Ola Akinwunmi
Vice President Kashim Shettima has declared Nigeria open for business, urging global investors to seize the country’s vast economic opportunities through sustainable partnerships.
Speaking at the 2025 Public-Private Partnership (PPP) Summit on Monday at the State House in Abuja, Shettima, who represented President Bola Tinubu, called on both local and international stakeholders to move beyond rhetoric and turn Nigeria’s infrastructure challenges into bankable ventures.
“We are not seeking investors to carry burdens; we are opening opportunities to create value,” Shettima said. “We want long-term partners ready to bridge our infrastructure gap with purpose, precision, and integrity.”
The summit, hosted by the Infrastructure Concession Regulatory Commission (ICRC), brought together business leaders, policymakers, and development partners to examine ways to close Nigeria’s staggering $2.3 trillion infrastructure deficit.
Shettima stressed that Nigeria cannot build a modern economy on outdated infrastructure, noting that the government’s fiscal resources alone are insufficient to meet the scale of investment required. “Policies alone don’t generate megawatts or build roads. What we need is collective action,” he added.
He highlighted the administration’s sweeping reforms—such as the liberalisation of the foreign exchange market, removal of fuel subsidies, and the bolstering of regulatory frameworks—as part of a broader strategy to create a business-friendly environment.
Central to Nigeria’s infrastructure vision, Shettima noted, is the National Integrated Infrastructure Master Plan (NIIMP), which targets raising infrastructure investment from the current 30–35% of GDP to at least 70% by 2043.
With Nigeria’s population expected to swell from over 230 million to 440 million by 2050, Shettima underscored the country’s status as Africa’s largest consumer market. “One out of every four Black people is a Nigerian. There is no African market like this,” he said, positioning the country as a magnet for long-term capital.
He challenged summit participants to deliver tangible outcomes. “Let this summit not be remembered for kind speeches—we’ve had those for decades—but for bankable projects, signed deals, and enduring progress.”
ICRC Director General, Jobson Ewalefoh, in his welcome address, echoed the Vice President’s sentiments. He reaffirmed the government’s commitment to using PPPs to unlock development, calling the approach essential to achieving the Renewed Hope Agenda.
“PPPs are not just financial arrangements—they are partnerships for shared prosperity,” Ewalefoh said. He pointed to ongoing projects like the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam as proof of the model’s effectiveness.
Ewalefoh also applauded the support of international development partners, including the African Development Bank (AfDB), Nigeria Economic Summit Group (NESG), Afreximbank, International Finance Corporation (IFC), and Africa50.
As Nigeria seeks to position itself as a top investment destination, the message from the summit was clear: the door is open, the market is ready, and the need for partnership has never been more urgent.
