Shettima urges investors to unlock potential in non-oil sector

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.

Mr Shettima made the decision on Friday during a Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa in Abuja.

He identified agriculture, manufacturing, renewable energy and digital innovation as potential investment areas.

According to him, these sectors are in line with the country’s development priorities as set out in the Economic Recovery and Growth Plan, ERGP.

He said the eight-point programme of President Bola Tinubu’s Renewed Hope administration points to diverse investment opportunities, from agriculture to renewable energy.

The Vice President said: “Through targeted incentives and public-private partnerships, we aim to unleash the full potential of these sectors, catalysing job creation and socio-economic empowerment across the country.”

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

He called on them to recognise the irreplaceable role of public-private partnerships in mobilising resources, sharing expertise and reducing investment risks.

Mr. Shettima noted that in the first quarter of 2024, the non-oil sector will contribute 93.62 per cent to Nigeria’s GDP, which is why there is a need to engage in other key sectors of the country’s economy.

He said: “It is no coincidence that the non-oil sector accounted for 93.62% of the country’s GDP in the first quarter of 2024.

“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.”

Mr. Shettima added that the Tinubu administration has adopted certain mechanisms to facilitate doing business.

According to him, the aim of this move is to boost investment in all key sectors and strengthen the capacity of public institutions, thereby ensuring that industry stakeholders are never disadvantaged.

Stressing the importance of investment in the country’s economic life, Shettima said it is not just about financial gains but also about building a lasting legacy and making a lasting contribution to the development of society.

At the event, he told investors their investments have the power to uplift “communities, create sustainable livelihoods and drive inclusive growth.”

Mr. Shettima said: “The life of any economy is defined by the volume of investment it absorbs and attracts. Investment is the lifeblood 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.”

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

Earlier, Deputy Chief of Staff to the President (Office of the Vice President), Senator 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 said most of the measures already adopted by the administration are in various stages of implementation and will bear fruit in the coming years that current and future investors will see.

Also, the President’s Technical Advisor on Foreign Direct Investment (FDI), Zahrah Mustapha-Audu, presented a report summarizing a study conducted to gather views on foreign investment in Nigeria.

She added that the outcome of the exercise will be crucial to the Tinubu administration’s efforts to improve the investment climate in the country.

The technical advisor explained that the Existing Foreign Direct Investors Roundtable programme focuses on finding ways to retain and increase investment in Nigeria.

Ms Mustapha-Audu said the outcomes of the forum’s deliberations would be used to strengthen existing frameworks and policies aimed at encouraging foreign direct investment in Nigeria.
NAN