Vice President Kashim Shettima on Monday showcased Nigeria’s 200 billion dollar energy transition opportunity to global investors, stressing the importance of “partnerships” to maximize the multi-faceted, multi-billion investment opportunities across the country.
He also pointed out that Nigeria’s sovereign rating by international platforms such as Fitch and Moody’s indicates that the country is positioned as the natural hub for the African Continental Free Trade Area’s 3.4 trillion dollar market.
The Vice President drew global attention to the multi-billion economic reforms underway in Nigeria, which he said are anchored on President Bola Ahmed Tinubu’s Renewed Hope Agenda.
According to a release issued by his Media Assistant, Stanley Nkwocha, Shettima made the presentation at the Roundtable hosted by the Business Council for International Understanding, themed “Risk, Reform, Return.” The event was held on the margins of the 80th Session of the United Nations General Assembly in New York City.
Representing President Bola Tinubu at the UNGA80, Shettima stated that in today’s interconnected age, the wealth of a nation does not come through miracles or inheritance but through deliberate reforms and partnerships.
He began by showcasing the size of Nigeria’s economy, stressing that Nigeria is West Africa’s largest economy and Africa’s biggest consumer market, with 236 million people today, projected to rise to 320 million by 2040.
Highlighting Nigeria’s demographic advantage, Shettima noted that with a median age of about 17, more than 58 percent of Nigerians are under the age of 30. He said this makes the country 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 told the gathering.
The Vice President emphasized that since mid-2023, under President Tinubu’s Renewed Hope Agenda, Nigeria has embarked on one of the boldest economic resets in its history.
He explained that the government has unified exchange rates, removed decades-old fuel subsidies that distorted the economy, modernized tax and customs regimes, strengthened fiscal oversight, and overhauled trade and investment policies.
“This reset includes full implementation of the AfCFTA, the roll-out of a National Single Window for trade, a new Investment and Securities Act, an upgraded PPP framework, and modernized bilateral investment treaties,” he said.
Shettima noted that reforms are already showing results. “Our GDP growth is accelerating, our external reserves are strengthening, and inflation is moderating. This is why investor commitments are also rebounding.”
He further recalled that in April, Fitch upgraded Nigeria’s sovereign rating to B with a stable outlook, while Moody’s raised its issuer rating to B3 with a stable outlook. He said both platforms cited Nigeria’s improved buffers and clearer policy direction. “This positions Nigeria as the natural hub for the AfCFTA’s 3.4 trillion dollar market,” he stressed.
The Vice President explained that Nigeria has built a four-pillar incentives framework designed to reduce investor risk, accelerate cash returns, and make the country one of the most competitive destinations for capital in the Global South.
“A simpler, predictable tax regime now offers clear capital allowances, research and development deductions, and export-linked rebates, while investors in priority sectors can achieve faster breakeven through five percent annual tax credits on qualifying capital expenditure,” he stated.
He also highlighted that 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.
“Cross-border protections now include updated bilateral investment treaties, investor promotion and protection agreements, structured repatriation pathways, and streamlined FX access. These give investors confidence that their capital and profits are protected,” Shettima told investors.
On agriculture, the Vice President explained that Nigeria’s Special Agro-Industrial Zones are cutting post-harvest losses by up to 40 percent and linking farmers directly to processing and export hubs, thereby transforming the country from a fragmented producer into a continent-scale food system that serves millions across West Africa.
Speaking on energy, Shettima disclosed that Nigeria offers a 200 billion dollar energy transition opportunity, backed by 210 trillion cubic feet of gas reserves and one of the highest solar irradiation levels in Africa.
He added that fiscal incentives and VAT waivers are reducing investment risks in both traditional and renewable energy assets, including gas-fired independent power plants, off-grid solar projects, and clean hydrogen pilots.
The Vice President further observed that Nigeria faces a one billion dollar annual infrastructure gap in transport, ports, and power. However, through InfraCorp and the Nigeria Sovereign Investment Authority, the government is blending sovereign and private finance to fund metro lines, dry ports, and industrial corridors. According to him, these projects are building the backbone of West African trade while creating long-term revenue streams for investors.
“Special Economic Zone clusters now host over five billion dollars in installed industrial capacity, with backward-integration incentives and AfCFTA corridors opening a multi-billion dollar continental market. These reforms are transforming Nigeria into Africa’s production floor and innovation lab,” Shettima said.
He also disclosed that Nigeria is rich in mineral resources, hosting 44 commercially viable minerals worth over 700 billion dollars under a new beneficiation and security regime. He said investors have opportunities to secure early positions in lithium, gold, bitumen, and rare earths, which are critical to the global green transition.
The Vice President stressed that Nigeria accounts for 29 percent of Africa’s internet usage, has raised over two billion dollars in venture funding, and is currently training three million new tech talents. He said this makes the country Africa’s fastest-scaling digital hub, with growth in fintech, AI, cloud services, and broadband rollout.
He added that the creative economy, currently valued at 15 billion dollars, is projected to reach 100 billion dollars by 2030. “Nigeria’s entertainment hubs, especially Nollywood, Afrobeats, gaming, animation, and fashion, are expanding under incentives for IP protection and creative hubs that consolidate Nigeria’s place as the cultural superpower of the Global South,” he said.
On healthcare, Shettima noted that the sector is already an 18 billion dollar industry. He pointed to Executive Orders on local manufacturing, a 1.57 billion dollar World Bank primary healthcare programme, and specialist centres built by the Nigeria Sovereign Investment Authority as proof of government commitment to expanding the sector.
Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, also emphasized that since May 2023, under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Nigeria has embarked on one of the boldest economic resets in its history.
She explained that the administration unified the nation’s exchange rate, removed the fuel subsidy, modernized tax and customs regimes, and strengthened fiscal oversight.
Oduwole further noted that President Tinubu overhauled the nation’s trade and investment policy, which now includes full implementation of the African Continental Free Trade Area Agreement, a National Single Window Project for trade facilitation, a new Investment and Security Act, an upgraded Public-Private Partnership framework, and modernized Bilateral Investment Treaties.
She added that the impact of these reforms is already visible. “Gross Domestic Product growth is accelerating, external reserves are strengthening, inflation is moderating, and investment commitments are rebounding,” she said.
“In April, Fitch upgraded Nigeria’s Sovereign Rating to B, which is stable, and Moody’s lifted its issuance rating to B3, also stable. Now citing improved buffers and clear policy directions, there is over 50 billion dollars in investment interest and announcements tracked across key sectors since these reforms began,” Oduwole explained.
Earlier in the day, Vice President Shettima, representing President Tinubu, attended the United Nations General Assembly Hall at the UN Headquarters for the High-Level meeting marking the 80th anniversary of the UN General Assembly.
At the event, President Tinubu delivered a three-minute address where he celebrated the spirit and successes of the United Nations. He praised its legacy of promoting peace, protecting human dignity, and advancing global development goals.
