By SALISU SANI-IDRIS

Vice-President Kashim Shettima has showcased Nigeria?s 200 billion dollar energy transition opportunity to investors at the ongoing 80th Session of the United Nations General Assembly (UNGA) in New York, USA.

Shettima made this known while speaking at a roundtable hosted by the Business Council for International Understanding (BCIU), on Monday in New York.

The theme of the event, which was held on the margins the UNGA is: ?Risk, Reform, Return.?

The VP emphasised the need for ?partnerships? to maximise the multi-faceted, multi-billion investment opportunities across the country.

He also highlighted that Nigeria?s sovereign rating by platforms like Fitch and Moody?s implied that the country was positioned as the natural hub for the African Continental Free Trade Area?s (AfCFTA) 3.4 trillion dollar market.

Shettima drew the attention of investors worldwide to the current multi-billion, multi-faceted economic resets across Nigeria, as embodied by President Bola Tinubu?s Renewed Hope Agenda.

He noted that Nigeria Is West Africa?s largest economy and Africa?s largest consumer market, with its current population standing at 236 million, projected to reach 320 million by 2040.

Beyond being a demographic giant with a median age of about 17, more than 58 per cent of whom are under 30, he said, Nigeria is home to one of the deepest talent pools in the world.

?When you add to this our geographic position as a natural hub for trade between Africa, the Americas, and Asia; our 44 distinct natural resources; our five tech unicorns; the largest oil reserves in Africa; and 210 trillion cubic feet of proven gas reserves, you see that Naija no dey carry last,? he added.

Shettima told the global audience that since mid-2023, under President Bola Tinubu?s Renewed Hope Agenda, Nigeria had embarked on one of the boldest economic resets in its history.

He said the unification of Nigeria?s exchange rates, the removal of decades-old fuel subsidies, the modernisation of Nigeria?s tax and customs regimes, among others, were shining examples of the Renewed Hope reforms.

?This reset includes the full implementation of AfCFTA, the roll-out of a National Single Window for trade, a new Investment and Securities Act, an upgraded PPP framework, and modernising bilateral investment treaties.

?The results are already visible. Our GDP growth is accelerating, our external reserves are strengthening, and inflation is moderating. This is why investor commitments are also rebounding,? he further said.

Shettima recalled that in April, Fitch upgraded Nigeria?s sovereign rating to B with a stable outlook, and Moody?s lifted its issuer rating to B3 with a stable outlook.

He said the two rating platforms cited Nigeria?s improved buffers and clearer policy direction as their barometer, adding that: ?This positions Nigeria as the natural hub for AfCFTA?s 3.4 trillion dollar market.?

?We have also built a four-pillar incentives framework designed to reduce investor risk, accelerate cash returns, and make Nigeria one of the most competitive destinations for capital in the Global South.

?A simpler, predictable tax regime now offers clear capital allowances, research and development deductions, and export-linked rebates.

?Investors in priority sectors can achieve faster breakeven through five per cent annual tax credits on qualifying capital expenditure,? Shettima said.

He said in Nigeria?s Special Economic Zones, the Federal Government offers duty-free imports, rent concessions, rebates on non-oil export proceeds, and integrated logistics platforms that unlock working capital for exporters.

?Cross-border protections now include updated bilateral investment treaties, investor promotion and protection agreements, structured repatriation pathways, and streamlined FX access.

?These give investors confidence that their capital and profits are protected,? he said.

Nigeria?s Special Agro-Industrial Zones, he said, were reducing post-harvest losses by up to forty per cent and linking farmers directly to processing and export hubs.

According to him, they are also transforming Nigeria from a fragmented producer into a continent-scale food system serving millions across West Africa.

On energy, Shettima disclosed that ?With 210 trillion cubic feet of gas reserves and one of the highest solar irradiation levels in Africa, Nigeria offers a 200 billion dollar energy transition opportunity.?

He stressed that fiscal incentives and VAT waivers were de-risking investment in both traditional and renewable power assets, from gas-fired independent power plants to off-grid solar and clean hydrogen pilots.

Shettima said government was blending sovereign and private finance to fund metro lines, dry ports, and industrial corridors, building the backbone of West African trade and creating long-term revenue streams for investors.

?Special Economic Zone clusters now host over five billion dollars in installed industrial capacity, with backward-integration incentives and AfCFTA corridors opening a multi-billion dollar continental market.

?These reforms are transforming Nigeria into Africa?s production floor and innovation lab,? he added.

He maintained that Nigeria hosts forty-four commercially viable minerals worth over 700 billion dollars under a new beneficiation and security regime.

The VP said investors could secure early positions in lithium, gold, bitumen, and rare earths critical to the global green transition.

He also highlighted that Nigeria accounted for 29 per cent of Africa?s internet usage, had raised over two billion dollars in venture funding, and currently training three million new tech talents.

This, according to him, is Africa?s fastest-scaling digital hub?fintech, AI, cloud services, and broadband rollout at continental scale.

?Our creative economy is a fifteen billion dollar industry projected to reach one hundred billion dollars by 2030,? he added.

He also stressed that Nigeria?s entertainment hubs, especially Nollywood, Afrobeats, gaming, animation, and fashion, were expanding under the incentives for IP protection and creative hubs that would consolidate Nigeria?s place as the cultural superpower of the Global South.

?Healthcare, already an eighteen billion dollar sector, is strengthened by Executive Orders on local manufacturing, a 1.57 billion dollar World Bank primary health care programme, and specialist centres built by the Nigeria Sovereign Investment Authority,? the Vice President stated.

Earlier, the Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, said since May 2023, under President Bola Tinubu?s Renewed Hope Agenda, Nigeria had embarked on one of the boldest economic resets in its history.

She said that the administration unified the nation?s exchange rate, removed fuel subsidy, modernised taxes and customs regimes and strengthened fiscal oversight.

Oduwole added that President Tinubu also overhauled the nation?s trade and investment policy, which included the full implementation of the AfCFTA, and a National Single Window Project for trade facilitation.

According to her, the impact of Tinubu?s administration?s reforms are already visible, with Gross Domestic Product (GDP) growth accelerating, external reserves strengthening, inflation moderating and investment commitment rebounding.

?In April, Fitch upgraded Nigeria?s Sovereign Rating to B, which is stable and Moody?s lifted to it issuance rating to B3, which is stable also.

?Now citing improve bumpers and clear policy directions, which is important since these reforms began, there is over 50 billion dollars in investment interest and announcement that have been tracked across key sectors, ? the minister said.

The News Agency of Nigeria (NAN) reports that earlier in the day, Shettima was at the UNGA Hall at the United Nations Headquarters for the High-Level meeting commemorating the 80th anniversary of the global body.

The event featured a three-minute address by President Tinubu, during which he celebrated the spirit and successes of the United Nations, praising its legacy of peace, protection of human dignity, and entrenchment of developmental goals.

Shettima was joined by Gov. Uba Sani of Kaduna State, the Minister for Solid Minerals Development, Mr Dele Alake; the Minister of Women Affairs and Social Development, Imaan Suleiman-Ibrahim; as well as some officials of the Nigerian Mission in New York. (NAN)

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