Vice President Kashim Shettima has called on investors to explore Nigeria’s multiple non-oil sector opportunities, where he said there are significant and attractive investment returns.
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 yesterday during the Existing Foreign Direct Investors Roundtable at the Presidential Villa, Abuja, noted that the eight-point agenda of the ‘Renewed Hope’ administration of President Bola Tinubu “signals diverse avenues for investment, from agriculture to renewable energy.”
According to a statement issued by the Senior Special Assistant to the President on Media and Information, Office of the Vice President, Stanley Nkwocha, Shettima said: “Through targeted incentives and public-private partnerships, we aim to unlock the full potentials of these sectors, catalysing job creation and socio-economic empowerment across the country”.
Senator Shettima assured 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 vice president observed that with the non-oil sector contributing 93.62 percent to Nigeria’s Gross Domestic Product, GDP, in the first quarter of 2024, it is imperative to explore other critical sectors of the economy.
He said, “It is not by chance that the non-oil sector contributed 93.62 percent 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 and subsequent blueprints”, he explained.
Shettima further said the Tinubu administration adopted some mechanisms for the ease of doing business which, according to him, “stimulated investment across critical sectors and strengthened the capacity of public institutions, ensuring that industry stakeholders are never undermined.”
Emphasizing the importance of investment in a country’s economy, Shettima noted that it is not just about financial returns, but also “building lasting legacies and making enduring contributions to the society,” just as he told the investor that their investments are capable of uplifting “communities, create sustainable livelihoods and drive inclusive growth.”
He noted that: “The life of every economy is defined by the volume of investments it accommodates and attracts. Investments are the lifeblood that fuel innovation, drive growth and create opportunities for prosperity.
“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”, the vice president said.
He stressed that President Tinubu’s visionary leadership and pro-business background are 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), Senator Ibrahim Hadejia, commended the development partners, foreign investors and other stakeholders for participating in the meeting.
Senator Hadejia outlined some of the efforts made by the administration of President Tinubu to boost the investment climate in Nigeria.
He said most of the measures already adopted by the administration are at different phases of implementation and would yield fruits in the coming years for existing and aspiring investors to see.
In her remarks, the Technical Adviser to the President on Foreign Direct Investment, FDI, Princess 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.
She explained that the programme – ‘Existing Foreign Direct Investors Roundtable’- is centered 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.
