Vice President Kashim Shettima on Wednesday assured investors that Nigeria has exited its phase of economic instability, declaring the present as the most opportune time to invest in the country.
Shettima stated this while declaring open the Bauchi Investment Summit 2025, held in Bauchi, the Bauchi State capital.
He attributed Nigeria’s improving economic outlook to the bold reforms initiated by President Bola Tinubu’s administration, including the removal of fuel subsidy and unification of the exchange rate.
“Debt service-to-revenue ratio has reduced from nearly 100 per cent in 2023 to less than 50 per cent as of last month, while our GDP growth stood at 4.23 per cent,” the Vice President said.
“Our non-oil revenues grew by 411 per cent year-on-year, tax-to-GDP ratio improved to 13.5 per cent from 7 per cent, and our external reserves now stand at 43 billion dollars.”
Shettima told summit participants that Nigeria’s debt-to-GDP ratio remains at 38.8 per cent, well below the 60 per cent limit of the Fiscal Responsibility Act and 70 per cent thresholds of ECOWAS and the World Bank.
He said the government’s economic reforms were driven by the need to guarantee stability and investor confidence, stating: “You cannot guarantee enduring growth without stability. Our bold reforms are meant to restore predictability in the system.”
Shettima urged participants at the summit to move beyond rhetoric and commit to concrete memoranda of understanding (MoUs), with timelines and joint implementation teams to ensure tangible outcomes.
“We must align our projects with social and environmental sustainability considerations. This summit must not end as another talk shop,” he said.
He noted that Bauchi State’s vast agricultural potential, solid minerals, tourism assets, and renewable energy prospects align with the Federal Government’s development priorities of job creation, food security, value-chain development, and subnational competitiveness.
According to him, the Federal Government remains committed to ensuring security across the nation, describing it as a necessary condition for economic growth.
“We either grow together or falter apart,” Shettima said, reaffirming President Tinubu’s commitment to treating all states as development priorities.
Former President Olusegun Obasanjo, in his goodwill message, said the summit offered hope for Nigeria but emphasised the need for strong partnerships across all levels of governance and society.
He outlined five pillars for investment—Politics, People, Protection, Partnership, and Progress—stressing the importance of security and good governance.
“Without protection, investors will not come,” he warned, while calling for stronger action in the cement industry.
Bauchi State Governor, Sen. Bala Mohammed, thanked the Vice President for his continued support and assured that recommendations from the summit would be implemented.
He pledged to uphold partnership, tackle corruption, and provide a safe business environment in the state.
Chairman of the North East Governors’ Forum and Borno State Governor, Prof. Babagana Zulum, called on investors to tap into Bauchi’s agricultural and mineral resources, assuring them of ease of doing business in the region.
Former Head of Civil Service of the Federation, Mahmud Yayale Ahmed, delivered the keynote address, urging public-private partnerships and collaboration between federal and state governments to accelerate development.
He identified education, good governance, and human capital development as critical drivers of national progress.
The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, decried the lack of implementation of summit resolutions across the country and challenged Northern leaders to drive meaningful development.
“The North has everything it needs for progress. Nobody will develop it for us,” he said.
The Sultan reiterated the support of traditional and religious leaders for the Federal Government, while calling for improved security nationwide.
Other dignitaries at the event included representatives of the Governors of Oyo, Gombe, Bayelsa, and Jigawa States; former military administrators of Bauchi State, Maj.-Gen. Chris Abutu Garuba (rtd.) and Col. Raji Adisa (rtd.); and oil magnate, Alhaji Mohammed Indimi.
The two-day summit aims to attract investment into key sectors of Bauchi’s economy, including agriculture, solid minerals, tourism, and renewable energy.
