Vice President Kashim Shettima says the non-oil sector contributed 93.62 percent to Nigeria’s Gross Domestic Product, GDP in the first quarter of 2024.
Shettima who spoke on Friday during the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa in Abuja, noted that it has become imperative for the country to explore other critical sectors of the nation’s economy.
He told the investors that the significant shift from Nigeria’s oil dependency has compelled the country to explore diverse sectors such as agriculture, manufacturing, renewable energy, and digital innovation.
Senator 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 mobilizing resources, sharing expertise, and mitigating investment risks
He 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.”
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In her remarks, the Technical Adviser to the President on Foreign Direct Investment (FDI), Zahrah Mustapha-Audu presented the summary report of a survey conducted to aggregate views about foreign investments in Nigeria, noting that the outcome of the exercise would be critical to the efforts by the Tinubu administration to boost the investment environment in the country.
Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, commended the development partners, foreign investors and other stakeholders for participating in the meeting.
Senator Hadejia outlined some of the efforts made by the administration of President Tinubu to boost the investment climate in Nigeria.
He said most of the measures already adopted by the administration were at different phases of implementation, and would yield fruits in the coming years for existing and aspiring investors to see.
She explained that the programme – ‘Existing Foreign Direct Investors Roundtable’- is centered around seeking ways of retaining and scaling up investments in Nigeria, noting 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.
(Editor: Ebuwa Omo-Osagie)
