Shettima asks investors to unlock potential in non-oil sector

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

Shettima made the call on Friday during the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa, Abuja.

He identified agriculture, manufacturing, renewable energy and digital innovation, among other sectors as potential investment ground to explore.

According to him, those sectors align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).

He said that the eight-point agenda of the Renewed Hope administration of President Bola Tinubu signals diverse avenues for investment, from agriculture to renewable energy.

The vice-president said, “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.”

Shettima assured the investors and other development partners of a business environment that was characterized by transparency, accountability, and regulatory certainty.

He implored them to recognize the indispensable role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.

Shettima observed that with the non-oil sector contributing 93.62 per cent to Nigeria’s GDP in the first quarter of 2024, it was imperative to explore other critical sectors of the nation’s economy.

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.”

Shettima further said the Tinubu administration adopted some mechanisms for the ease of doing business.

According to him, the move is to stimulate investment across critical sectors and strengthen the capacity of public institutions, ensuring that industry stakeholders are never undermined.

While emphasising the importance of investment in the life of a country’s economy, Shettima said that it was not just about financial returns but also building lasting legacies and making enduring contributions to society.

He told the investors at the event that their investments are capable of uplifting “communities, create sustainable livelihoods, and drive inclusive growth.”

Shettima said, “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.”

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

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

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

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

Also, 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.

She said that the outcome of the exercise would be critical to the efforts by the Tinubu administration to boost the investment environment in the country.

The technical adviser explained that the programme – ‘Existing Foreign Direct Investors Roundtable’, centered around seeking ways of retaining and scaling up investments in Nigeria.

Mustapha-Audu said 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.