Invest in non-oil sectors for attractive returns, Shettima woos foreign 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.

Shettima spoke on Friday during the ‘Existing Foreign Direct Investors Roundtable’ in Abuja, according to a statement by Stanley Nkwocha, the vice-president’s spokesperson.

He told investors that their investments can uplift “communities, create sustainable livelihoods, and drive inclusive growth”.

The vice-president said the eight-point agenda of the administration of President Bola Tinubu signals multifaceted avenues for investment.

Shettima listed agriculture, manufacturing, renewable energy, and digital innovation sectors as potential investment areas to explore.

“Through targeted incentives and public-private partnerships, we aim to unlock the full potential of these sectors, catalyzing job creation and socio-economic empowerment across the country,” he added.

He assured investors and other development partners of a business environment marked by transparency, accountability, and regulatory certainty. 

Shettima encouraged them to “recognise 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 percent to the nation’s GDP in the first quarter of 2024,” the vice-president said. 

“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.”

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

He emphasised the importance of investment to sustain a country’s economy, adding that it is not just about financial returns but also building lasting legacies and making enduring contributions to society. 

“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,” the vice-president said.

“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.” 

Shettima said Tinubu’s visionary leadership and pro-business background were added incentives to investing in Nigeria under the present administration.