.

Aeschi, who is a member of the Swiss parliament, said EFTA is an intergovernmental organisation that brings together four member states; Switzerland, Iceland, Norway and Liechtenstein.

“It is dedicated to promoting free trade and fostering economic cooperation with countries outside the European Union,” Aeschi added.

He said that the delegation was at the Nigerian National Assembly to explore ways to deepen economic partnership with Nigeria and to identify new areas of collaboration.

“As I said, the potential of this country is huge, just looking at its population size. I am convinced that parliamentary diplomacy can help to strengthen ties and re-launch processes for our governments.

“While EFTA, the European Free Trade Association does not yet have a formal trade negotiation process with Nigeria in place, we are here to lay the groundwork for future possibilities,” he said.

Nigerian Economy On Transformative Journey, Says Akpabio is first published on The Whistler Newspaper