Vice-President Kashim Shettima has called for a significant shift from Nigeria's dependence on oil to other critical sectors with promising investment returns. Speaking at the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa in Abuja, Shettima identified agriculture, manufacturing, renewable energy, and digital innovation as key areas for exploration. He emphasized that these sectors align with the nation's development priorities outlined in the Economic Recovery and Growth Plan (ERGP).
Shettima highlighted the eight-point agenda of the Renewed Hope administration under President Bola Ahmed Tinubu, noting the diverse investment opportunities it presents. "Through targeted incentives and public-private partnerships, we aim to unlock the full potential of these sectors, catalyzing job creation and socio-economic empowerment across the country," he stated.
Assuring investors of a business environment characterized by transparency, accountability, and regulatory certainty, Shettima urged them to recognize the crucial role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks. He noted that the non-oil sector contributed 93.62 percent to Nigeria’s GDP in the first quarter of 2024, underscoring the need to explore other critical sectors of the economy.
"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," Shettima said.
The Vice President further explained that the Tinubu administration has adopted mechanisms to ease doing business in Nigeria, stimulating investment across critical sectors and strengthening public institutions' capacity. He emphasized that investment is not just about financial returns but also about building lasting legacies and making enduring contributions to society.
"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," Shettima noted.
He stressed that President Tinubu’s visionary leadership and pro-business background are added incentives for investing in Nigeria under the current administration. Earlier in his welcome address, Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, commended development partners, foreign investors, and other stakeholders for participating in the meeting. He outlined some of the efforts made by the Tinubu administration to boost the investment climate in Nigeria.
What are your thoughts on Nigeria's shift from oil dependency to other critical sectors? Share your reactions and follow us for more updates on this developing story. Your comments and insights are valuable as we continue to explore the complexities of Nigeria's economic reforms. Stay tuned for more detailed analyses and reports.