Vice President Kashim Shettima has called for a significant shift from dependence on oil to other critical sectors with attractive investment returns in Nigeria.
He identified agriculture, manufacturing, renewable energy, and digital innovation as potential investment grounds that align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).
During the Existing Foreign Direct Investors Roundtable at the Presidential Villa in Abuja, Shettima highlighted the importance of these sectors, noting that the non-oil sector contributed 93.62% to Nigeria’s GDP in the first quarter of 2024.
He emphasized that this shift from oil dependency invites exploration into diverse sectors, which promise attractive returns and socio-economic empowerment.
Shettima assured investors of a business environment characterized by transparency, accountability, and regulatory certainty. He stressed the importance of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.
He also pointed out the Tinubu administration’s mechanisms for easing business operations, aiming to stimulate investment across critical sectors and enhance the capacity of public institutions.
The roundtable featured remarks from various officials, including Senator Ibrahim Hadejia, who outlined efforts to boost Nigeria’s investment climate.
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Princess Zahrah Mustapha-Audu, Technical Adviser to the President on Foreign Direct Investment, presented a survey report aggregating views on foreign investments in Nigeria.
The outcome of the roundtable’s deliberations is expected to enhance existing frameworks and policies aimed at encouraging foreign direct investment in the country.
Participants included key government officials, members of the diplomatic corps, and representatives from the private sector and technical partners.
This strategic move by the Nigerian government aims to diversify the economy, reduce dependency on oil, and create sustainable livelihoods through investments in diverse sectors.
