This is a great time to invest in Nigeria, Shettima tells Islamic Development Bank

Vice-President Kashim Shettima says now is a great time to invest in Nigeria.

Shettima spoke on Tuesday during a meeting with a delegation from Saudi Arabia’s Islamic Development Bank (IsDB), led by Hammad Hundal, head of its regional hub.

According to a statement by Stanley Nkwocha, senior special assistant to the president on media and communications, he said the administration of President Bola Tinubu has addressed most of the grey areas that previously served as disincentives to investors.

The vice-president said the foundation laid by the renewed hope administration through critical reforms in key sectors of the economy is creating the right environment for investments in Nigeria.

“It is an exciting opportunity to invest in Nigeria. The administration of President Bola Ahmed Tinubu has created the enabling environment and is still doing so by addressing most of the grey areas that hitherto served as a disincentive. So, this is a great time to invest in Nigeria,” he said.

Shettima noted that with well-thought-out interventions in human capital development, nutrition, agriculture, health, education and promotion of digital trade, the administration has demonstrated commitment in addressing challenges in the critical sectors.

“This administration is poised to address the challenges that we have in key areas of human capital development, financial inclusion, infrastructure and nutrition. In fact, we have no option but to address most of these issues, and we will continue to act in the right direction,” the vice-president said.

He praised Nigeria’s collaboration with the Islamic Development Bank, emphasising that it is rooted in the country’s national interest.

Shettima urged the bank to maintain its support for critical government initiatives, including the special agro-processing zones (SAPZ), the i-DICE initiative, and ongoing efforts to develop a Halal economy in Nigeria.

“Let us cross-pollinate ideas and come up with a design for your Country Engagement Framework (CEF),” he said.

“I want you to record in your Country Engagement Framework, the development of a Halal economy, promotion of digital trade, financial inclusion and other areas. I urge closer collaboration to enable us to address some of these challenges.”

He further noted that the bank’s interventions in Nigeria are in line with the president’s renewed hope agenda across various sectors.

Shettima called for greater assistance from the bank in areas such as agriculture, human capital development, gender inclusion, and investments in education, health infrastructure, and nutrition.

ISLAMIC BANK REAFFIRMS COMMITMENT TO EXPANDING SUPPORT IN NIGERIA

In his remarks, Hundal reaffirmed the bank’s commitment to scaling up its support in Nigeria by conducting a comprehensive review of its country engagement framework, with a focus on aligning with Tinubu’s key policy priorities.

He outlined the bank’s major areas of intervention in Nigeria, which include economic infrastructure, support for the private sector, energy security, and the i-DICE programme.

The statement noted that a major highlight of the meeting was the presentation of the bank’s CEF to the vice-president by Obioma Asuzu, its country economist.

The CEF outlines key strategic priorities, including economic recovery, poverty reduction, resilience building, and the promotion of green growth.

Asuzu said the IsDB CEF for Nigeria is guided by the nation’s core priorities, collaboration with key stakeholders, and effective resource mobilisation.