VP Shettima To Investors: Nigeria Has Exited Its Phase Of Economic Instability

• Tasks stakeholders on concrete MoUs, set timelines at Bauchi Investment Summit 2025
• Says state’s rich natural assets, cultural heritage will boost nation’s tourism, hospitality, creative industries

By: Our Reporter

The Vice President, Senator Kashim Shettima, has assured investors that the most auspicious and convenient time to choose Nigeria as an investment destination is now, saying the nation has exited its phase of economic instability.

He attributed the milestone to the decision made by the administration of President Bola Ahmed Tinubu to get rid of the hurdles that had hitherto clogged the wheels of the country’s economic progress.

Speaking on Wednesday in Bauchi State while declaring open the Bauchi Investment Summit 2025, Senator Shettima noted that the administration assumed office in 2023 with a promise to turn around the fortune of the nation’s economy that was already tottering on the edge of financial crisis, with debt service-to-revenue ratio shooting up to about 100 percent.

He told investors and stakeholders at the two-day summit that under the Tinubu administration, debt service-to-revenue ratio has been reduced to less than 50 per cent, while the GDP growth stood at 4.23 percent as of last month.

“Our non-oil revenues grew by 411 per cent year-on-year in the same month. Our tax-to-GDP ratio now stands at 13.5 per cent, up from barely 7 per cent a few years ago. Our debt-to-GDP ratio remains at 38.8 per cent, far below the limits set by the Fiscal Responsibility Act at 60 per cent, and those of ECOWAS and the World Bank at 70 per cent.

“Our external reserves have grown to 43 billion dollars as of September 2025. Nigeria has exited its phase of economic instability, and I assure investors present here that there is no better time to choose Nigeria,” the Vice President stated.

Explaining why the first decision made by President Tinubu “was to remove those obstacles that had become termites in the timber of” the nation’s progress, VP Shettima said, “You cannot guarantee enduring growth without stability.

“Our predecessors are here to testify to this truth. Each of them endured a fair share of obstacles and pushbacks in their efforts to introduce reforms that set the nation on the path of rediscovery and stability.”

Senator Shettima observed that no system can claim to be suitable for business if it cannot predict the outcome of its investment, maintaining that there can’t be a more potent treatment for a bad economy “than a stable economic stimulus,” which is why the Tinubu administration embarked on bold reforms.

He continued, “It was this dread that inspired our bold reforms to harmonise the exchange rate regime and to dismantle the fuel subsidy structure, an avenue that had become a theatre for round-tripping and rent-seeking, where the privileged few converted the nation’s collective patrimony into their private poverty alleviation scheme.”

“We may spend eternity debating the theories of our inactions, but the truth remains that nobody builds a house in a tsunami.”

The Vice President listed priorities in the administration’s development plan to include job creation, food security, value-chain development, and the unlocking of subnational comparative advantages, even as he pointed out that the plan “is anchored on promises that can only be realised when” stability is achieved.

These priorities, according to him, are inherently rooted in the investment opportunities Bauchi State offers, including “vast arable land and agricultural potential, abundant solid minerals, tourism and game reserves, renewable energy prospects, and improving infrastructure and business-enabling reforms.

“The Federal Government remains resolute in its commitment to ensuring security across the nation because no economy can thrive where fear replaces freedom and where insecurity undermines enterprise,” he added.

Senator Shettima said Bauchi State can spearhead “climate-smart agriculture, commercial outgrower schemes, and agro-processing hubs linked to national and export markets,” with its vast arable land and livestock, among other rich natural resources and cultural heritage that are capable of boosting tourism, hospitality, and the creative industries.

“The solid mineral reserves of this rich state can also enable responsible mining and downstream industrialisation through transparent tendering, geological mapping, and community benefit frameworks.

“Bauchi’s natural assets and cultural heritage can boost tourism, hospitality, and the creative industries, while its renewable energy and gas potential can power industrial clusters through public-private partnerships and off-grid solutions,” he maintained.

Applauding the vision of Governor Bala Mohammed for opening Bauchi State to investment, VP Shettima reaffirmed President Tinubu’s promise that under his watch, the Federal Government will treat “each state as a priority beyond the fiscal glories that accrue from the increased allocations now enjoyed across the federation.

“This is so because an affliction to any state slows down the pace of development in other parts of the nation, and this is the burden of federalism that we must never allow to slow us down. We must either grow together or falter apart,” he added

Declaring the summit open, the VP charged participants and stakeholders “to move beyond talk and commit to concrete memoranda of understanding, set timelines, and appoint joint implementation teams,” to ensure tangible milestones in project execution, insisting that programmes and projects “must align with social and environmental sustainability considerations.”

On his part, former President Olusegun Obasanjo said while the summit is an indication that there is hope for Nigeria, there is a need for partnership as a way of strengthening businesses.

He outlined what he termed the five Ps – Politics, People, Protection, Partnership and Progress, describing them as the bedrock of good investment, just as he expressed worry over the cement situation in Nigeria, calling for more action to strengthen the cement industry.

“Governance must be right because it’s about the people and there must be protection (security), or else investors will not come. There must be strong partnership at the local, community, state, and national levels, as well as the civil society, with the public and private sectors. We need partnership,” he stressed.

For his part, Governor Mohammed thanked the Vice President for always identifying with the state, assuring participants and the people of Bauchi State that the recommendations reached at the summit would be implemented.

The Governor hailed the federal government for establishing the North-East Development Commission (NEDC), which he said is driving development across the six states of the region.

He also assured investors of the safety of their lives and businesses in Bauchi, saying, “We will also utilize partnership and fight corruption in order to enable businesses thrive in our state,” he said.

Also speaking, Chairman of the North East Governors’ Forum, and Borno State Governor, Prof. Babagana Zulum, commended Governor Mohammed for convening the summit, saying Bauchi State’s potential in agriculture is the bedrock for its development.

Urging investors to tap from the available resources as they invest in the state, Zulum said, “Northerners are hospitable. Mineral resources and hydrocarbons are also found here in large quantity. I believe investors will have the opportunity to play around for our future development. There is ease of doing business in Bauchi and the entire North; come and do business here.”

Delivering the keynote address, former Head of Civil Service of the Federation, Mahmud Yayale Ahmed, noted that while leadership is about creating room for others to grow, the current global challenges require serious attention and action.

The erstwhile Secretary to Government of the Federation (SGF) identified education, good governance and human capital development as bases for development at all times, positing that Public, Private Partnership (PPP) and collaboration between the federal and State governments would help boost development.

In his remarks, the Sultan of Sokoto, His Eminence, Abubakar Sa’ad III, regretted that while he had attended a good number of summits in the country, most of them ended with little commitment towards implementation of resolutions.

“What have we achieved? Have we really achieved the goals of such summits? I want to challenge the Governors of Northern states on this. Have we really moved our states and the north forward? I want to challenge all of us to really look inwards. Nobody can take us out of these economic challenges except we, ourselves. The North has everything needed for development,” he said.

The royal father applauded Vice President Shettima’s unflinching support for President Tinubu in leading Nigeria, just as he pledged the support of religious and traditional leaders at all times.

Stressing the need for adequate security, the Sultan said, “Our support is unwavering. But whatever you do, if there’s no security, you can’t really achieve anything,” appealing to all Nigerians to love their country and pray for their leaders instead of cursing them.

Other dignitaries in attendance include representatives of the Governors of Oyo, Gombe, Bayelsa and Jigawa States; former military administrators of Bauchi State, Chris Abutu Garuba and Raji Adisa, and Chairman/Founder of Oriental Energy Resources, Alhaji Mohammad Indimi, among others.

VP Shettima To Investors: Nigeria Has Exited Its Phase Of Economic Instability

NSCC Appoints Yilwatda Its Ambassador

By: Michael Mike

The National Senior Citizens Centre (NSCC) has appointed the Minister of Humanitarian Affairs and Poverty Reduction, Professor Natawe Goshwe Yilwatda, as its ambassador.

The appointment was made in Jos, Plateau State as part of activities to commemorate the National day of Older persons.

This significant appointment which was on the sidelines of the 6 day medical outreach organized by the Centre in collaboration with the Federal Ministry of Humanitarian Affairs and Poverty Reduction recognizes Professor Yilwatda’s unwavering dedication to humanitarian service, poverty alleviation, and the protection of vulnerable populations, particularly senior citizens.

According to a statement, as NSCC Ambassador, Yilwatda will serve as a key advocate for the rights, dignity, and well being of older persons across Nigeria.

The statement read: “His leadership and commitment are expected to drive impactful initiatives that promote healthy, active, and inclusive aging, in alignment with the NSCC’s national mandate.

“The NSCC looks forward to a fruitful partnership with Professor Yilwatda in advancing policies and programmes that uplift and empower the elderly in our communities.”

NSCC Appoints Yilwatda Its Ambassador

Marwa: NDLEA Open to Controlled Exportation of Cannabis Oil

By: Michael Mike

Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA) has said the agency is not averse to the controlled and regulated export of cannabis oil to countries who desire it but remains opposed to its local consumption.

Speaking at a stakeholders workshop themed “Cannabis Oil Debate: The Path Forward for Nigeria”, organized by the Nigerian Academy of Science in Abuja on Wednesday, Marwa said the dialogue on cannabis oil is a welcome development.

He said: “At NDLEA, our position on cannabis oil is simple: we welcome dialogue. We believe Nigeria must make informed choices, not choices driven by half-truths, commercial interests, or global trends. Cannabis oil may have medicinal properties worth investigating, but it also carries health risks, potential for misuse, and implications for public safety. This is why it is crucial that scientists, medical experts, policymakers, and regulators are in the same room to bring facts to the table, scrutinise evidence, and weigh options carefully.

“Let me assure you that NDLEA is not opposed to science, nor are we indifferent to innovation. What we insist on is caution. Policy must protect lives, safeguard public health, and strengthen—not weaken—our fight against drug abuse. As such, the agency will not be averse to the idea of controlled export of cannabis oil to foreign companies and countries who desire it, as part of our drive as a country to enhance foreign earnings. After all, some countries have approved the use of cannabis oil for therapeutic purposes while others including Nigeria have not.

“Our concern however is about its consumption in Nigeria. In essence, we are not opposed to the idea of exporting the oil to those who desire it but such must be strictly controlled, licensed and monitored by NDLEA with such process located only within export free zones.”

Explaining further the position of the agency, the NDLEA boss said the conversation is necessary because “we are talking about Cannabis, which is not just another plant. It is a substance with complex medical, social, and economic dimensions. For decades, the debate has been one-sided. Advocates often highlight the supposed benefits of cannabis oil, while its risks and consequences are glossed over. This, no doubt informs the decision by us at the NDLEA to commission an ongoing study on cannabis oil by this respected apex body of scientists, the Nigerian Academy of Science.”

He added that: “In a country like Nigeria, which is already contending with a high burden of drug abuse, it is imperative that we approach this matter with sobriety, clarity, and balance. Till today, much of the public debate highlights the potential therapeutic uses of cannabis oil and the commercial value of its export. What about the risks? Evidence shows that cannabis, including its oil extracts, can have adverse effects on mental health, especially among young people. The prolonged or uncontrolled use of cannabis and its extracts is linked to anxiety, depression, psychosis, and cognitive impairment. In addition, dependence and addiction are real concerns as well. In reality, these side effects create additional social and economic costs for families, communities and society at large.

“Another fundamental issue that we must take cognisance of is that the lack of standardised production and regulation in many countries means products sold as “cannabis oil” often vary in potency, contain contaminants, or are misused outside of medical supervision. Already, Nigeria has one of the highest rates of misuse of cannabis worldwide. For a country already grappling with 14.4 percent substance abuse prevalence rate as against the global average of 5.6 percent and a staggering figure of 10.6 million cannabis users based on the last drug use survey report of 2018, the risks associated with cannabis cannot be dismissed. Rather, the reality should remind us that while cannabis oil may have medical potential, its dangers are real and must be addressed with strong safeguards before any policy shift is considered”

He said as part of efforts to mitigate the consequences of illicit drug cultivation and production is the decision by the agency, as the first in Africa, to introduce alternative development project in 2023.

According to him, “The Alternative Development Project demands ethical responsibility and commitment to develop transformative policies and humanitarian responses to mitigate drug-related problems and end the complexities and violence of the war on drugs in Nigeria and globally. In Nigeria, the Alternative Development Project will focus on reducing the vulnerabilities of ignorance, poverty, hunger, unemployment and underdevelopment that push people into illicit economies, particularly illicit drug cultivation. Aside from its link to transnational organised crime, illicit drug cultivation fuels national organised crime that causes agricultural states to abandon food crop cultivation for cannabis plantations in some communities across Nigeria. We intend to reduce these vulnerabilities both in urban centres and rural areas through the provision of functional mechanisms and facilities for sensitisation, skills acquisition, empowerment and positive engagements for sustainable livelihoods.”

In his welcome remark, President of the Nigerian Academy of Science, Prof Abubakar Sambo who was represented by the Vice President of NAS, Prof Friday Okonofua noted that several research studies have considered various uses of cannabis and its side effects. He said the workshop was aimed at reaching a consensus on the contentious issue of the use of cannabis oil.

“At the end of the day, we’ll have evidence-based consensus work, which will be properly documented that will lead us to decide what we should be doing regarding the use of cannabis in this country”, he stated.

Chairman of NAS study committee on cannabis oil use, Prof Musbau Akanbi commended NDLEA for being proactive and working with the Academy to obtain science driven guide for Nigeria. “As we all know, cannabis oil is extracted from cannabis and the legalisation of the use of the oil would translate to large-scale cultivation of the weed itself. The Nigerian Academy of Science consequently constitutes the consensus study committee on cannabis oil debate, comprising experts in all fields that had to do with the study request. The committee collected a lot of literature on the subject matter from all over the world, reviewed what is happening in other lands, and decided to arrange this workshop where experts from various related fields will come together with stakeholders and present evidence that will be collated to assist NDLEA in carrying out its honest responsibility.”

Also speaking at the workshop, Dr. Samuel Adekola who represented Governor Lucky Aiyedatiwa of Ondo state noted that “this all-important workshop will offer our great country, Nigeria, the opportunity to move from debate to design, from potential to policies and I urge all participants to contribute constructively so that together we can rise to craft a model that not only benefit the consumers of health, also the sunshine state and Nigeria, but also position our nation as a leader on the African continent in this emerging field. Let us proceed with vision, with courage, and with unity of purpose”

In his keynote address, the Director, WHO Collaborating Centre for Research and Training in Mental Health, Neurosciences, and Substance Abuse, University of Ibadan, Prof. Oye Gureje, stated that cumulative evidence suggests that “cannabis has some limited medical use”, and “widespread recreational use is likely to lead to increased risk of psychosis”, while “public health may be moderately affected by increased use (e.g. road accidents)”

Marwa: NDLEA Open to Controlled Exportation of Cannabis Oil