Vice-President Kashim Shettima has showcased Nigeria’s 200 billion dollar energy transition opportunity to investors at the ongoing 80th Session of the United Nations General Assembly (UNGA) in New York, USA.
Shettima made this known while speaking at a roundtable hosted by the Business Council for International Understanding (BCIU), on Monday in New York.
The theme of the event, which was held on the margins the UNGA is: “Risk, Reform, Return.”
The VP emphasised the need for “partnerships” to maximise the multi-faceted, multi-billion investment opportunities across the country.
He also highlighted that Nigeria’s sovereign rating by platforms like Fitch and Moody’s implied that the country was positioned as the natural hub for the African Continental Free Trade Area’s (AfCFTA) 3.4 trillion dollar market.
Shettima drew the attention of investors worldwide to the current multi-billion, multi-faceted economic resets across Nigeria, as embodied by President Bola Tinubu’s Renewed Hope Agenda.
He noted that Nigeria is West Africa’s largest economy and Africa’s largest consumer market, with its current population standing at 236 million, projected to reach 320 million by 2040.
Beyond being a demographic giant with a median age of about 17, more than 58 per cent of whom are under 30, he said, 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 added.
Shettima told the global audience that since mid-2023, under President Bola Tinubu’s Renewed Hope Agenda, Nigeria had embarked on one of the boldest economic resets in its history.
He said the unification of Nigeria’s exchange rates, the removal of decades-old fuel subsidies, the modernisation of Nigeria’s tax and customs regimes, among others, were shining examples of the Renewed Hope reforms.
“This reset includes the full implementation of AfCFTA, the roll-out of a National Single Window for trade, a new Investment and Securities Act, an upgraded PPP framework, and modernising 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,” he further said.
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 said the two rating platforms cited Nigeria’s improved buffers and clearer policy direction as their barometer, adding that: “This positions Nigeria as the natural hub for AfCFTA’s 3.4 trillion dollar market.”
“We have also built a four-pillar incentives framework designed to reduce investor risk, accelerate cash returns, and make Nigeria one of the most competitive destinations for capital in the Global South.
“A simpler, predictable tax regime now offers clear capital allowances, research and development deductions, and export-linked rebates.
“Investors in priority sectors can achieve faster breakeven through five per cent annual tax credits on qualifying capital expenditure,” Shettima said.
