Shettima: Non-Oil Sector Contribution To GDP Increases To 93.62 Percent

According to Vice President Kashim Shettima, Nigeria’s GDP for the first quarter of 2024 was 93.62% generated by the non-oil sector.

Shettima stated that it is now essential for the nation to investigate other vital sectors of the national economy during her speech on Friday at the Existing Foreign Direct Investors Roundtable at the Banquet Hall of the Presidential Villa in Abuja.

He informed the investors that Nigeria has been forced to investigate a variety of industries, including manufacturing, digital innovation, renewable energy, and agriculture, as a result of the country’s dramatic departure from its reliance on oil.

While imploring the investors and other development partners to acknowledge the critical role that public-private partnerships play in mobilizing resources, sharing expertise, and mitigating investment risks, Senator Shettima also gave assurances to them about a business environment that is marked by transparency, accountability, and regulatory certainty.

“Stimulate investment across critical sectors and strengthen the capacity of public institutions, ensuring that industry stakeholders are never undermined,” he claimed, referring to the ease of doing business measures that the Tinubu administration implemented.

The summary report of a survey that was done to gather opinions about foreign investments in Nigeria was presented by Zahrah Mustapha-Audu, the Technical Adviser to the President on Foreign Direct Investment (FDI), in her remarks. She noted that the results of the survey would be crucial to the Tinubu administration’s efforts to improve the investment climate in Nigeria.

Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, commended the development partners, foreign investors and other stakeholders for participating in the meeting.

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Senator Hadejia outlined some of the efforts made by the administration of President Tinubu to boost the investment climate in Nigeria.

He said most of the measures already adopted by the administration were at different phases of implementation, and would yield fruits in the coming years for existing and aspiring investors to see.

The “Existing Foreign Direct Investors Roundtable” program, she explained, is focused on finding ways to keep and grow investments in Nigeria. She also mentioned that the forum’s discussions will be used to strengthen the frameworks and laws currently in place to promote foreign direct investment in Nigeria.