Vice President Kashim Shettima has assured investors that the most auspicious and convenient time to choose Nigeria as an investment destination is now, saying the nation has exited its phase of economic instability.
Speaking on Wednesday in Bauchi state while declaring open the Bauchi Investment Summit 2025, the Vice President attributed the milestone to the decision made by the administration of President Bola Ahmed Tinubu to get rid of the hurdles that had hitherto clogged the wheels of the country’s economic progress.
He said the administration assumed office in 2023 with a promise to turn around the fortune of the nation’s economy that was already tottering on the edge of financial crisis, with debt service-to-revenue ratio shooting up to about 100 percent.
He said under the Tinubu administration, debt service-to-revenue ratio has been reduced to less than 50 per cent, while the GDP growth stood at 4.23 percent as of last month.
“Our non-oil revenues grew by 411 per cent year-on-year in the same month. Our tax-to-GDP ratio now stands at 13.5 per cent, up from barely 7 per cent a few years ago. Our debt-to-GDP ratio remains at 38.8 per cent, far below the limits set by the Fiscal Responsibility Act at 60 per cent, and those of ECOWAS and the World Bank at 70 per cent.
“Our external reserves have grown to 43 billion dollars as of September 2025. Nigeria has exited its phase of economic instability, and I assure investors present here that there is no better time to choose Nigeria,” the Vice President said.
Explaining why the first decision made by President Tinubu “was to remove those obstacles that had become termites in the timber of” the nation’s progress, the Vice President said, “You cannot guarantee enduring growth without stability.
“Our predecessors are here to testify to this truth. Each of them endured a fair share of obstacles and pushbacks in their efforts to introduce reforms that set the nation on the path of rediscovery and stability,” he said.
He said no system can claim to be suitable for business if it cannot predict the outcome of its investment, maintaining that there can’t be a more potent treatment for a bad economy “than a stable economic stimulus,” which is why the Tinubu administration embarked on bold reforms.
“It was this dread that inspired our bold reforms to harmonise the exchange rate regime and to dismantle the fuel subsidy structure, an avenue that had become a theatre for round-tripping and rent-seeking, where the privileged few converted the nation’s collective patrimony into their private poverty alleviation scheme.
“We may spend eternity debating the theories of our inactions, but the truth remains that nobody builds a house in a tsunami,” he said.
The Vice President listed priorities in the administration’s development plan to include job creation, food security, value-chain development and the unlocking of subnational comparative advantages.
These priorities, according to him, are inherently rooted in the investment opportunities Bauchi state offers, including “vast arable land and agricultural potential, abundant solid minerals, tourism and game reserves, renewable energy prospects, and improving infrastructure and business-enabling reforms.”
“The federal government remains resolute in its commitment to ensuring security across the nation because no economy can thrive where fear replaces freedom and where insecurity undermines enterprise,” he said.
The Vice President said Bauchi state can spearhead climate-smart agriculture, commercial outgrower schemes, and agro-processing hubs linked to national and export markets with its vast arable land and livestock, among other rich natural resources and cultural heritage that are capable of boosting tourism, hospitality, and the creative industries.
“The solid mineral reserves of this rich state can also enable responsible mining and downstream industrialisation through transparent tendering, geological mapping, and community benefit frameworks.
“Bauchi’s natural assets and cultural heritage can boost tourism, hospitality, and the creative industries, while its renewable energy and gas potential can power industrial clusters through public-private partnerships and off-grid solutions,” he said.
Applauding the vision of Governor Bala Mohammed for opening Bauchi state to investment, the Vice President reaffirmed President Tinubu’s promise that the federal government would treat each state as a priority beyond the fiscal glories that accrue from the increased allocations now enjoyed across the federation.
“This is so because an affliction to any state slows down the pace of development in other parts of the nation, and this is the burden of federalism that we must never allow to slow us down. We must either grow together or falter apart,” he said.
Also speaking, former President Olusegun Obasanjo said while the summit is an indication that there is hope for Nigeria, there was the need for partnership as a way of strengthening businesses.
He outlined five Ps – Politics, People, Protection, Partnership and Progress – as the bedrock of good investment.
“Governance must be right because it’s about the people and there must be protection (security), or else investors will not come. There must be strong partnership at the local, community, state, and national levels, as well as the civil society, with the public and private sectors. We need partnership,” he said.
Governor Mohammed thanked the Vice President for always identifying with the state, and assures participants that the recommendations at the end of the summit would be implemented.
