Invest In Nigeria, Shettima Tells Citibank

Vice President Kashim Shettima has described Nigeria as a prime investment destination following far-reaching economic reforms that have transformed the country’s fiscal landscape and stabilised the currency regime.

He assured local and foreign investors of the government’s commitment to securing investments and implementing policies that foster a transparent and enabling business environment.

Speaking during a meeting with senior executives from Citibank’s global leadership, led by Global Head of Citibank International, Ernesto Torres Cantu, at the Presidential Villa in Abuja, VP Shettima, in a statement by his spokesman, Stanley Nkwocha, said the administration’s bold policy decisions have created unprecedented opportunities for international investors.

Declaring that the time to invest in Nigeria is now, he said, “This is the right time to come to Nigeria and the right time to invest in Nigeria. With the uniform exchange rate, an investor coming into Nigeria will be assured of the stability of the currency.”

The vice president commended the American bank for its over four decades of consistent presence in Nigeria and noted Citibank’s important role in supporting the country’s economic resilience.

“You have been with us through thick and thin. You have accounted for more than 30 per cent of inward capital into this country. Most recently, you helped us raise $2.1 billion in December 2024. This is a partnership that has stood the test of time,” the vice president said.

VP Shettima outlined a series of bold reforms taken since President Bola Ahmed Tinubu assumed office, which he said previous administrations avoided due to their political sensitivity.

“When we assumed office, the economy was haemorrhaging due to an over-bloated subsidy regime. Many preferred to kick the can down the road, but the president took the courageous decision to remove the fuel subsidy on his very first day in office,” the vice president said.

In addition to removing fuel subsidies, the vice president noted that the collapse of the dual exchange rate system had distorted Nigeria’s foreign exchange market for years.

On fiscal reforms, VP Shettima described the recently passed tax legislation as the most sweeping in the nation’s history. Notably, the reforms reduce the federal government’s share of Value Added Tax (VAT) revenue from 15% to 10%, while increasing states’ allocation from 50% to 55%, with local governments retaining 35%.

“When we came into office, our debt service-to-revenue ratio was a staggering 111%. Today, we’ve brought it down to manageable levels, thanks to disciplined fiscal management,” he added.

Earlier, Mr Ernesto Torres Cantú reaffirmed Citibank’s long-term commitment to Nigeria, lauding the government for enacting tough but necessary reforms.

“We’ve been in Nigeria for 41 years, and the reason I came today is because we believe Nigeria is at an inflexion point — one that signals a better future for all Nigerians and the companies,” he said.

He commended the bold economic decisions of President Tinubu, saying, “It’s been a process of reforms that we congratulate the government for making those difficult decisions, but with the confidence that they will go and take Nigeria to a better place for everybody.

“What we do is connect Nigerian companies to the world and bring the world’s companies to Nigeria. That is what we’ve been doing for the past 41 years, and we will continue to do so,” he added.”

Other members of the Citibank delegation included Ms Ebru Pakcan, Middle East & Africa CEO; Mr Genaro Poulat, Global Head Country Risk Management; Mrs Nneka Enwereji, MD/CEO Citibank Nigeria; Mr Siddarth Bansal, Corporate Bank Head; and Mrs Funmi Ogunlesi, Public Affairs Head, Sub-Saharan.