Invest in non-oil sectors to get attractive returns, Shettima attracts foreign investors

Vice President Kashim Shettima has called for a significant shift from dependence on oil to other key sectors with attractive rates of return on investment in Nigeria.

According to a statement by Stanley Nkwocha, spokesman for the Vice President, Shettima was speaking on Friday during the Foreign Direct Investors Roundtable in Abuja.

He said investors that their investments can uplift “communities, create sustainable livelihoods and drive inclusive growth.”

The Vice President said the eight-point programme of President Bola Tinubu’s administration points to multi-faceted investment opportunities.

Shettima cited agriculture, manufacturing, renewable energy and digital innovation as potential investment areas to explore.

“Through targeted incentives and public-private partnerships, we aim to unleash the full potential of these sectors, accelerating job creation and socio-economic development across the country,” he added.

He assured investors and other development partners of a business environment characterized by transparency, accountability and regulatory certainty.

Shettima encouraged them to “recognize the irreplaceable role of public-private partnerships in mobilising resources, sharing expertise and reducing investment risks.”

“It is no coincidence that the non-oil sector accounted for 93.62 percent of the country’s GDP in the first quarter of 2024,” the vice president said.

“This significant shift in our dependence on oil encourages us to explore different sectors such as agriculture, manufacturing, renewable energy and digital innovation.

“These sectors not only promise attractive returns, but are also in line with our national development priorities as set out in the Economic Recovery and Growth Plan (ERGP) and subsequent projects.”

Shettima added that the Tinubu administration has adopted certain ease of doing business mechanisms that “stimulate investment in key sectors and strengthen the capacity of public institutions, ensuring that industry stakeholders are never disadvantaged.”

He stressed the importance of investment in sustaining the country’s economy, adding that it is not just about financial gains, but also about building a lasting legacy and making a lasting contribution to the development of society.

“The life of any economy is defined by the volume of investment it receives and attracts. Investment is the engine that drives innovation, fuels growth and creates opportunities for prosperity,” the vice president said.

“Today, as we gather at the round table with our esteemed foreign direct investors, we celebrate not only the capital that flows into our country, but also the trust, faith and partnerships that these investments represent.”

Shettima said Tinubu’s visionary leadership and pro-business approach are providing additional incentives to invest in Nigeria under the current administration.