Nigeria has exited economic instability — VP Shettima

By Isaac Joseph Inyang

Vice President Kashim Shettima on Wednesday declared that Nigeria has exited its phase of economic instability, urging both local and international investors to take advantage of the country’s improving business environment.

Shettima made the declaration while declaring open the Bauchi Investment Summit 2025 in Bauchi State, where he assured participants that the economic reforms introduced by President Bola Ahmed Tinubu’s administration have restored confidence and repositioned the nation for sustainable growth.

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The Vice President said the country’s debt service-to-revenue ratio had dropped from almost 100 percent to below 50 percent, while GDP growth rose to 4.23 percent as of September 2025. He further revealed that non-oil revenues increased by 411 percent year-on-year, tax-to-GDP ratio now stands at 13.5 percent, and external reserves have grown to $43 billion. “Nigeria has exited its phase of economic instability, and I assure investors present here that there is no better time to choose Nigeria,” Shettima said.

He explained that the improvement was a direct result of decisive reforms such as fuel subsidy removal and exchange rate harmonisation, which, he noted, eliminated corruption-prone systems that had hindered growth. “You cannot guarantee enduring growth without stability. Nobody builds a house in a tsunami,” the Vice President stated.

Shettima listed job creation, food security, value-chain development, and unlocking subnational advantages as the federal government’s key economic priorities. He also highlighted Bauchi State’s vast arable land, solid minerals, and renewable energy resources as major attractions for investors.

He further assured that the Tinubu administration remains committed to ensuring security and policy consistency, adding that “no economy can thrive where fear replaces freedom and where insecurity undermines enterprise.”

While commending Governor Bala Mohammed for hosting the summit, Shettima challenged stakeholders to move beyond discussions and sign concrete memoranda of understanding (MoUs) with clear timelines for implementation.

Governor Mohammed, in his address, thanked the Vice President for his support and assured investors of a safe and corruption-free business environment. “We will utilize partnership and fight corruption to enable businesses to thrive in our state,” he said.

Former President Olusegun Obasanjo, who also spoke at the summit, described the event as a symbol of renewed hope for Nigeria, identifying five key elements necessary for successful investment: Politics, People, Protection, Partnership, and Progress. He emphasised that effective governance and security remain vital to attracting and sustaining investment.

Chairman of the North-East Governors’ Forum and Borno State Governor, Prof. Babagana Zulum, praised Bauchi’s agricultural potential, urging investors to take advantage of the North’s rich resources and hospitable people.

Delivering the keynote address, former Head of Service of the Federation, Mahmud Yayale Ahmed, stressed the need for education, human capital development, and strong federal-state partnerships as drivers of national development.

The Sultan of Sokoto, His Eminence Abubakar Sa’ad III, commended Vice President Shettima’s loyalty to President Tinubu and called on northern leaders to ensure that resolutions from summits translate into tangible results. He also appealed for peace, unity, and prayers for national progress.

Other dignitaries at the event included representatives of the governors of Oyo, Gombe, Bayelsa, and Jigawa States, former Bauchi military administrators Chris Abutu Garuba and Raji Adisa, and Alhaji Mohammed Indimi, Chairman of Oriental Energy Resources.

The two-day Bauchi Investment Summit 2025 seeks to attract investors to sectors such as agriculture, solid minerals, renewable energy, tourism, and infrastructure, as part of efforts to boost national and regional development.