Vice President Senator Kashim Shettima has assured investors that now is the most auspicious and convenient time to choose Nigeria as an investment destination, saying the country has exited its phase of economic instability.
He attributed this milestone to the decisive actions of President Bola Ahmed Tinubu’s administration, which removed obstacles that had hindered the nation’s economic growth. Speaking on Wednesday in Bauchi State while declaring open the Bauchi Investment Summit 2025, Senator Shettima explained that the administration came into office in 2023 with a firm promise to turn around the fortune of an economy that was already on the brink of crisis, with a debt service-to-revenue ratio of nearly 100 percent.
Addressing investors and stakeholders at the two-day summit, the Vice President said under President Tinubu’s leadership, the debt service-to-revenue ratio has been reduced to less than 50 percent, while the GDP growth stood at 4.23 percent as of last month.
“Our non-oil revenues grew by 411 percent year-on-year in the same month. Our tax-to-GDP ratio now stands at 13.5 percent, up from barely 7 percent a few years ago. Our debt-to-GDP ratio remains at 38.8 percent, far below the limits set by the Fiscal Responsibility Act at 60 percent and those of ECOWAS and the World Bank at 70 percent. 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 stated.
Explaining the reason behind the government’s bold policy reforms, Shettima said President Tinubu’s first decision was to remove the obstacles that had become “termites in the timber of the nation’s progress.” He 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 added that no system can be suitable for business if it cannot predict the outcome of its investments, noting that a stable economic stimulus remains the most effective solution for a struggling economy. “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 identified job creation, food security, value-chain development, and the unlocking of subnational comparative advantages as the administration’s key development priorities. He said these priorities are anchored on the promises of stability and growth.
According to him, Bauchi State’s vast arable land, solid mineral deposits, agricultural potential, renewable energy prospects, and improving infrastructure make it an ideal environment for investors. “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 stated.
Shettima added that Bauchi State could lead in “climate-smart agriculture, commercial outgrower schemes, and agro-processing hubs linked to national and export markets,” using its natural endowments to boost tourism, hospitality, and 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 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 to investors, Shettima reaffirmed the Federal Government’s commitment to treating every state as a priority. “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.
Declaring the summit open, the Vice President urged participants to move beyond discussions and commit to concrete memoranda of understanding, set timelines, and form joint implementation teams to achieve tangible results. He insisted that all programmes and projects must align with social and environmental sustainability standards.
Former President Olusegun Obasanjo, who also spoke at the event, said the summit represented hope for Nigeria but emphasized the need for partnerships to strengthen businesses. He outlined what he called the five Ps – Politics, People, Protection, Partnership, and Progress – describing them as the bedrock of successful 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,” Obasanjo said.
Governor Bala Mohammed, in his remarks, thanked the Vice President for his support and assured participants that the resolutions from the summit would be implemented. He commended the Federal Government for establishing the North-East Development Commission (NEDC), which he said is driving development across the six states of the region.
He also assured investors of safety in Bauchi State, adding that his administration would fight corruption and promote transparency to create a conducive business environment. “We will also utilize partnership and fight corruption in order to enable businesses thrive in our state,” the governor said.
The Chairman of the North East Governors’ Forum and Governor of Borno State, Professor Babagana Zulum, also commended Governor Mohammed for convening the summit. He described Bauchi’s agricultural potential as the bedrock for its development and urged investors to take advantage of the available opportunities. “Northerners are hospitable. Mineral resources and hydrocarbons are also found here in large quantity. 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; come and do business here,” he said.
Former Head of Civil Service of the Federation, Mahmud Yayale Ahmed, in his keynote address, noted that leadership should be about creating opportunities for others to grow. He pointed out that the current global economic challenges require serious attention and action. He identified education, good governance, and human capital development as essential for national progress and said that public-private partnerships and collaboration between the federal and state governments would help boost sustainable growth.
The Sultan of Sokoto, His Eminence Abubakar Sa’ad III, expressed concern that most investment summits in the country often end without concrete implementation. “What have we achieved? Have we really achieved the goals of such summits? I want to challenge the Governors of Northern states on this. Have we really moved our states and the north forward? I want to challenge all of us to really look inwards. Nobody can take us out of these economic challenges except we, ourselves. The North has everything needed for development,” he said.
He commended Vice President Shettima’s commitment to supporting President Tinubu’s economic agenda and pledged the cooperation of traditional and religious leaders. Stressing the importance of security, he said, “Our support is unwavering. But whatever you do, if there’s no security, you can’t really achieve anything,” while urging Nigerians to love their country and pray for their leaders instead of cursing them.
Dignitaries at the event included representatives of the Governors of Oyo, Gombe, Bayelsa, and Jigawa States; former military administrators of Bauchi State, Chris Abutu Garuba and Raji Adisa; and Chairman and Founder of Oriental Energy Resources, Alhaji Mohammad Indimi, among others.