Vice President Kashim Shettima has called for a significant shift from Nigeria’s reliance on oil to investment in agriculture, manufacturing, renewable energy, and digital innovation. These sectors, he emphasized, offer attractive investment returns and align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).
In a statement issued by his media aide, Stanley Nkwocha, Vice President Shettima assured investors of a business environment characterized by transparency, accountability, and regulatory certainty. He stressed the importance of public-private partnerships in driving economic growth.
Highlighting the contribution of the non-oil sector, which accounted for 93.62% of Nigeria’s GDP in the first quarter of 2024, Shettima underscored the need to diversify investments beyond oil. He noted that the Bola Tinubu administration has implemented mechanisms to ease doing business and stimulate investment across critical sectors.
“Investments are not just about financial returns but also about building lasting legacies and making enduring contributions to society,” Shettima said. He emphasized that investments have the potential to uplift communities, create sustainable livelihoods, and drive inclusive growth.
“The life of every economy is defined by the volume of investments it accommodates and attracts,” Shettima stated. “Today, as we gather for this roundtable with our esteemed foreign direct investors, we celebrate not just the capital that flows into our nation but the confidence, trust, and partnerships that these investments represent.”
He highlighted President Tinubu’s visionary leadership and pro-business background as additional incentives for investing in Nigeria under the current administration.
Earlier, the Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, praised development partners, foreign investors, and other stakeholders for their participation in the meeting. Hadejia outlined efforts by the Tinubu administration to boost the investment climate, noting that many measures were at different phases of implementation and would yield results in the coming years.
In her remarks, Zahrah Mustapha-Audu, Technical Adviser to the President on Foreign Direct Investment (FDI), presented a summary report of a survey on foreign investments in Nigeria. She explained that the ‘Existing Foreign Direct Investors Roundtable’ program aims to retain and scale up investments in Nigeria. The outcome of the deliberations at the forum will be used to enhance existing frameworks and policies to encourage foreign direct investment.
Also present at the roundtable were Minister of Finance and Coordinating Minister of the Economy Wale Edun; Minister of Industry, Trade and Investment Dr. Doris Uzoka-Anite; Managing Director of the Nigeria Sovereign Investment Authority (NSIA) Aminu Umar-Sadiq; CEO of Nigeria Investment Promotion Commission (NIPC) Aisha Rimi; Comptroller General of Nigerian Immigration Service (NIS) Kemi Nandap; the representative of the CBN Governor, and other federal government agency representatives. Participants also included UAE Ambassador to Nigeria H.E Salem Saeed AlShamsi, the leadership of the American Business Council, other diplomatic corps members, and technical partners.
