Shettima urges investors to tap into Nigeria’s non-oil sector potentials

Vice President Kashim Shettima has called on investors to explore Nigeria’s multiple non-oil sector opportunities, where he said there are significant and attractive investment returns.

He identified agriculture, manufacturing, renewable energy and digital innovation, among other sectors as potential investment ground to explore, saying they align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).

Shettima, who stated this Friday during the Existing Foreign Direct Investors Roundtable at the Presidential Villa, Abuja, noted that the eight-point agenda of the Renewed Hope administration of President Bola Ahmed Tinubu “signals diverse avenues for investment, from agriculture to renewable energy.”

According to a statement issued by Senior Special Assistant to the President on Media and Information, Office of the Vice President, Stanley Nkwocha, Shettima said, “Through targeted incentives and public-private partnerships, we aim to unlock the full potential of these sectors, catalysing job creation and socio-economic empowerment across the country.”

He said, “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.

“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.”

Shettima further said the Tinubu administration adopted some mechanisms for the ease of doing business which, according to him, “stimulate investment across critical sectors and strengthen the capacity of public institutions, ensuring that industry stakeholders are never undermined.”

“The life of every economy is defined by the volume of investments it accommodates and attracts. Investments are the lifeblood that fuel innovation, drive growth, and create 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,” he said.

Earlier, in his welcome address, the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, commended development partners, foreign investors, and other stakeholders for participating in the meeting.

He outlined some of the efforts made by the administration of President Tinubu to boost the investment climate in the country.

In her remarks, the Technical Adviser to the President on Foreign Direct Investment (FDI), Princess Zahrah Mustapha-Audu, said the outcome of the exercise would be critical to the efforts by the Tinubu administration to boost the investment environment in the country.

Also present at the roundtable were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr. Aminu Umar-Sadiq; CEO of Nigeria Investment Promotion Commission (NIPC), Aisha Rimi; the Comptroller General of Nigerian Immigration Service (NIS), Kemi Nandap; the representative of the CBN governor and representatives of other federal government agencies.

Other participants included 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.