At the inaugural Existing Foreign Directors Roundtable in Abuja, Vice President Kashim Shettima called for a significant transition from oil dependency to other critical sectors such as agriculture, manufacturing, and renewable energy, emphasizing their alignment with Nigeria’s Economic Recovery and Growth Plan (ERGP).
Addressing a gathering of government officials, industry leaders, and foreign investors, Shettima highlighted the promise of these sectors for attractive returns and national development.
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The roundtable held on July 5, 2024, brought together a diverse range of stakeholders, government officials, industry leaders, foreign investors, and economic experts to tackle key challenges faced by existing investors in Nigeria. Designed to foster a more favorable investment climate and encourage investment scaling, the event provided a platform at the Aso Villa banquet hall for insightful discussions and strategic networking.
In his keynote address, Vice President Kashim Shettima emphasized the need for a substantial transition from reliance on oil to other key sectors with promising investment opportunities. He identified agriculture, manufacturing, renewable energy, and digital innovation, among other sectors, as potential areas for investment, saying they align with Nigeria’s development priorities outlined in the ERGP
“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.” said Shettima
He assured investors of a business environment characterized by transparency, accountability, and regulatory certainty. He urged them to recognize the indispensable role of public partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.
“The life of every economy is defined by the volume of investments it accommodates and attracts. Investments are the lifeblood that fuels innovation, drives growth, and creates opportunities for prosperity. 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,” he added.
Also present at the roundtable was the Technical Adviser to the President on Foreign Direct Investment (FDI), Princess Zahrah Mustapha-Audu, who emphasized that investments are crucial for sustainable economic growth. “It is not just governments that grow the economy, but investors and businesses like you,” she said.
Princess Mustapha-Audu presented a summary report of an empirical survey on foreign investments in Nigeria, which was mostly positive. She noted that the results would be crucial to enhancing the country’s investment climate.
Addressing the challenges faced by investors, she mentioned steps being taken to flag off the conversion and manufacturing of compressed natural gas (CNG) trucks to reduce business costs in Nigeria. She also assured investors that the current high-interest rates aimed at counterbalancing hyperinflation are a temporary phase.
