Shettima urges investors to unlock potential in Nigeria’s non-oil sector

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

He identified agriculture, manufacturing, renewable energy and digital innovation as potential investment areas, saying they were in line with the country’s development priorities as set out in the Economic Recovery and Growth Plan (ERGP).

The Vice President, who stated this on Friday during the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa, Abuja, noted that the eight-point programme of the Renewed Hope administration of President Bola Ahmed Tinubu “means various avenues of investment, from agriculture to renewable energy.”

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

Mr. Shettima assured investors and other development partners of a business environment that is characterized by transparency, accountability and regulatory certainty, while calling on them to “recognize the irreplaceable role of public-private partnerships in mobilising resources, sharing expertise and mitigating investment risks.”

The Vice President noted that the non-oil sector contributed 93.62 per cent to Nigeria’s GDP in the first quarter of 2024, making it imperative to examine other key sectors of the country’s economy.

He said, “It is no coincidence that the non-oil sector contributed 93.62% to the country’s GDP in the first quarter of 2024. This significant shift from our dependence on oil encourages us to explore various 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.”

Mr. Shettima added that the Tinubu administration has adopted certain ease of doing business mechanisms which he said “stimulate investments in key sectors and strengthen the capacities of public institutions, ensuring that industry stakeholders are never undermined.”

Highlighting the importance of investment in the economic life of the country, Mr. Shettima noted that it is not just about financial gains but also about “building a lasting legacy and making a lasting contribution to society” as he told the investor that their investments have the power to uplift “communities, create sustainable livelihoods and drive inclusive growth.”

He noted: “The life of any economy is defined by the volume of investment it absorbs and attracts. Investment is the engine that drives innovation, fuels growth and creates opportunities for prosperity.

“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.”

Mr. Shettima stressed that President Tinubu’s visionary leadership and pro-business approach provide additional incentives to invest in Nigeria within the current framework.

Earlier in his welcome speech, Deputy Chief of Staff to the President (Office of the Vice President) Ibrahim Hadejia commended development partners, foreign investors and other stakeholders for attending the meeting.

Mr. Hadejia outlined some of the measures being taken by President Tinubu’s administration to improve the investment climate in Nigeria.

He added that most of the measures already adopted by the administration are at various stages of implementation and will bear fruit for current and future investors in the coming years.

In her remarks, the President’s Technical Adviser on Foreign Direct Investment (FDI), Zahrah Mustapha-Audu, presented a summary report of a study conducted to gather views on foreign investment in Nigeria, noting that the outcome of the study would be crucial to the Tinubu administration’s efforts to improve the investment climate in the country.

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She explained that the Existing Foreign Direct Investors Roundtable programme focuses on finding ways to retain and increase investment in Nigeria, noting that the outcomes of the forum’s deliberations will be used to strengthen existing frameworks and policies aimed at encouraging foreign direct investment in Nigeria.

Also taking part in the discussion were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Doris Uzoka-Anite; Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq; Director General of the Nigeria Investment Promotion Commission (NIPC), Aisha Rimi; Controller General of the Nigerian Immigration Service (NIS), Kemi Nandap; a representative of the CBN Governor and representatives of other federal government agencies.

Stanley Nkwocha
Senior Special Assistant to the President for Media and Communications
(Office of the Vice President)
July 5, 2024