Vice President Kashim Shettima has presented Nigeria as the natural gateway to a massive African market while unveiling a two-hundred-billion-dollar energy investment opportunity to the international community.
He made the case that the country’s recent economic reforms and vast resources make it the prime destination for foreign capital in Africa.
Speaking at a roundtable event hosted by the Business Council for International Understanding on the margins of the 80th United Nations General Assembly in New York, Shettima worked to convince global investors that Nigeria is open for business.
The theme of the discussion was “Risk, Reform, Return,” and the Vice President detailed how President Bola Tinubu’s government has worked to minimise the first, implement the second, and guarantee the third.
Shettima began by outlining Nigeria’s fundamental strengths, describing it as West Africa’s largest economy and Africa’s largest consumer market, with a population of 236 million people that is projected to reach 320 million by 2040.
He pointed to the country’s youth as a critical asset, noting that “with a median age of about 17, more than 58 percent of whom are under 30, Nigeria is home to one of the deepest talent pools in the world.”
He then packaged these attributes with Nigeria’s geographic and natural advantages, telling the audience, “When you add to this our geographic position as a natural hub for trade between Africa, the Americas, and Asia; our 44 distinct natural resources; our five tech unicorns; the largest oil reserves in Africa; and 210 trillion cubic feet of proven gas reserves, you see that Naija no dey carry last.”
The Vice President stated that since mid-2023, under President Tinubu’s Renewed Hope Agenda, Nigeria has embarked on “one of the boldest economic resets in its history.” He listed key reforms, including the unification of Nigeria’s exchange rates, the removal of decades-old fuel subsidies, the modernisation of tax and customs regimes, and an overhaul of trade and investment policies.
“This reset includes full implementation of the AfCFTA, the roll-out of a National Single Window for trade, a new Investment and Securities Act, an upgraded PPP framework, and modernised bilateral investment treaties,” Shettima explained. He asserted that the results are already visible, with GDP growth accelerating, external reserves strengthening, and inflation moderating. “This is why investor commitments are also rebounding,” he added.
A key pillar of his argument was the recent upgrade in Nigeria’s sovereign rating by major agencies. “In April, Fitch upgraded Nigeria’s sovereign rating to B with a stable outlook, and Moody’s lifted its issuer rating to B3 with a stable outlook,” he highlighted. Shettima stated that these platforms cited Nigeria’s “improved buffers and clearer policy direction,” which he said positions the country as “the natural hub for the AfCFTA’s 3.4 trillion-dollar market.”
To de-risk investment, the Vice President detailed a four-pillar incentives framework designed to make Nigeria one of the most competitive destinations in the Global South. He spoke of a simpler, predictable tax regime offering capital allowances and export-linked rebates, and for priority sectors, the chance to achieve “faster breakeven through five percent annual tax credits on qualifying capital expenditure.”
He also highlighted benefits within Nigeria’s Special Economic Zones, such as duty-free imports and rent concessions, as well as cross-border protections through updated investment treaties. “These give investors confidence that their capital and profits are protected,” Shettima said.
Central to his pitch was the energy sector. “With 210 trillion cubic feet of gas reserves and one of the highest solar irradiation levels in Africa, Nigeria offers a 200-billion-dollar energy transition opportunity,” the Vice President disclosed. He noted that fiscal incentives and VAT waivers are in place to de-risk investment in both traditional and renewable power assets.
Beyond energy, Shettima outlined opportunities in other critical sectors. He mentioned that the government, through InfraCorp and the Nigeria Sovereign Investment Authority, is blending finance to fund metro lines and dry ports to address infrastructure gaps. He told investors that Nigeria hosts “forty-four commercially viable minerals worth over seven hundred billion dollars,” inviting them to secure early positions in resources like lithium and gold critical for the green transition.
The digital economy was another key focus. Shettima stated that Nigeria accounts for twenty-nine percent of Africa’s internet usage and has raised over two billion dollars in venture funding, calling it “Africa’s fastest-scaling digital hub.” He also projected massive growth for the creative industry, saying, “Our creative economy is a fifteen-billion-dollar industry projected to reach one hundred billion dollars by 2030.”
Earlier, the Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, had set the stage, affirming that the Tinubu administration’s reforms have already tracked “over about 50 billion dollars in investment interest and announcement across key sectors.”
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