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

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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

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President Tinubu: Nigeria Resolute About Building Efficient Borders Across Africa

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President Tinubu: Nigeria Resolute About Building Efficient Borders Across Africa

  • Says fragmented markets posing threats to border efficency

By: Our Reporter

President Bola Ahmed Tinubu has reaffirmed Nigeria’s resolve to work towards building an Africa where borders are efficient enough to facilitate trade and other economic opportunities instead of hindering them.

He implored African nations to be disciplined in working towards building borders that meet the high demands and rapid pace of contemporary technological advancement.

Speaking on Monday in Abuja when he declared open the Customs Pact – Partnership for African Cooperation in Trade, the President expressed delight to be a part of the event, which brought together partners and leaders from across the continent, saying it demonstrates the collective resolve to discard the old habit of accepting slow borders as destiny.

President Tinubu, who was represented by his deputy, Vice President Kashim Shettima, said while nations exist to complement one another, size, resources, and talent are inconsequential if they are trapped behind inefficient borders and fragmented markets.

“Nigeria remains firmly committed, structurally and operationally, to building an Africa that trades by design, where integration is practical, measurable and effective. Our ambition is simple: a continent where borders facilitate opportunities rather than inhibit them,” he declared.

Maintaining that “fragmented markets cannot achieve industrial scale, negotiate effectively with global powers, or withstand external shocks, the Nigerian leader noted, however, that integration “enables large-scale industrialisation, collective bargaining strength and resilient supply chains.”

Nigeria, according to him, is approaching this responsibility with practical systems and infrastructure rather than rhetoric, even as he said the strength of a continental market can only be engineered and not declared.

President Tinubu stated that while Africa had already taken the hardest step by agreeing on integration through the African Continental Free Trade Area (AfCFTA), what is crucial at the moment is execution.

“Success will be judged not by communiqués but by real outcomes: shorter border-crossing times, reliable local-currency settlements and efficient movement of goods across borders and ports. Our vision must translate from conference halls to the daily experiences of traders, manufacturers, logistics operators and farmers,” he maintained.

The President recalled that the urge to deliver the dividends of democracy to Nigerians informed his administration’s decision to reform “structural barriers to trade and investment, removing bottlenecks that limit competitiveness, and rebuilding institutions for efficient regional integration.”

In achieving this, he said the administration quickly embarked on unifying the foreign exchange window, removing fuel subsidies to redirect resources to critical infrastructure, and modernizing port operations with 24-hour clearance.

He continued: “We adopted the Pan-African Payment and Settlement System to boost intra-African trade, and we prioritised non-oil export growth across key sectors. These reforms reinforce one another, creating a coherent foundation for stronger continental commerce and competitiveness. Each decision was a step towards a Nigeria that trades with confidence and an Africa that negotiates from a position of strength.

“We believe that our institutions have been deliberately aligned into a unified trade-enablement architecture, dismantling the traditional silos that once separated agencies. The Nigeria Customs Service now advances digital clearance systems and risk-based inspections.

“The Nigerian Ports Authority drives port efficiency. The Central Bank enables local-currency settlements through PAPSS. The Standards Organisation harmonises product standards with continental frameworks. NEPC and NEXIM Bank strengthen export readiness and provide targeted financing.

“This coordinated, integrated institutional approach is essential for successful continental integration, for no single agency can deliver the scale of reform required for Africa’s prosperity.”

On the level of impact of the collective reforms on the nation’s economy, the Nigerian leader said it “is measurable, demonstrable, and progressively accelerating.

He added: “Intra-African trade is projected to expand from fifteen percent in 2023 to twenty-five percent by 2030 under AfCFTA frameworks. Nigeria’s non-oil exports to African markets increased thirty-eight percent year-on-year in 2024. Cargo clearance time at major seaports has reduced by approximately thirty percent since 2023.

“Paper-based compliance processes are being systematically replaced through digital trade reforms and automation. These metrics validate a fundamental principle: when structural barriers fall and systems function predictably, African trade expands rapidly and dynamically. Outcomes are never in doubt when processes are disciplined.”

President Tinubu described the National Single Window as central to Nigeria’s continental trade strategy, assuring that phase one of the transformative digital platform will go live in March 2026, “with full rollout by December 2026.

“It will allow businesses to submit import and export information once through a unified portal, automate inter-agency data sharing and real-time processing, apply risk-based compliance to speed up clearance for legitimate traders, and cut cargo clearance time from twenty-one days to under seven.

“This will significantly boost port productivity. Fully aligned with AfCFTA digital frameworks, the National Single Window positions Nigeria as a continental standard-bearer for customs digitalisation and seamless intra-African commerce,” he further stated.

Earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, urged relevant authorities in Africa to continue to dismantle barriers that hinder trade and revenue generation.

She stressed that the Federal Government of Nigeria remains committed to supporting modernisation initiatives within customs administrations and aligning with global best practices aimed at creating a business-friendly environment.

The minister further expressed Nigeria’s commitment to ensuring that AfCFTA delivers tangible benefits for citizens while improving the ease of doing business at the borders.

For her part, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said that under President Tinubu’s decisive leadership, the administration has achieved a unified exchange rate, strengthened fiscal discipline, and is on course to accelerate regional economic integration under the Renewed Hope Agenda.

She maintained that Nigeria’s commitment to AfCFTA implementation remains unwavering, while urging participants to build an Africa that trades more with itself.

Also, the Secretary-General of the World Customs Organization (WCO), Ian Saunders, applauded ongoing reforms by the Tinubu administration, assuring that the WCO stands with Nigeria in facilitating legitimate trade.

He also praised heads of Africa’s Customs for their efforts in incorporating modern standards into their operations, adding that leadership, investment, and consolidating gains in customs administration remain valuable.

The Executive Vice President of Afreximbank, Kanayo Awani, backed modernisation as a positive initiative adopted by several customs administrations, including Nigeria.

On his part, the Comptroller-General of Customs, Bashir Adewale Adeniyi, urged relevant authorities and stakeholders to adopt cross-country trade facilitation and integration, emphasizing, “We cannot continue to work in silos.”

According to Adeniyi, the primary outcome of the engagement in Abuja, which involved all African regions, is to ensure that customs administrations are more actively engaged in AfCFTA implementation, while strengthening dialogue and mutual understanding between customs administrations and the private sector across the continent.

The Secretary-General of AfCFTA, Wamkele Mene, assured that the Secretariat will work closely with the NCS to ensure that the objectives of C-PACT unfold into a pleasant reality.

President Tinubu: Nigeria Resolute About Building Efficient Borders Across Africa

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Quit illicit drug trade now or get ready for more hard time, Marwa warns barons, cartels

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Quit illicit drug trade now or get ready for more hard time, Marwa warns barons, cartels

By: Michael Mike

Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA) Brig. Gen. Buba Marwa (rtd) has warned drug barons, traffickers and their cartels to quit the criminal trade or face more hard time during his second tenure.

Marwa, who was reappointed by President Bola Tinubu for a second tenure of five years on Friday told jubilating management staff, officers, men and women of the agency who gathered to welcome him at NDLEA National Headquarters in Abuja following the presidential announcement that his second tenure will be hell and bleak for those who fail to quit the illicit drug trade.

He expressed appreciation to the president for the recognition of ongoing efforts against substance abuse and illicit drug trafficking in the country.

He said: “First of all, what a surprise, I did not expect to come back from jumat service to meet these great felicitations, dancing and singing by our personnel. Thank you very much. We would like to thank the almighty God, because always the glory has to go to Him for everything. We thank the President and Commander-in-Chief for the special recognition of our collective efforts and the new mandate for us to continue with the war against drug abuse and trafficking. I thank the management, officers, men and women of the agency, who continue to provide service to the nation 24/7, in spite of the risks that you all face.”

He also acknowledged the unflinching support by the Hon. Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun while also expressing thanks to “all our local and international partners, with whom we have continued to collaborate towards ridding Nigeria of illicit substances.”

He added that: “First, this word must go to the cartels. The cartels have not seen anything yet. I promise them this second tenure is going to be hell and bleak for them. Drugs shall not pass, in or out or within Nigeria.”

He reaffirmed the agency’s commitment towards President Tinubu’s mandate, assuring that “in line with our Act, we will continue to do our level best. I remember in my inaugural speech, the day I took over, and I said very clearly that NDLEA will be feared by the drug cartels. And that’s just the beginning.

“At the same time, I must appeal to those who are engaged in illicit drug trafficking that this is the right time for them to drop that criminal business and face something legitimate. It is in line with that that we established the Alternative Development Unit, which seeks to persuade those who are perpetrating the illicit drug activities, particularly cannabis growers, who are our greatest challenge in Nigeria, to desist from the habit, collaborate with us. We are going to support towards licit cultivation of crops that are legitimate, legal, and you can sleep with your two eyes closed.

“But those who refuse to do that can be sure that the NDLEA is up and able on its task of law enforcement. You will be arrested, the drugs will be seized, and your assets will be confiscated. So, you come out from jail, there will be nothing left.”

He also assured that the agency will remain committed to its drug demand reduction efforts. “I’ll take the opportunity again to announce the rededication of our efforts towards prevention, sensitization, counseling, treatment, and rehabilitation of our children in our 30 rehabilitation centres. And with the support of the President and the Renewed Hope Agenda, seven more rehab centres are coming up under the 2025 budget that will now make every state to have its own rehab centre.

“And as well, there will be zonal rehab, more rehab centres and we are getting full collaboration from the Honourable Minister of Health. We appreciate his efforts also, and the Honourable Minister of Education, who has accepted our recommendation for drug tests for our children on admission to tertiary institutions, so that with this we can catch them young before it gets into addiction stage. May the Almighty God bless our President, bless all those that are supporting us, bless the officers, men and women of NDLEA.”

Quit illicit drug trade now or get ready for more hard time, Marwa warns barons, cartels

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India High Commission, KADIFF Screen Short Movies in Abuja

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India High Commission, KADIFF Screen Short Movies in Abuja

By: Michael Mike

High Commission of India, in collaboration with the Kaduna International Film Festival (KADIFF) has organized a special short Movie Screening and Panel Discussion.

The event, which held at the Chancery premises, was inaugurated by High Commissioner Amb Abhishek Singh, and brought together a vibrant cross-section of participants from the diplomatic community, including Heads of Mission, members of the Nollywood fraternity, film professionals, cultural enthusiasts, influencers, and friends of India.

The evening featured the screening of two thought-provoking short films — the Indian short film “Good Morning”, and the Nigerian film “Not So Long a Letter”.

Following the screenings, a lively panel discussion was held on the theme: “Celebration of our rich cultural heritage and the need for collaboration.”

The panelists, including Swat Duniah-Adalumo – Moderator (Journalist), Dr. Ahmed Sarari (Filmmaker), Francis Duru (Actor/Filmmaker) and Stephnora Okere (Actress/filmmaker) exchanged insights on how cinema can deepen mutual understanding, promote cross-cultural narratives, and foster creative partnerships between the Indian and Nigerian film industries.

The initiative was part of the High Commission’s ongoing efforts to strengthen India-Nigeria cultural relations and promote Indian cinema through shared artistic expressions and storytelling traditions”

India High Commission, KADIFF Screen Short Movies in Abuja

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