Nigeria’s Vice President, Kashim Shettima, has urged investors to shift focus from the oil sector to other high-potential areas, highlighting agriculture, manufacturing, renewable energy, and digital innovation as key sectors ripe for investment.
Speaking at the Existing Foreign Direct Investors Roundtable at the Presidential Villa in Abuja on Friday, Shettima emphasized that these sectors align with Nigeria’s Economic Recovery and Growth Plan (ERGP).
“The eight-point agenda of President Bola Ahmed Tinubu’s Renewed Hope administration signals diverse avenues for investment, from agriculture to renewable energy,” Shettima stated.
He added, “Through targeted incentives and public-private partnerships, we aim to unlock the full potential of these sectors, catalyzing job creation and socio-economic empowerment across the country.”
Shettima assured investors of a business environment characterized by transparency, accountability, and regulatory certainty. He highlighted the critical role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.
With the non-oil sector contributing 93.62% to Nigeria’s GDP in the first quarter of 2024, Shettima emphasized the importance of exploring these critical areas of the economy.
“This significant shift from our oil dependency invites us to explore diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation. These sectors not only promise attractive returns but also align with our national development priorities outlined in the ERGP and subsequent blueprints.”
He further noted that the Tinubu administration has adopted mechanisms to ease doing business, stimulate investment, and strengthen public institutions.
“Investment is not just about financial returns but also about building lasting legacies and making enduring contributions to society. Your investments have the power to uplift communities, create sustainable livelihoods, and drive inclusive growth.”
Shettima stressed that investment is the lifeblood of an economy, fueling innovation, growth, and 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.”
Senator Shettima also highlighted President Tinubu’s visionary leadership and pro-business background as additional incentives for investing in Nigeria.
In his welcome address, Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, commended development partners, foreign investors, and other stakeholders for their participation.
He outlined efforts by the Tinubu administration to boost Nigeria’s investment climate, noting that measures already adopted are at various stages of implementation and will yield results in the coming years.
Technical Adviser to the President on Foreign Direct Investment (FDI), Princess Zahrah Mustapha-Audu, presented a summary report of a survey on foreign investments in Nigeria. She noted that the findings would be critical to enhancing the investment environment under the Tinubu administration.
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The roundtable also saw the participation of key figures including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Industry, Trade and Investment, 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; representatives of the CBN Governor; and various federal government agencies. Diplomatic representatives, including the UAE Ambassador to Nigeria, Salem Saeed AlShamsi, and members of the American Business Council, were also in attendance.
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