Vice President Kashim Shettima has showcased Nigeria’s $200 billion energy transition opportunity to investors, emphasizing the need for partnerships to fully maximize the country’s multi-billion, multi-faceted investment prospects.
VP Shettima stated this at the Roundtable hosted by the Business Council for International Understanding (BCIU), with the theme “Risk, Reform, Return,” held on the margins of the ongoing 80th Session of the United Nations General Assembly in New York.
The Vice President highlighted that Nigeria’s sovereign rating by platforms like Fitch and Moody’s implies the country is positioned as the natural hub for the African Continental Free Trade Area’s (AfCFTA) 3.4 trillion-dollar market.
He seized the moment to draw the attention of investors worldwide to the multi-billion, multi-faceted economic resets across Nigeria, as embodied by President Bola Tinubu’s Renewed Hope Agenda.
Showcasing the wealth of the nation, he said; “Nigeria is West Africa’s largest economy and Africa’s largest consumer market, with 236 million people today, projected to reach 320 million by 2040.”
Beyond being a demographic giant, VP Shettima pointed out 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.
“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,” he explained.
Economic Reforms
The Vice President told the global audience that since mid-2023, under President Bola Tinubu’s Renewed Hope Agenda, Nigeria has embarked on one of the boldest economic resets in its history.
VP Shettima cited the unification of Nigeria’s exchange rates, the removal of decades-old fuel subsidies that distorted the Nigerian economy, the modernization of Nigeria’s tax and customs regimes, strengthened fiscal oversight, and the overhaul of Nigeria’s trade and investment policies as shining examples of the Renewed Hope reforms.
The VP said, “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 modernized bilateral investment treaties.
“The results are already visible. Our GDP growth is accelerating, our external reserves are strengthening, and inflation is moderating. This is why investor commitments are also rebounding.”
Stressing Nigeria’s vast economic transformation and potentials, VP Shettima recalled that 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 also shared with the audience that in Nigeria’s Special Economic Zones, the Nigerian government offers duty-free imports, rent concessions, rebates on non-oil export proceeds, and integrated logistics platforms that unlock working capital for exporters.
“Cross-border protections now include updated bilateral investment treaties, investor promotion and protection agreements, structured repatriation pathways, and streamlined FX access. These give investors’ confidence that their capital and profits are protected,” VP Shettima explained.
The Vice President further said that “the nation’s Special Agro-Industrial Zones are reducing post-harvest losses by up to forty percent and linking farmers directly to processing and export hubs, transforming Nigeria from a fragmented producer into a continent-scale food system serving millions across West Africa.”
On energy, VP Shettima disclosed that “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 maintained that Nigeria hosts 44 commercially viable minerals worth over seven hundred billion dollars under a new beneficiation and security regime.
VP Shettima said “investors can secure early positions in lithium, gold, bitumen, and rare earths critical to the global green transition.”
Furthermore, he highlighted that Nigeria accounts for twenty-nine percent of Africa’s internet usage, has raised over two billion dollars in venture funding, and is training three million new tech talents.
The Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole said since May 2023, under President Bola Tinubu’s Renewed Hope Agenda, Nigeria has embarked on one of the boldest economic reset in its history.
He said that the administration unified the nation’s exchange rate, removed fuel subsidy, modernized it’s tax and customs regimes and strengthen fiscal oversight.
Oduwole stated that President Tinubu also overhauled the nation’s trade and investment policy which includes full implementation of the African Continental Free Trade Area Agreement, a National Single Window Project for trade facilitation, a new Investment and Security Act and Upgraded Public Private Partnership Framework and modernized Bilateral Investment Treaties.
*Voice of Nigeria
