Nigeria’s Vice President, Kashim Shettima, has presented the country’s $200 billion energy transition opportunity to investors at the 80th Session of the United Nations General Assembly in New York. Speaking at a roundtable hosted by the Business Council for International Understanding, Shettima emphasized the need for partnerships to maximize investment opportunities in Nigeria.
The Vice President highlighted Nigeria’s position as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market, citing the country’s improved sovereign rating by Fitch and Moody’s. He noted that Nigeria is West Africa’s largest economy and Africa’s largest consumer market, with a population of 236 million projected to reach 320 million by 2040.
Shettima drew attention to the country’s multi-billion dollar economic resets, including the unification of exchange rates, removal of fuel subsidies, and modernization of tax and customs regimes. He stated that these reforms have resulted in accelerating GDP growth, strengthening external reserves, and moderating inflation.
The Vice President also showcased Nigeria’s incentives for investors, including a simpler and predictable tax regime, duty-free imports, and rent concessions in Special Economic Zones. He emphasized the country’s potential in the energy sector, with 210 trillion cubic feet of gas reserves and high solar irradiation levels, offering a $200 billion energy transition opportunity.
Additionally, Shettima highlighted Nigeria’s digital hub, with over $2 billion in venture funding and 3 million new tech talents being trained. The country’s creative economy is also expanding, with a projected value of $100 billion by 2030. The Vice President emphasized that Nigeria is transforming into Africa’s production floor and innovation lab, with over $50 billion in investment interest and announcements tracked across key sectors.
The Nigerian government’s reforms have positioned the country as an attractive destination for investors, with a focus on reducing risk, accelerating returns, and creating a competitive business environment. As Nigeria continues to embark on its economic reset, the country is poised to become a major player in the global economy, offering significant opportunities for investors and partners.
