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From Juliana Taiwo-Obalonye, Abuja
Vice President Kashim Shettima has called for a significant shift from dependence on oil to other critical sectors with attractive investment returns in Nigeria, including agriculture, manufacturing, renewable energy and digital innovation.
In a statement issued by his media aide, Stanley Nkwocha, the Vice President identified these sectors as potential investment grounds that align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).
Shettima assured investors of a business environment characterised by transparency, accountability and regulatory certainty, and urged them to recognize the importance of public-private partnerships.
The Vice President noted that the non-oil sector contributed 93.62% to Nigeria’s GDP in the first quarter of 2024, underscoring the need to explore diverse sectors beyond oil.
He said the Bola Tinubu administration has adopted mechanisms to ease doing business and stimulate investment across critical sectors.
He stressed that investments are not just about financial returns, but also about “building lasting legacies and making enduring contributions to society.”
Shettima noted that it is not just about financial returns but also “building lasting legacies and making enduring contributions to society,” just as he told the investor that their investments are capable of uplifting “communities, create sustainable livelihoods, and drive inclusive growth.”
He noted: “The life of every economy is defined by the volume of investments it accommodates and attracts. Investments are the lifeblood that fuel innovation, drive growth, and create opportunities for prosperity.
“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”.
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He said President Tinubu’s visionary leadership and pro-business background provide added incentives for investing in Nigeria under the present administration.
Earlier in his welcome address, the Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, commended the development partners, foreign investors and other stakeholders for participating in the meeting.
Hadejia outlined some of the efforts made by the administration of President Tinubu to boost the investment climate in Nigeria.
He said most of the measures already adopted by the administration were at different phases of implementation, and would yield fruits in the coming years for existing and aspiring investors to see.
In her remarks, the Technical Adviser to the President on Foreign Direct Investment (FDI), Zahrah Mustapha-Audu presented the summary report of a survey conducted to aggregate views about foreign investments in Nigeria, noting that the outcome of the exercise would be critical to the efforts by the Tinubu administration to boost the investment environment in the country.
She explained that the programme – ‘Existing Foreign Direct Investors Roundtable’- is centered around seeking ways of retaining and scaling up investments in Nigeria, noting that the outcome of deliberations at the forum would be harnessed to boost existing frameworks and policies aimed at encouraging foreign direct investment in Nigeria.
Also present at the roundtable were the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr. Aminu Umar-Sadiq; CEO of Nigeria Investment Promotion Commission (NIPC), Aisha Rimi; the Comptroller General of Nigerian Immigration Service (NIS), Kemi Nandap; the representative of the CBN Governor and representatives of other federal government agencies.
Other participants include the UAE Ambassador to Nigeria, H.E Salem Saeed AlShamsi, the leadership of the American Business Council, other members of the diplomatic corps and technical partners.
