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Shettima Urges Foreign Investors To Explore Non-Oil Sectors

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Vice President Kashim Shettima has advocated for substantial investments in non-oil sectors, emphasising agriculture, manufacturing, renewable energy, and digital innovation as pivotal areas with promising returns.

Speaking at the Existing Foreign Direct Investors Roundtable in Abuja, on Thursday, VP Shettima highlighted the urgency of reducing dependency on oil and diversifying the economy to achieve sustainable growth and development.

“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,” Vice President Shettima stated, underscoring the alignment of these sectors with the nation’s Economic Recovery and Growth Plan (ERGP).

“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.”

“The life of every economy is defined by the volume of investments it accommodates and attracts. Investments are the lifeblood that fuels innovation, drives growth, and creates 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”.

Promising a conducive business environment characterised by transparency and regulatory certainty, VP Shettima assured investors of the government’s commitment to fostering public-private partnerships.

“Through targeted incentives and collaborative efforts, we aim to unlock the full potential of these sectors, catalyzing job creation and socio-economic empowerment across the country,” he affirmed.

Highlighting President Bola Ahmed Tinubu’s administration’s pro-business stance, Senator Shettima pointed out ongoing efforts to enhance the ease of doing business and strengthen public institutions.

“Investments are not just about financial returns; they are about building lasting legacies and contributing enduringly to society,” he added, urging investors to consider their roles in uplifting communities and fostering inclusive growth.

The roundtable, attended by a diverse array of stakeholders including foreign investors, government officials, and diplomatic representatives, featured discussions on strategies to retain and scale up investments in Nigeria.

Technical Adviser to the President on Foreign Direct Investment, Princess Zahrah Mustapha-Audu, presented insights from a survey aimed at bolstering the investment climate, underscoring the administration’s commitment to leveraging feedback for policy enhancement.

In his welcome address, Senator Ibrahim Hadejia, Deputy Chief of Staff to the President, acknowledged the pivotal role of development partners and foreign investors in Nigeria’s economic landscape.

He outlined measures already in motion to improve the investment climate, promising tangible outcomes in the near future.

The event also saw the participation of key government figures including the Minister of Finance, the Coordinating Minister of the Economy, and leaders from various federal agencies, reflecting a unified approach towards fostering a robust investment environment in Nigeria.

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