Vice President Kashim Shettima has urged global investors to seize the moment and invest in Nigeria.
He declared that recent economic reforms have stabilised the financial landscape and created a more attractive environment for international capital.
He made this call while hosting a high-level delegation from Citibank, led by the Global Head of Citibank International, Ernesto Torres Cantú, at the Presidential Villa in Abuja.
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“This is the right time to come to Nigeria and the right time to invest in Nigeria,” Shettima said, highlighting the unification of exchange rates as a key milestone that guarantees currency stability for incoming investors.
He assured both domestic and foreign stakeholders of the Tinubu administration’s determination to safeguard investments, implement transparent policies, and drive economic recovery.
Shettima praised Citibank’s enduring relationship with Nigeria, noting its instrumental role in raising $2.1 billion in December 2024 and accounting for more than 30 percent of inward capital over the years.
“You have been with us through thick and thin. This is a partnership that has stood the test of time,” Shettima said.
Recounting the administration’s bold economic steps since assuming office in May 2023, Shettima pointed to the removal of the fuel subsidy and the collapse of the dual exchange rate system as politically difficult yet necessary decisions that have strengthened Nigeria’s economic foundation.
He also referenced sweeping fiscal reforms, including new tax legislation that adjusts VAT allocations—reducing the federal share from 15% to 10% while increasing states’ allocation to 55% and keeping local governments at 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 through disciplined fiscal management,” he added.
Responding, Cantú praised Nigeria’s reform efforts, calling them bold and timely.
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He reaffirmed Citibank’s long-term commitment to the country.
“We believe Nigeria is at an inflection point — one that signals a better future for all Nigerians and companies. We congratulate the government for making these difficult decisions,” Cantú said.
He added that Citibank would continue to connect Nigerian businesses to global markets and bring international investors into the country, as it has done over the past 41 years.
