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Unlock potential in Nigeria’s non-oil sector, Shettima urges investors

It is not by chance that the non-oil sector contributed 93.62% to the nation’s GDP in the first quarter of 2024


Unlock potential in Nigeria’s non-oil sector, Shettima urges investors

Vice President Kashim Shettima has called for a significant shift from dependence on oil to other critical sectors with attractive investment returns in Nigeria.

Speaking at the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa, Abuja, Shettima highlighted agriculture, manufacturing, renewable energy, and digital innovation as promising investment grounds. These sectors, he said, align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).

Shettima emphasized the importance of targeted incentives and public-private partnerships to unlock the full potential of these sectors, aiming to catalyze job creation and socio-economic empowerment across the country.

The Vice President assured investors and development partners of a transparent, accountable, and regulatory business environment. He noted the indispensable role of public-private partnerships in mobilising resources, sharing expertise, and mitigating investment risks.

“It is not by chance that the non-oil sector contributed 93.62% to the nation’s GDP in the first quarter of 2024,” Shettima said. “This significant shift from our oil dependency invites us to explore diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation.”

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Shettima further stated that the Tinubu administration had adopted mechanisms for the ease of doing business, which stimulate investment across critical sectors and strengthen the capacity of public institutions. He underscored that investments are crucial not just for financial returns but also for building lasting legacies and making enduring contributions to society.

The Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, commended the development partners, foreign investors, and other stakeholders for participating in the meeting. He outlined some of the efforts made by the Tinubu administration to boost the investment climate in Nigeria.

Princess Zahrah Mustapha-Audu, the Technical Adviser to the President on Foreign Direct Investment (FDI), presented the summary report of a survey conducted to aggregate views about foreign investments in Nigeria. She noted that the outcome of deliberations at the forum would be harnessed to boost existing frameworks and policies aimed at encouraging foreign direct investment in Nigeria.

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.

The event also saw participation from 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.

Proofreading, editing by Sakinat Musa Abubakar and Jamila Yunusa Suleiman, Editor and Sub- editor at Neptune Prime

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