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

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9 months ago

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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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Sokoto donates 62 armoured vehicles, 320 motorcycles to security agencies

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2 days ago

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July 9, 2026

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Sokoto donates 62 armoured vehicles, 320 motorcycles to security agencies

By: Zagazola Makama

The Christopher Gwabin Musa has expressed confidence that Nigeria’s current security challenges will soon be overcome, urging Nigerians to continue supporting security agencies in the fight against terrorism and banditry.

Musa made the remarks on Wednesday in Sokoto during the inauguration of 62 armoured vehicles and 320 motorcycles procured by the Sokoto State Government for deployment by various security agencies operating in the state.

The security assets, valued at about N27.7 billion, are expected to enhance the operational capabilities of security agencies in tackling banditry, terrorism, kidnapping and other violent crimes across the state.

The defence chief stressed the need for security personnel to remain resolute in confronting criminal elements, while urging Nigerians to regard security as a collective responsibility through timely intelligence sharing and community support.

He described Sokoto as his home state, recalling that he was born and raised there, and commended the efforts of the state government in sustaining peace despite recent security challenges in some parts of the state.

According to him, the administration of Ahmed Aliyu has consistently supported security agencies with critical logistics, noting that the latest intervention would further boost troop morale and operational effectiveness.

Musa appealed to other state governments and well-meaning Nigerians to emulate the Sokoto Government by supporting security agencies with logistics and other resources needed to combat insecurity.

He also said that security remains a key priority under the Renewed Hope Agenda of Bola Ahmed Tinubu, assuring Nigerians of the Federal Government’s commitment to restoring lasting peace and stability across the country.

Earlier, Gov. Ahmed Aliyu said the newly acquired armoured vehicles and motorcycles would be deployed to identified flashpoints to strengthen ongoing operations against bandits, kidnappers and other criminal elements.

The governor said the intervention was aimed at improving the operational efficiency of security agencies and ensuring the protection of lives and property across the state.

He disclosed that his administration had previously spent more than N36.27 billion on similar logistics support for the Armed Forces and other security agencies operating in Sokoto State.

Aliyu further revealed that the Sokoto State House of Assembly was considering legislation that would prescribe sanctions for informants aiding criminal groups, similar to those imposed on bandits.

He reaffirmed that security remains a top priority under his administration’s Nine-Point Smart Agenda and commended the Federal Government, the Armed Forces, other security agencies and stakeholders for their continued efforts in addressing insecurity.

The governor also appreciated President Bola Tinubu for his sustained support towards improving the nation’s security architecture.

In his remarks, the Sa’ad Abubakar, represented by the Wazirin Sokoto, Sambo Wali Junaidu, commended the governor for his sustained investment in security, describing the intervention as a significant contribution to the protection of lives and property in the state.

Sokoto donates 62 armoured vehicles, 320 motorcycles to security agencies

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Nigeria Mourns 21 Killed in China Landslide, Reaffirms Strategic Partnership

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2 days ago

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July 9, 2026

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Nigeria Mourns 21 Killed in China Landslide, Reaffirms Strategic Partnership

By: Michael Mike

The Federal Government has extended its condolences to the Government and people of China following the devastating landslide that struck Tanchang County in Gansu Province, killing at least 21 people and leaving several others affected, as Abuja reaffirmed the enduring strategic partnership between the two countries.

In a statement issued on Wednesday, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, described the disaster as a tragic incident and said Nigeria stood in solidarity with China as rescue teams continued efforts to reach victims and support affected communities.

The landslide occurred on Tuesday in Tanchang County, a mountainous area in northwestern China’s Gansu Province, where heavy rainfall triggered the collapse of earth and debris, burying homes and disrupting transportation. Emergency responders were immediately deployed to search for survivors, evacuate residents and provide humanitarian assistance.

Expressing the Federal Government’s sympathy, Ebienfa said Nigeria shared in China’s grief over the lives lost.

“The Federal Government of Nigeria expresses deep condolences to the Government and people of the People’s Republic of China following the tragic landslide that struck Tanchang County in Gansu Province on Tuesday, July 7, 2026,” he said.

He added: “Nigeria mourns the loss of lives in this disaster, which has claimed at least 21 lives, with others affected amid the rescue operations. Our thoughts and prayers are with the families of the deceased, the injured, and all those who have lost loved ones or property in this unfortunate incident.”

The spokesperson also commended the swift response mounted by the Chinese authorities, praising emergency personnel for their efforts to rescue survivors and provide relief to victims.

“Nigeria commends the swift response of the Chinese authorities and rescue teams in their efforts to save lives and provide relief to those impacted,” he stated.

Beyond the immediate humanitarian message, Nigeria used the occasion to reaffirm the strength of its diplomatic and economic relationship with China, one of its largest trading partners and a key investor in critical infrastructure projects across the country.

Over the years, China has played a significant role in financing and constructing major Nigerian infrastructure, including rail lines, airport terminals, highways and power projects. The two countries have also deepened cooperation in trade, investment, security, agriculture, technology and human capital development under the framework of their Comprehensive Strategic Partnership.

Reflecting on these longstanding ties, Ebienfa said: “Nigeria and China share a long-standing strategic partnership built on mutual respect, friendship, and cooperation. Nigeria stands in solidarity with China during this difficult time, and we are confident in the resilience of the Chinese people and government as they work towards recovery and rehabilitation in the affected areas.”

He also offered prayers for those affected by the disaster.

“We pray for the peaceful repose of the souls of the departed, the speedy recovery of the injured, and strength and comfort for the bereaved families,” he said.

The latest tragedy underscores the vulnerability of many mountainous regions in China to landslides and flash floods, particularly during the annual rainy season. Chinese authorities have in recent years strengthened early warning systems, disaster preparedness and emergency response mechanisms, but extreme weather events linked to intense rainfall continue to pose significant risks to lives and infrastructure.

Nigeria’s condolence message joins those from countries around the world expressing solidarity with China as rescue operations continue and recovery efforts begin in the affected communities.

Nigeria Mourns 21 Killed in China Landslide, Reaffirms Strategic Partnership

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President Tinubu Flags Off the Construction of Dikwa–Gamboru Ngala, Bama–Banki International Road Projects

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6 days ago

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July 5, 2026

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President Tinubu Flags Off the Construction of Dikwa–Gamboru Ngala, Bama–Banki International Road Projects

By: Bodunrin Kayode

President Bola Tinubu on Saturday flagged off the construction of the 49.55-kilometre Dikwa–Gamboru Ngala Road and the 49.15-kilometre Bama–Banki Road, describing the strategic highways as critical to economic growth, regional integration, and national security.

The two road projects, regarded as economic lifelines of North-East Nigeria, serves as key gateways to neighbouring African countries, which will bolster cross-border trade, facilitate the movement of agricultural produce, and strengthen security operations in a region recovering from over a decade of insurgency.

The groundbreaking ceremony was held along the Maiduguri–Gamboru Ngala Road, where President Tinubu was represented by Vice President Senator Kashim Shettima.

The Vice President said the rehabilitation of the roads would improve connectivity and deliver on the administration’s commitment to infrastructure development across the country.

“His Excellency, President Bola Ahmed Tinubu, GCFR, has made infrastructure a central priority. This is what Mr. President promised Nigerians, and I’m here today to affirm our readiness to redeem the promise and to convey his goodwill and gratitude for the support you have shown us,” Shettima said.

“The Bama–Banki Corridor carries special strategic weight. It is a top route of agriculture, movement, and national security. The Dikwa–Gamboru Ngala Road belongs to the same vision of reconnecting communities and restoring economic confidence across Borno State.”

The President also commended Borno State Governor, Professor Babagana Zulum, for prioritising infrastructure and maintaining a strong partnership with the Federal Government.

“The partnership between the Federal Government and Borno State shows what becomes possible when public institutions are united by the urgency of service. Certainly, Your Excellency, Professor Babagana Umara Zulum, you are one of the best-performing governors in the federation,” Tinubu stated.

Governor Zulum expressed appreciation to President Tinubu for approving the road projects and other critical interventions in Borno State.

“The successful commencement of this project reflects the strong partnership between the Federal Government and the Borno State Government. We deeply appreciate and remain eternally grateful to the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, for his unwavering commitment to the development, peace, and security of the North East and Nigeria as a whole.

“Borno State Government recognizes that infrastructure remains a critical foundation for development. Since assuming office, our administration has prioritized the rehabilitation and construction of roads, schools, hospitals, water facilities, and other critical infrastructure as part of our commitment to improving the lives of our citizens,” he added.

Governor Zulum also pledged the state’s political support for President Tinubu in the next presidential election.

“I want to assure the President and indeed the Vice President that, Insha Allah, come January 2027, the people of Borno State will overwhelmingly vote him into office.”

The Governor equally praised his representative Vice President Shettima for his sustained support towards the reconstruction and development of Borno State.

“Your Excellency, your personal interest in the reconstruction and development of our state continues to inspire confidence among our people. We sincerely appreciate your leadership and steadfast commitment.” said Zulum.

Zulum also acknowledged the humanitarian contributions of Alhaji Aliko Dangote, particularly through the Aliko Dangote Foundation, during the state’s recovery from insurgency and the 2024 flood disaster.

He recalled the construction of Dangote Village, the donation of ₦1.5 billion to the National Emergency Management Agency (NEMA), ₦1 billion to the Borno State Government following the 2024 flood, and the distribution of relief materials to internally displaced persons.

“Through the Aliko Dangote Foundation, thousands of displaced persons received food and non-food items. Essentially, in 2017, he donated 106 trucks of food to IDPs.

“Alhaji Aliko Dangote has also donated ₦1.5 billion to NEMA to support flood victims in Borno State in the year 2024.”

Governor Zulum assured that the road projects would be closely monitored to ensure value for money and strict compliance with quality standards. He also appealed to the Minister of Works to grant the Borno State Government a waiver to regulate the activities of heavy-duty truck drivers using the roads intermittently.

Earlier, the Minister of Works, Senator David Umahi, disclosed that the projects would be executed in two phases and expressed confidence that construction would be completed within six months.

The ceremony was attended by the Borno State Deputy Governor, Umar Kadafur; APC Deputy National Chairman (North), Hon. Ali Dalori; senators; members of the House of Representatives; the Shehu of Borno, represented by the Shehu of Dikwa; ministers; members of the Borno State House of Assembly; APC leaders; the Secretary to the State Government; the Head of Service; the Acting Chief of Staff; commissioners; heads of government agencies; and other dignitaries.

President Tinubu Flags Off the Construction of Dikwa–Gamboru Ngala, Bama–Banki International Road Projects

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