Vice President Sen. Kashim Shettima addressed a plenary session of the Russia-Africa Summit in St. Petersburg, where he noted that Nigeria is entering a new era, and repositioned for greatness through strategic reforms and diversification of its economy.
Addressing political and business leaders, the Vice President outlined the measures taken by the Tinubu administration to promote economic growth and enhance the business environment in the country.
Economic Agenda
Vice President Shettima highlighted the administration’s determination to industrialize and diversify Nigeria’s economy, recognizing the private sector as a vital partner in this endeavour. He said:
- “We have resolved and are firmly determined to consolidate on industrializing Nigeria and diversifying its economy into sectors that the country has a comparative advantage.
- “The administration of President Tinubu recognizes the private sector as the engine of growth and a veritable partner in our economic agenda, and will therefore give the fullest possible support to foreign and domestic investors.
- “The administration has identified key growth drivers and sectors that are very important to the diversification of Nigerian economy, including power, transportation, infrastructure, maritime, agro-processing, mining, manufacturing, petrochemicals, food processing and textiles etc.
- “The Nigerian government considers these sectors as key priority areas that will drive the country’s economic agenda.”
Investment Opportunities in Nigeria
The Vice President urged Russian companies to take advantage of the investment opportunities in Nigeria. He said:
- “In view of the current geopolitical situation, we must begin to think of real-time investment in addition to trading in commodities. We call on Russian companies to take advantage of the vast potentials in Nigeria, being the largest market in Africa to invest in strategic areas and to derive maximum benefits.”
Russia’s Commitment to Africa
Vice President Shettima commended President Putin and the Russian government for convening the Summit highlighting its significance.
According to the VP:
- “The second session of the Russia-Africa Summit is coming at a time when the administration of President Bola Ahmed Tinubu is implementing a home-grown and private sector-driven Economic Agenda that is predicated on good governance, infrastructure and human capital development, as well as business climate reforms with the expected outcomes in job creation, and poverty alleviation.
- “The need, therefore, to invite private sector participation in the Nigerian economy cannot be over-emphasized. Moreover, the timing of the Summit is very appropriate, as it is a case of “Investments meeting Opportunities”