He also advocated the creation of a Nigeria-UK Binational Commission to drive future engagements.
“I will urge you to facilitate the setting up of the Nigeria-UK Binational Commission; that Bi-national Commission can be the driver for accelerating and enhancing business relationship between our two countries,” Shettima told the British High Commissioner to Nigeria, Richard Montgomery, at the Presidential Villa, Abuja.
Director of Information, Office of the Vice President, Olusola Abiola, revealed this in a statement he signed on Wednesday, titled ‘VP Shettima seeks stronger relations with UK, advocates the creation of the bi-national commission.’
In his brief remarks, the Vice President commended the long-standing assistance and support of the UK government to Nigeria and expressed hope for a more robust business relationship.
“We need to ramp up the trade between our two nations, taking into cognisance our proximity.
“There is no nation that we are close to than the UK, and our trade represents less than five per cent of the volume of our imports and exports,” he said.
On the economy, the Vice President said the Bola Tinubu-led administration would “create an enabling environment for businesses to flourish” in Nigeria.
He said the recent discontinuance of petrol subsidy is “just the beginning” of more economic reforms to follow in the coming months.
“This is just the beginning because it was fait accompli to withdraw the fuel subsidy. Either we get rid of the fuel subsidy, or the fuel subsidy gets rid of the Nigerian nation.
“In 2012, we spent $10 billion on fuel subsidy alone. Last month, we were purportedly consuming 67 million litres per day, but after the removal of the subsidy, it dropped to 41 million bpd, nearly 40 per cent off. So the whole subsidy regime was opaque and ridden with a lot of inconsistency.
“In the coming weeks and months, we are going to make more pronouncements on how to reposition the Nigerian economy and make it vibrant for business,” Shettima explained.
On efforts to find a lasting solution to the security challenges in the country, the VP said the Federal Government must deploy both kinetic and non-kinetic approaches.
“So, I can assure you that we will pursue both kinetic and non-kinetic solutions to our challenges,” he remarked.
This also means strengthening Nigeria’s security architecture so the FG has a “stronger bargaining position with the insurrectionists, Boko Haram terrorists and kidnappers,” the VP noted.
Shettima revealed that the administration will soon roll out different socio-economic intervention programmes and initiatives in the North East and North West that will facilitate the empowerment and social inclusion of the vulnerable groups in the regions.
In his remarks, the British High Commissioner, Mr. Richard Montgomery, commended the new administration’s proactive economic policies, especially the reforms.
He lauded the long-standing relationship and cooperation with Nigeria, especially in areas of trade and investment, security and defence, digital technology, and education.
The diplomat also expressed the readiness of the UK government to partner closely with the Federal Government to achieve the overall development of the country.
In the delegation of the British High Commissioner were the Deputy Development Director, Susan Mshana; Counsellor Lake Chad Basin, Alex Maclean; Political Counsellor, Jonathan Bacon; and Senior Political Advisor, Damilola Oyedele.
