Vice President Kashim Shettima has emphasized the need for Nigeria to shift its economic reliance from oil to other critical sectors that offer attractive investment returns.
Speaking on Friday at the Existing Foreign Direct Investors Roundtable in the Banquet Hall of the Presidential Villa, Abuja, Shettima highlighted agriculture, manufacturing, renewable energy, and digital innovation as key areas for investment.
These sectors, he noted, align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).
Shettima stated that through targeted incentives and public-private partnerships, the current administration aims to fully unlock the potential of these sectors, stimulating job creation and socio-economic empowerment across Nigeria.
He assured investors and development partners of a business environment characterized by transparency, accountability, and regulatory certainty, and stressed the importance of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.
According to him, the non-oil sector contributed 93.62% to the nation’s GDP in the first quarter of 2024, marking a significant shift from oil dependency.
This shift invites exploration of diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation.
“The life of every economy is defined by the volume of investments it accommodates and attracts,” he explained.
Speaking, the Technical Adviser to the President on Foreign Direct Investment (FDI), Princess Zahrah Mustapha-Audu, explained that the Existing Foreign Direct Investors Roundtable seeks to retain and scale up investments in Nigeria.
The outcomes of the forum’s deliberations will be used to enhance existing frameworks and policies aimed at encouraging foreign direct investment.
The event was attended by several key figures, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; and the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq.
Others are the CEO, Nigeria Investment Promotion Commission (NIPC), Aisha Rimi; Comptroller General of Nigerian Immigration Service (NIS), Kemi Nandap; the representative of the CBN Governor; and representatives of other federal government agencies.
Also present were the UAE Ambassador to Nigeria, H.E. Salem Saeed AlShamsi, the leadership of the American Business Council, other members of the diplomatic corps, and technical partners.
Bello Wakili
