Unlock Potentials In Nigeria’s Non-oil Sector, VP Shettima Tells Investors

By Stanley Nkwocha

Vice-President Kashim Shettima has called for a significant shift from dependence on oil to other critical sectors with attractive investment returns in Nigeria.

He identified agriculture, manufacturing, renewable energy, and digital innovation, among other sectors, as potential investment grounds to explore, saying they align with the nation’s development priorities outlined 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 agenda of the Renewed Hope administration of President Bola Ahmed Tinubu “signals diverse avenues for investment, from agriculture to renewable energy.”

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

Mr Shettima assured the investors and other development partners of a business environment that is characterised by transparency, accountability, and regulatory certainty, even as he implored them to “recognise the indispensable role of public-private partnerships in mobilising resources, sharing expertise, and mitigating investment risks.”

The VP observed that the non-oil sector contributed 93.62 per cent to Nigeria’s GDP in the first quarter of 2024, exploring other critical sectors of the nation’s economy is imperative.

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He said, “It is not by chance that the non-oil sector contributed 93.62% to the nation’s GDP in the first quarter of 2024. This significant shift from our oil dependency invites us to explore diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation.

“These sectors not only promise attractive returns but also align with our national development priorities outlined in the Economic Recovery and Growth Plan (ERGP) and subsequent blueprints.”

Mr Shettima further said the Tinubu administration adopted some mechanisms for the ease of doing business, which, according to him, “stimulate investment across critical sectors and strengthen the capacity of public institutions, ensuring that industry stakeholders are never undermined.”

Emphasising the importance of investment in the life of a country’s economy, Mr Shettima noted that it is not just about financial returns but also “building lasting legacies and making enduring contributions to society,” just as he told the investor that their investments are capable of uplifting “communities, create sustainable livelihoods, and drive inclusive growth.”

He noted: “The life of every economy is defined by the volume of investments it accommodates and attracts. Investments are the lifeblood that fuels innovation, drives growth, and creates opportunities for prosperity.

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“Today, as we gather for this roundtable with our esteemed foreign direct investors, we celebrate not just the capital that flows into our nation but the confidence, trust, and partnerships that these investments represent”.

Mr Shettima further stressed that President Tinubu’s visionary leadership and pro-business background were added incentives to investing in Nigeria under the present dispensation.

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

Mr Hadejia outlined some of the efforts made by President Tinubu’s administration to boost Nigeria’s investment climate.

He said most of the measures already adopted by the administration were at different implementation phases and would yield fruits in the coming years for existing and aspiring investors.

In her remarks, the Technical Adviser to the President on Foreign Direct Investment (FDI), Zahrah Mustapha-Audu, presented the summary report of a survey conducted to aggregate views about foreign investments in Nigeria, noting that the outcome of the exercise would be critical to the efforts by the Tinubu administration to boost the investment environment in the country.

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She explained that the programme – ‘Existing Foreign Direct Investors Roundtable’- is centred around seeking ways of retaining and scaling up investments in Nigeria, noting that the outcome of deliberations at the forum would be harnessed to boost existing frameworks and policies aimed at encouraging foreign direct investment in Nigeria.

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

By Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)

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