VP Kashim Shettima Urges Investors to Tap into Nigeria’s Non-Oil Sector Potential
Vice President Kashim Shettima has issued a compelling call for investors to shift their focus from Nigeria’s traditionally oil-dependent economy to its burgeoning non-oil sectors. Emphasizing the nation’s need for economic diversification, Shettima highlighted key areas ripe for investment, including agriculture, manufacturing, renewable energy, and digital innovation. These sectors, he noted, align with the development priorities set out in Nigeria’s Economic Recovery and Growth Plan (ERGP).
Diversification as a National Priority
Speaking at the Existing Foreign Direct Investors Roundtable held at the Banquet Hall of the Presidential Villa in Abuja, Vice President Shettima underscored the urgency of diversifying Nigeria’s economy. “Our heavy reliance on oil is not sustainable,” he said. “To achieve long-term economic stability and growth, we must explore and invest in other critical sectors that promise attractive returns.”
Strategic Sectors for Investment
Shettima identified several key sectors that are central to Nigeria’s diversification strategy:
- Agriculture: With vast arable land and a favorable climate, Nigeria has the potential to become a global agricultural powerhouse. Investments in modern farming techniques, agro-processing, and value chain development can significantly boost productivity and exports.
- Manufacturing: The Vice President stressed the importance of revitalizing Nigeria’s manufacturing sector. By improving infrastructure, reducing import dependency, and fostering local production, Nigeria can create jobs and stimulate economic growth.
- Renewable Energy: As the world shifts towards sustainable energy, Nigeria is poised to harness its abundant renewable energy resources. Investments in solar, wind, and hydroelectric power can help meet the country’s energy needs while reducing carbon emissions.
- Digital Innovation: Nigeria’s tech industry has seen rapid growth, with Lagos becoming a hub for startups and innovation. Shettima highlighted the potential of digital technology to drive economic transformation, improve service delivery, and create employment opportunities.
Alignment with Economic Recovery and Growth Plan
Vice President Shettima emphasized that these sectors are not chosen arbitrarily but are in line with the ERGP, which aims to restore growth, invest in people, and build a globally competitive economy. “Our development priorities are clear,” he said. “We are committed to creating an enabling environment for investors and ensuring that their investments are secure and profitable.”
The Renewed Hope Administration’s Eight-Point Agenda
Shettima also pointed to the eight-point agenda of the Renewed Hope administration under President Bola Ahmed Tinubu, which underscores various avenues for investment. “From agriculture to renewable energy, the administration’s agenda signals our dedication to economic diversification and inclusive growth,” he noted. This agenda focuses on enhancing infrastructure, promoting industrialization, fostering innovation, and ensuring sustainable development.
Creating an Investor-Friendly Environment
To attract and retain foreign direct investment, Shettima assured that the government is committed to implementing policies that enhance the ease of doing business in Nigeria. This includes addressing regulatory bottlenecks, improving security, and providing incentives for investors. “We understand the challenges investors face, and we are taking concrete steps to address them,” he said.
Conclusion
Vice President Kashim Shettima’s call to action serves as a strategic roadmap for unlocking Nigeria’s economic potential beyond oil. By focusing on agriculture, manufacturing, renewable energy, and digital innovation, Nigeria can build a resilient and diversified economy. As the nation moves forward with its Economic Recovery and Growth Plan, the support and participation of investors will be crucial in realizing these ambitious goals. “We invite you to join us on this journey towards a prosperous and diversified Nigeria,” Shettima concluded, extending an open invitation to both local and international investors.