News - North Central - Nasarawa Updated: May 24, 2024

Nigeria secures over $20 billion in investments - VP Shettima

By Philip Adeboye
May 24, 2024

Vice President Kashim Shettima announced on Thursday that President Bola Tinubu had successfully secured over $20 billion in investments for Nigeria.

These investments include $14 billion from India and $250 million from the Netherlands, with additional commitments of $500 million each for lithium development in Nasarawa State and from Germany.

Speaking at the Vanguard Economic Discourse in Lagos, themed “Reforms In An Era Of Global Economic Uncertainties,” Shettima, represented by his special adviser on economic affairs, Tope Fasua, outlined the government's strategies to address economic challenges amid global uncertainties.

He stressed the importance of technological advancements and strategic reforms to navigate these changes effectively, citing initiatives such as the Siemens power sector projects aimed at boosting energy sufficiency.

According to News Agency of Nigeria, Fasua emphasised the administration’s commitment to implementing policies for the benefit of Nigerians, particularly post-COVID-19.

“The Siemens power sector projects are picking up speed presently and will be able to show a salutary effect on our energy sufficiency in good time.

“President Bola Ahmed Tinubu has always maintained that we don’t know it all. We are a humble but determined government open to ideas and refinements from well-meaning members of the country.

“We are not afraid to backtrack and review if a policy would impose undue hardship on Nigerians, as has been seen over time.

“This administration is not out to make the lives of Nigerians tougher but to make the Nigerian economy sustainable and the lives of our people more enjoyable,” he said.

According to Shettima, the next few years will be full of positive achievements, improvements in standards of living, higher productivity, food security, bumper harvests, and remarkable achievements, with the guidance and grace of Almighty God.

He assured that the government would continue to pursue ambitious policies, leveraging on the global value chain to ensure Nigerian companies get involved in manufacturing complex products.

He pledged to continue the push for exporters to take advantage of the African Continental Free Trade Agreement by investing more in human capital development to diversify the nation’s economy.

He explained measures the government was adopting in boosting manufacturing, agriculture, technology, industry, and the creative sectors, assuring that the Mr Tinubu administration would deliver on promises through multi-sectoral development.

“We shall not shirk our projection to achieve a $1 trillion GDP by 2031, which strongly suggests that our economy must start growing in double digits. We will capture every growth from every sector in the economy,” he said.

Shettima commended the resilience of Nigerians and appealed for more understanding as the nation pulled through the period of economic uncertainties which he said is a global phenomenon.

“It must be said that uncertainty, volatility, complexity and ambiguity could turn out as an advantage for some and a disadvantage for others. Therefore, positioning is key in today’s world.

“The clarion call is, therefore, continuous for Nigeria and Nigerians to continue to understand global trends and to position appropriately to be on the right side of history.

“As we like to say, ‘Naija no dey carry last’. Our astuteness, resilience, creativity, and ingenuity remain our most important assets, which we must continue to leverage for the greatness of our land.

“There are many factors that may precipitate

uncertainty. One of them is the rapidity with which technology is evolving on a per-second basis,” he said.

He explained how advancements in technology in an era of Artificial Intelligence, machine learning and the ‘Internet of Things’ increasing unemployment and hardship and measures adopted so far to secure the future of youths and all Nigerians.

He said creating considerable volatility in a developing country like Nigeria required the inclusion of factors such as insecurity, global economic downturn, external instability natural disasters, and global geopolitics among others.

“If there is a single word I can search for to describe the administration of President Bola Ahmed Tinubu, it has to be ‘decisiveness’. One of the greatest attributes of leadership is visioning. Another is decisiveness in doing what may not be popular but is necessary.

“And as we all line up behind a great leader who embeds a great vision for our nation, we committed to the success of key reforms, chiefly around the removal of petroleum subsidies and finding a workable value for the naira.

“May 29, 2023 was a decisive moment, and we believe that the promises of our government will be attained under the leadership of our President,” he said.

He listed efforts of the Tinubu administration at improving the situation it met and appealed for continuous support of Nigerians.

Reeling out statistics, Shettima gave a scorecard of the Tinubu administration in the financial, housing, and energy sectors as well as infrastructure development.


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