Abuja (Nigeria): Vice-President Kashim Shettima says Nigeria has exited its phase of economic instability, assuring investors that the most auspicious and convenient time to invest in Nigeria is now.
The Vice-President, in a statement issued by his Spokesperson, Mr Stanley Nkwocha, said this on Wednesday while declaring the 2025 Bauchi State Investment Summit open.
He attributed the milestone to the decision made by the administration of President Bola Tinubu to remove the hurdles that had previously hindered the country’s economic progress.
Shettima stated that Tinubu assumed office in 2023 with a promise to turn around the nation’s economy.
According to him, the economy was already teetering on the edge of a financial crisis, with the debt service-to-revenue ratio shooting up to about 100 per cent.
He told investors and stakeholders at the two-day summit that under the Tinubu-led administration, the debt service-to-revenue ratio has been reduced to less than 50 per cent.
He also said that the Gross Domestic Product (GDP) growth stood at 4.23 per cent 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 seven 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.
“I assure investors present here that there is no better time to choose Nigeria. 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.”
Shettima observed that no system can claim to be suitable for business if it cannot predict the outcome of its investment.
He maintained that there can’t be a more potent treatment for a bad economy than a stable economic stimulus, which is why Tinubu’s 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.
“The subsidy was 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 outlined priorities in the administration’s development plan, including job creation, food security, value chain development, and unlocking subnational comparative advantages.
The Vice-President pointed out that the plan “is anchored on promises that can only be realised when stability is achieved.
These priorities, according to him, are inherently rooted in the investment opportunities Bauchi State offers.
These include 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 added.
According to him, Bauchi State can spearhead climate-smart agriculture, commercial outgrower schemes, and agro-processing hubs linked to national and export markets, leveraging its vast arable land and livestock resources.
“This is 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.
He applauded the vision of Gov. Bala Mohammed of Bauchi state for opening the state to investment.
Shettima reaffirmed Tinubu’s promise that the Federal Government will 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 added.
Former President Olusegun Obasanjo stated that while the summit holds promise for Nigeria, there is a need for partnership as a means to strengthen businesses.
He outlined what he termed the five Ps – Politics, People, Protection, Partnership, and Progress – describing them as the bedrock of good investment.
The former President expressed worry over the cement situation in Nigeria, calling for more action to strengthen the cement industry.
“Governance must be proper because it’s about the people, and there must be protection (security), or else investors will not come.
“There must be a 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 stressed.
The Bauchi governor thanked the Vice President for consistently identifying with the state, assuring participants and the people of Bauchi State that the recommendations reached at the summit would be implemented.
He hailed the Federal Government for establishing the North-East Development Commission (NEDC), which he said was driving development across the six states of the region.
He also assured investors of the safety of their lives and businesses in Bauchi, saying, “We will also utilise partnership and fight corruption to enable businesses to thrive in our state,” he said.
The Chairman of the North East Governors’ Forum, Gov. Babagana Zulum of Borno, commended the Bauchi governor for convening the summit, saying the state’s potential in agriculture is the bedrock for its development.
He urged investors to tap into the available resources as they invest in the state, saying, “Northerners are hospitable. Mineral resources and hydrocarbons are also found here in large quantities.
“I believe investors will have the opportunity to play around for our future development. There is ease of doing business in Bauchi and the entire North.”