Vice President Shettima reassures foreign investors that Nigeria is on the right path to becoming their delight at the World Economic Forum (WEF) in Davos, Switzerland.
Shettima said Nigeria is in an enviable position as Africa’s largest economy, coupled with ongoing efforts by the Tinubu administration to diversify the economy from oil with deeper footprints in technology and the creative sector, among others.
Chronicle NG reported that Nigeria lifted 43 trade items from the foreign exchange ban.
The Vice President stated this on Wednesday at a forum to welcome investors to a parley with Nigerian officials on the sidelines of the ongoing World Economic Forum in Davos, Switzerland.
Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications (Office of The Vice President), disclosed this on Thursday in a statement.
Sen. Shettima said the President Bola Tinubu administration is on a drive to “bring in the entire ecosystem of investors, from private equity players to venture capitalists, impact investors, and competent contractors from all over the world to partner with us in this quest.”
On the potential of the country as a major attraction for investors, the Vice President said, “Nigeria occupies an enviable position as the continent’s largest economy and with the largest population. Nigeria is currently repositioning its economy away from crude oil dominance, with deeper footprints in technology, arts, culture, creativity, and industrialization.
“Recent developments in our energy sector portend that Nigeria is leading the region in energy security and energy transition. International and domestic energy companies are already engaging the global community and subscribing to the innovations of the future.”
Sen. Shettima maintained that Nigeria remains open to engaging with willing nations on mutually beneficial and sustainable terms, underscoring why the countries are a reference point for best global practices.
“We have our export, Dr. (Mrs.) Okonjo Iweala, heading up the World Trade Organisation, meaning that Nigeria must be shown to be a shining example of the best global trade practices.
“Recently, Nigeria removed the infamous 43 trade items from the foreign exchange ban, opening up the space entirely, in what is actually a very bold move, signifying full trade liberalisation,” the VP noted.
On efforts by the Tinubu administration to ensure a conducive environment for investment, VP Shettima said, “Nigeria also totally liberalised the downstream petroleum sector, removing the burdensome subsidies, and we also instituted a market-driven foreign exchange market, which outlawed multiple exchange rates in the economy.”
He said the country intends to participate fully in the Global Value Chains (GVC) at many levels, aiming for good value capture as it becomes even more relevant to global supply chains.
He listed priorities for the country to include “repositioning our energy sector, investing in major infrastructure like our rail system, roads, new seaports, and digital technology for our vibrant youthful population to engage the world.
“Nigeria also targets a $1 trillion economy within 8 years, and this requires that we grow our economy by leaps and bounds. A new era of accountability and productivity is being instituted under the guidance of President Bola Tinubu.
“Nigeria is an investor’s delight. There is so much to do. There are so many sectors to engage in. We intend to turn the country into a huge construction site in a matter of months. We have rejigged our revenue administration and will soon match up with some of the most efficient countries in the world.”
Sen. Shettima also spoke about the emergence of new sectors such as the blue economy, digital economy, steel sector, gas sector, and alternative energy, among others.
In the same vein, Shettima has said that under President Tinubu, a lot is being done to reposition Nigeria’s image, tackle the remaining pockets of insecurity, and project Nigeria to the world.
He disclosed this at an event to celebrate Nigeria’s cultural richness and diversity on the sidelines of the ongoing WEF in Davos.
The VP said, “Nigeria’s diversity is her strength. We have over 300 different languages. Each culture has something to learn from others. And something to teach.”
