Shettima calls for shift to non-oil sector to unlock country’s potential

Investor Tasks: Explore Manufacturing, Agriculture and Digital Innovation

Vice President Kashim Shettima on Friday strongly appealed for a shift from dependence on oil to other key sectors in a bid to boost the investment climate and attract profits to the Nigerian economy.

That is why he identified agriculture, manufacturing, renewable energy and digital innovation, among others, as sectors that can unleash the country’s potential.

The Vice President, who spoke during the Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa in Abuja, said these sectors were in line with the country’s development priorities as outlined in the Economic Recovery and Growth Plan (ERGP).

He noted that the eight-point Renewed Hope agenda under the administration “means a variety of investment paths, 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.

Shettima assured investors and other development partners of a business climate 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.”

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

His words: “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.

This significant shift in our dependence on oil is driving us to focus on 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 administration has adopted certain mechanisms to facilitate doing business, which he said “stimulate investments in key sectors and strengthen the capacity of public institutions, ensuring that industry stakeholders are never weakened.”

Stressing the importance of investment in the country’s economic life, Shettima noted 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.”

He told investors their investments had 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.”

Shettima stressed that the visionary leadership of President Bola Tinubu and his pro-business approach are providing additional incentives to invest in Nigeria within the current framework.

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

Hadejia outlined some of the actions taken by the 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 in the coming years that current and future investors will see.

In her remarks, the President’s Technical Adviser on Foreign Direct Investment (FDI), Princess 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.

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

The meeting was also attended by the Ambassador of the United Arab Emirates to Nigeria, His Excellency Salem Saeed AlShamsi, the leadership of the American Business Council, other members of the diplomatic corps and technical partners.