UPDATE: VP Shettima calls for diversified investment in Nigeria

…Advocates shift from oil dependence to agriculture, production, renewable energy

By Kunle Sanni

Vice President Kashim Shettima has called for a significant shift from the country’s reliance on oil to other critical sectors with high investment potential.

Addressing the Existing Foreign Direct Investors Roundtable at the Presidential Villa in Abuja, Shettima highlighted agriculture, manufacturing, renewable energy, and digital innovation as key areas for exploration.

In a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Shettima emphasized that these sectors align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).

He noted that the eight-point agenda of the Renewed Hope administration under President Bola Ahmed Tinubu signals diverse avenues for investment.

“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 said.

Assuring investors of a business environment marked by transparency, accountability, and regulatory certainty, Shettima implored them to recognize the vital role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.

He pointed out that the non-oil sector contributed 93.62 percent to Nigeria’s GDP in the first quarter of 2024, underlining the importance of diversifying the economy.

“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,” Shettima added.

The Vice President further highlighted the Tinubu administration’s mechanisms for easing business operations, which aim to stimulate investment across critical sectors and strengthen public institutions’ capacity.

Emphasizing the broader impact of investments, Shettima noted their role in building lasting legacies, uplifting communities, creating sustainable livelihoods, and driving inclusive growth.

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 stakeholders for their participation.

He outlined the administration’s efforts to enhance Nigeria’s investment climate, noting that many measures are at various implementation phases.

Technical Adviser to the President on Foreign Direct Investment (FDI), Princess Zahrah Mustapha-Audu, presented a summary report of a survey aggregating views on foreign investments in Nigeria.

She emphasized that the roundtable aims to retain and scale up investments, with deliberations set to inform policies boosting the investment environment.

Key figures present at the roundtable included Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun, Minister of Industry, Trade and Investment Dr. Doris Uzoka-Anite, and Managing Director of the Nigeria Sovereign Investment Authority (NSIA) Mr. Aminu Umar-Sadiq.

Also in attendance were the UAE Ambassador to Nigeria, H.E. Salem Saeed AlShamsi, and representatives from the American Business Council and other diplomatic corps.