Vice President Kashim Shettima has declared that Nigeria has officially exited its phase of economic instability, assuring both local and international investors that there has never been a more opportune time to invest in the country.
Speaking at the opening ceremony of the Bauchi Investment Summit 2025 on Wednesday, October 8, the Vice President said recent economic indicators point to a significant turnaround, driven by the bold reforms of the Bola Ahmed Tinubu administration.
“Nobody builds a house in a tsunami. Nigeria has exited its phase of economic instability, and I assure investors there is no better time to choose Nigeria,” Shettima told summit participants.
Tinubu’s Economic Reforms Turning the Tide — Shettima
In a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Shettima credited the improved outlook to decisive policy reforms implemented since 2023.
“Under this administration, the debt service-to-revenue ratio has dropped below 50%, GDP growth stood at 4.23% as of last month, and non-oil revenue increased by 411% year-on-year,” he said.
Additional economic gains highlighted by Shettima include:
- Tax-to-GDP ratio: Up to 13.5%, from around 7% just a few years ago.
- External reserves: Reached $43 billion as of September 2025.
- Debt-to-GDP ratio: Stands at 38.8%, well below the 60% ceiling of Nigeria’s Fiscal Responsibility Act and the 70% ECOWAS/World Bank benchmark.
Key Structural Reforms: Exchange Rate Unification & Fuel Subsidy Removal
Shettima emphasized that the administration’s readiness to confront longstanding inefficiencies — including the removal of fuel subsidies and exchange rate unification — has created a more stable and transparent economic environment.
“You cannot guarantee enduring growth without stability. It was this dread that inspired our bold reforms to harmonise the exchange rate and dismantle the fuel subsidy, which had become a theatre for round-tripping and rent-seeking,” he stated.
Shettima Unveils Economic Priorities: Jobs, Food Security, and Subnational Growth
The Vice President outlined the administration’s core economic focus areas as:
- Job creation
- Food security
- Value chain development
- Unlocking subnational comparative advantages
He urged stakeholders at the Bauchi Investment Summit 2025 to move beyond discussions and sign concrete memoranda of understanding (MoUs) with timelines and implementation teams.
“Let us move beyond talk and commit to action. Programmes must align with social and environmental sustainability,” he said.
Bauchi State Positioned as Investment Hub
Highlighting Bauchi’s untapped potential in agriculture, solid minerals, tourism, and renewable energy, Shettima said the state could lead Nigeria’s shift toward climate-smart agriculture, agro-processing, and cultural tourism.
“Bauchi can spearhead outgrower schemes linked to national and export markets. Its cultural heritage and natural assets can boost hospitality and the creative industries.”
He commended Governor Bala Mohammed for organizing the summit and reaffirmed President Tinubu’s commitment to inclusive national development.
“An affliction to any state slows down the pace of development in other parts of the nation. We must either grow together or falter apart,” he concluded.
