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, who made this known while speaking at a roundtable hosted by the ‘Business Council for International Understanding (BCIU)’ on Monday, 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 such as 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% 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 further 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 stated.
The VP said in Nigeria’s Special Economic Zones, the Federal Government offers duty-free imports, rent concessions, rebates on non-oil export proceeds, and integrated logistics platforms that unlock working capital for exporters.
He maintained that Nigeria hosts forty-four commercially viable minerals worth over 700 billion dollars under a new beneficiation and security regime. The VP said investors could secure early positions in lithium, gold, bitumen, and rare earths critical to the global green transition.
He also highlighted that Nigeria accounted for 29 percent of Africa’s internet usage, had raised over two billion dollars in venture funding, and was currently training three million new tech talents.
This, according to him, is Africa’s fastest-scaling digital hub—Fintech, AI, cloud services, and broadband rollout at a continental scale.
