Vice President Kashim Shettima has emphasized the urgent need for Nigeria to move away from its heavy reliance on oil revenues. Instead, he advocates for diversifying the economy by focusing on several promising sectors that offer attractive investment opportunities. These sectors include agriculture, manufacturing, renewable energy, and digital innovation.
Shettima pointed out that these sectors are aligned with Nigeria’s development goals as outlined in the Economic Recovery and Growth Plan (ERGP). By shifting attention and investments towards these areas, the country can potentially strengthen its economy, create more jobs, and reduce dependency on oil, which has been a predominant factor in Nigeria’s economic landscape for decades.
The vice president, who stated this on Friday during the Existing Foreign Direct Investors Roundtable at the Banquet Hall of 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.”
“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 added.
Shettima assured the investors and other development partners of a business environment that is characterised by transparency, accountability, and regulatory certainty, even as he implored them to “recognise the indispensable role of public-private partnerships in mobilising resources, sharing expertise, and mitigating investment risks.”
The VP observed that the non-oil sector contributed 93.62 per cent to Nigeria’s GDP in the first quarter of 2024, exploring other critical sectors of the nation’s economy is imperative.
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.”
Emphasising the importance of investment in the life of a country’s economy, Shettima noted that it is not just about financial returns but also “building lasting legacies and making enduring contributions to society,” just as he told the investor that their investments are capable of uplifting “communities, create sustainable livelihoods, and drive inclusive growth.”
Shettima further stressed that President Tinubu’s visionary leadership and pro-business background were added incentives to investing in Nigeria under the present dispensation.
