Nigeria’s Vice President Kashim Shettima has announced that President Bola Tinubu’s administration has secured investments valued at over $20 billion for the country.
Shettima highlighted these achievements during his speech at the 2024 Vanguard Economic Discourse, held at the Civic Centre in Victoria Island, Lagos, on Thursday.
This year’s economic discourse provided a platform for public and private sector leaders to discuss and promote economic development across various sectors was themed “Reforms in the Era of Global Economic Uncertainties: Whither Nigeria?”
Key potential investments
Represented by his Special Adviser on Economic Affairs, Tope Fasua, Vice President Shettima detailed several key potential investments secured under President Tinubu’s administration. These include $14 billion from India and $250 million from the Netherlands.
Additionally, he mentioned a significant investment of $500 million for lithium development in Nasarawa State and another $500 million from Germany for renewable energy projects.
“Mr. President has secured more than $20 billion in potential investments for the country, including $14 billion from India, $250 million from the Netherlands, and commitments of $500 million for lithium development in Nasarawa State, as well as another $500 million from Germany for renewable energy,” Shettima stated.
He also noted the progress of the Siemens power sector projects, which are expected to significantly enhance Nigeria’s energy sufficiency shortly.
He said the investments reflect the Tinubu administration’s ongoing efforts to attract foreign investment and bolster economic growth despite global economic uncertainties.
African Continental Free Trade Agreement
Vice President Kashim Shettima emphasized the government’s ongoing commitment to enhancing Nigeria’s economic growth by leveraging the African Continental Free Trade Agreement (AfCFTA).
He noted the government’s commitment to leveraging the African Continental Free Trade Agreement to benefit Nigerian exporters.
He highlighted the administration’s dedication to investing in the nation’s most valuable resource—its people—through various development programs.
Shettima noted the government’s strategy to add value to Nigeria’s natural resources, aligning with President Tinubu’s vision to expand capacity in critical economic sectors such as manufacturing, technology, and industry.
“Government will continue to push for the country’s exporters to take advantage of African continental free trade agreement, the administration will also continue to invest in the nation’s most important resource through several programmes in that regards.
“The government is also thinking towards adding value to natural resources as Mr. president has promised to developing more capacity in all areas of economy such as manufacturing, technology, industry, among others.,” he said.
“Please know that our promises stand. We will do everything within our power to deliver on these promises. We are steadfast in our goal of achieving a $1 trillion economy and in protecting our most vulnerable citizens. Once again, we appeal for your understanding, support, perseverance, and sacrifice for our great country, Nigeria,” Shettima stated.
He noted the administration’s commitment to fostering sustainable development and ensuring economic resilience despite global uncertainties.