Nigeria has overcome its phase of economic instability, according to Vice-President Kashim Shettima, who assures investors that the country is now an attractive destination for investment. Speaking at the 2025 Bauchi State Investment Summit, Shettima attributed the milestone to the administration of President Bola Tinubu’s efforts to remove obstacles hindering the country’s economic progress.
Since assuming office in 2023, Tinubu’s administration has worked to turn around the nation’s economy, which was on the brink of financial crisis with a debt service-to-revenue ratio of nearly 100 percent. Under the current administration, this ratio has been reduced to less than 50 percent, with the Gross Domestic Product (GDP) growth rate standing at 4.23 percent as of last month. Non-oil revenues have also increased by 411 percent year-on-year, and the tax-to-GDP ratio has risen to 13.5 percent from 7 percent a few years ago.
Shettima highlighted the country’s improved economic indicators, including a debt-to-GDP ratio of 38.8 percent, which is below the limits set by the Fiscal Responsibility Act, ECOWAS, and the World Bank. The country’s external reserves have grown to $43 billion as of September 2025. The Vice-President emphasized that stability is essential for investment, stating that no system can be considered suitable for business if it cannot predict investment outcomes.
The administration’s development plan prioritizes job creation, food security, value-chain development, and unlocking subnational comparative advantages. Bauchi State, in particular, offers vast investment opportunities in agriculture, solid minerals, tourism, and renewable energy. The state’s natural resources and cultural heritage can boost tourism, hospitality, and the creative industries, while its renewable energy and gas potential can power industrial clusters.
Former President Olusegun Obasanjo emphasized the need for partnership to strengthen businesses, outlining the five Ps – Politics, People, Protection, Partnership, and Progress – as the foundation of good investment. He expressed concern over the cement industry in Nigeria and called for action to strengthen it. Bauchi Governor Bala Mohammed thanked the Vice-President for his support and assured investors of their safety and the implementation of summit recommendations.
The North East Governors’ Forum Chairman, Governor Babagana Zulum of Borno, commended the Bauchi governor for convening the summit and urged investors to tap into the state’s resources. With its improved economic indicators and investment opportunities, Nigeria is now poised to attract investors and drive economic growth. The country’s journey towards economic stability is expected to continue, with the government committed to ensuring security and creating a conducive business environment.