Nigeria seeks more investment in non-oil sector – Voice of Nigeria

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.

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 in Abuja, noted that President Bola Ahmed Tinubu’s eight-point Renewed Hope Agenda “signals a variety of investment opportunities, from agriculture to renewable energy.”

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

Assurance

Vice President Shettima assured investors and other development partners of a business environment that is characterized by transparency, accountability and regulatory certainty.

That is why he begged them to “recognize the indispensable role of public-private partnerships in mobilising resources, sharing expertise and mitigating investment risks.”

The Vice President noted that with the non-oil sector expected to contribute 93.62 per cent of Nigeria’s GDP in the first quarter of 2024, there was need to engage in other important 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 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.”

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

Earlier, in his welcome speech, Deputy Chief of Staff to 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 in the coming years that current and future investors will see.

In her remarks, the Technical Adviser to the President 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 program – “Round Table of Existing Foreign Direct Investors”– 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.