Vice President Kashim Shettima says Nigeria is at a new dawn to chart and re-position its destiny for greatness, considering the measures adopted by the President Bola Tinubu administration to diversify the nation’s economy.
Mr Olusola Abiola, Director, Information,
Office of the Vice President, in a statement, said Shettima stated this while addressing political and business leaders at the second plenary session of the Russia-Africa Summit holding in St. Petersburg, Russia, on Friday.
He explained that the government was taking decisive steps to fight crime, punish offenders, directly tackle insurgency, and do everything necessary to secure lives and investments in the country.
Shettima also said that the Tinubu administration had resolved and was firmly determined to consolidate on industrialising 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 the Nigerian economy, including power, transportation, infrastructure, maritime, agro-processing, mining, manufacturing, petro-chemicals, food processing and textiles.
“The Nigerian government considers these sectors as key priority areas that will drive the country’s economic agenda,” the VP added.
Speaking further about investment opportunities in Nigeria, Shettima said “in view of the current geopolitical situation, we must begin to think of real time investment in addition to trading in commodities.”
He called 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.
On peace and security, Shettima noted that no meaningful development could take place without peace, adding that the Russia-Ukraine crisis was impacting on all nations in different ways.
“The ongoing situation between these two brotherly countries is unfortunate. Nigeria remains non-aligned in any conflict situation, but we are deeply concerned about the potential impact of the crisis on global peace and security.
Vice President Shettima commended President Putin and the Russian government for convening the Summit, noting that “it is very significant to Nigeria in many respects.”
“The second session of the Russia-Africa Summit is coming at a time when the administration of President Bola Tinubu is implementing a home-grown and private sector-driven Economic Agenda.
“The agenda 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’.”
Earlier, the Russian President paid glowing tributes to the continent’s founding fathers, noting their contributions to the development of the current African States.
President Putin who spoke on a wide range of areas of cooperation between both countries, including security and defence, commerce, agriculture and climate agenda, reiterated his country’s commitment to the full economic transformation of the African continent.
“Russia is sincerely ready and willing to stand by African countries in their efforts to address challenges confronting them. We cherish our relationship with each African nation and will make efforts to sustain it.”
Seventeen African Heads of State, five Vice Presidents, 10 Heads of government, and some business leaders from Russia, Africa and beyond, are attending the Summit holding at St Petersburg’s ExpoForum.
