Vice President Kashim Shettima has called on investors to shift their focus from Nigeria’s oil sector to other promising industries.
Speaking at the Existing Foreign Direct Investors Roundtable in Abuja on Friday, Shettima highlighted sectors such as agriculture, manufacturing, renewable energy, and digital innovation as key areas for investment.
“The Renewed Hope administration under President Bola Ahmed Tinubu offers diverse investment opportunities,” Shettima said.
He emphasized that the administration’s eight-point agenda includes plans for growth in sectors beyond oil.
Shettima explained that the non-oil sector made up 93.62% of Nigeria’s GDP in the first quarter of 2024.
He stated, “This significant shift from our oil dependency invites us to explore diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation.”
He believes these sectors align with Nigeria’s Economic Recovery and Growth Plan (ERGP) and offer attractive returns for investors.
The Vice President assured investors of a supportive business environment, saying, “We aim to unlock the full potential of these sectors through targeted incentives and public-private partnerships.”
He added that transparency, accountability, and regulatory certainty will be the cornerstones of Nigeria’s investment climate.
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Shettima also stressed the importance of investments beyond just financial returns.
“Investments are the lifeblood that fuels innovation, drives growth, and creates opportunities for prosperity,” he said.
He encouraged investors to see their contributions as ways to build lasting legacies and drive inclusive growth in Nigeria.
In his welcome address, Senator Ibrahim Hadejia, Deputy Chief of Staff to the President, praised the investors and development partners for their participation.
“The administration has made several efforts to boost the investment climate, and these measures are at different stages of implementation,” he said.
Princess Zahrah Mustapha-Audu, Technical Adviser to the President on Foreign Direct Investment, presented a survey on foreign investments in Nigeria. She explained that the roundtable aimed to find ways to retain and expand investments.
“The outcome of our discussions will help us improve existing frameworks and policies to encourage foreign investment,” she said.
The roundtable also included key figures such as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite. The event was attended by representatives from various federal agencies, including the Nigeria Sovereign Investment Authority (NSIA) and the Nigeria Investment Promotion Commission (NIPC).
Shettima concluded by highlighting President Tinubu’s pro-business background as an additional incentive for investors.
He said, “President Tinubu’s visionary leadership offers a strong foundation for business growth and development.”