VP Shettima Urges Investment in Nigeria’s Non-Oil Sectors
Highlights Agriculture, Manufacturing, Renewable Energy as Key Areas for Growth
Vice President Kashim Shettima has emphasized the need for Nigeria to diversify its economy by attracting investment in non-oil sectors. Speaking at the Existing Foreign Direct Investors Roundtable held at the Presidential Villa in Abuja on Friday, Shettima highlighted the significant opportunities available in agriculture, manufacturing, renewable energy, and digital innovation.
Shettima underscored the importance of these sectors in alignment with the nation’s Economic Recovery and Growth Plan (ERGP). He pointed out that the non-oil sector contributed 93.62% to Nigeria’s GDP in the first quarter of 2024, illustrating the critical need to move away from oil dependency.
“The non-oil sector’s substantial contribution to our GDP invites us to explore diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation,” Shettima said. “These sectors not only promise attractive returns but also align with our national development priorities.”
The Vice President assured investors of a business environment characterized by transparency, accountability, and regulatory certainty. He emphasized the role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.
Through targeted incentives and public-private partnerships, the government aims to unlock the full potential of these sectors, catalyzing job creation and socio-economic empowerment across the country. Shettima also highlighted President Bola Ahmed Tinubu’s administration’s commitment to improving the ease of doing business in Nigeria, further stimulating investment in critical sectors.
“The life of every economy is defined by the volume of investments it attracts,” Shettima noted. “Investments fuel innovation, drive growth, and create opportunities for prosperity. Your investments can uplift communities, create sustainable livelihoods, and drive inclusive growth.”
Senator Ibrahim Hadejia, the Deputy Chief of Staff to the President (Office of the Vice President), praised development partners and foreign investors for their participation in the meeting. He outlined ongoing efforts by the Tinubu administration to enhance the investment climate in Nigeria, with several measures already in various stages of implementation.
Princess Zahrah Mustapha-Audu, the Technical Adviser to the President on Foreign Direct Investment (FDI), presented a summary report of a survey conducted to gather views on foreign investments in Nigeria. The findings from this survey will inform the administration’s strategies to further improve the investment environment.
The roundtable also saw the participation of key government officials, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite. The event was attended by representatives from the Nigeria Sovereign Investment Authority (NSIA), Nigeria Investment Promotion Commission (NIPC), Nigerian Immigration Service, Central Bank of Nigeria (CBN), as well as members of the diplomatic corps and technical partners.
This initiative reflects the administration’s commitment to creating a favorable environment for foreign direct investment and ensuring sustainable economic growth through diversification beyond the oil sector.
