Vice President Kashim Shettima has called for a major shift in Nigeria from oil dependency to other key sectors with attractive investment returns.
Shettima was speaking at an Existing Foreign Direct Investors Roundtable in Abuja on Friday, according to a statement from Vice Presidential Press Secretary Stanley Nkwocha. He told investors that their investments could “strengthen communities, build sustainable livelihoods, and promote inclusive growth.”
The Vice President said President Bola Tinubu’s eight-point agenda suggests diversified investment opportunities. Shettima cited agriculture, manufacturing, renewable energy, and digital innovation as potential investment areas to be considered.
“Through targeted incentives and public-private partnerships, we aim to unlock the full potential of these sectors, thereby boosting job creation and socio-economic empowerment across the country,” he added.
He assured investors and other development partners of a business environment characterized by transparency, accountability, and regulatory certainty.
Shettima encouraged them to “recognize the essential role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.”
“It is no coincidence that the non-oil sector contributed 93.62% to the country’s GDP in the first quarter of 2024,” the Vice President said.
“This major shift away from oil dependency has prompted us to explore diverse areas such as agriculture, manufacturing, renewable energy, and digital innovation.
“These sectors not only promise attractive returns but are also aligned with national development priorities outlined in the Economic Recovery and Growth Plan (ERGP) and subsequent drafts.”
He further noted that the Tinubu administration has put in place several policies, including ease-of-doing business mechanisms that “stimulate investment in critical sectors and strengthen the capacity of public institutions to ensure that industry stakeholders are never undercut.”
He stressed the importance of investment to support the country’s economy, adding that investment is not just about economic returns but also about building a lasting legacy and making a sustainable contribution to society.
“The longevity of an economy is determined by the amount of investment it absorbs and attracts. Investment is the lifeblood that fosters innovation, spurs growth, and creates opportunities for prosperity,” the Vice President said.
“We gather today for this series of talks with our valued foreign direct investors to celebrate not only the capital flowing into our country but also the trust and partnership these investments represent,” he said, praising Tinubu for his visionary leadership. His business-oriented background is an added incentive for them to invest in Nigeria under this administration.
