Vice President Kashim Shettima has called for a significant shift from dependence on oil to other critical sectors with attractive investment returns in Nigeria.
He identified agriculture, manufacturing, renewable energy and digital innovation, among other sectors as potential investment ground to explore, saying they align with the nation’s development priorities outlined in the Economic Recovery and Growth Plan (ERGP).
During the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa in Abuja, the media aide to Shettima, Stanley Nkwocha, stated that the VP mentioned that the eight-point agenda of the Renewed Hope administration of President Bola 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, catalyzing 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 characterized by transparency, accountability, and regulatory certainty, even as he implored them to “recognize the indispensable role of public-private partnerships in mobilizing resources, sharing expertise, and mitigating investment risks.”
The VP observed that with the non-oil sector contributing 93.62 per cent to Nigeria’s GDP in the first quarter of 2024, it is imperative to explore other critical sectors of the nation’s economy.
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.”
