By Kunle Sanni
Vice President Kashim Shettima has urged international investors to take advantage of Nigeria’s reformed economic landscape, declaring that the country is now primed for foreign investment following bold fiscal and monetary reforms.
Speaking on Thursday during a meeting with top executives from Citibank, led by its Global Head of International, Ernesto Torres Cantú, at the Presidential Villa in Abuja, Shettima said the Tinubu administration has made tough but necessary decisions to stabilise the economy and restore investor confidence.
“This is the right time to come to Nigeria and the right time to invest in Nigeria,” the Vice President stated. “With the uniform exchange rate, an investor coming into Nigeria will be assured of the stability of the currency.”
He noted that since taking office in May 2023, the administration has scrapped the costly fuel subsidy and unified the exchange rate system, which had long distorted the country’s foreign exchange market.
Shettima also highlighted recent tax reforms, describing them as the most comprehensive in Nigeria’s history. The changes include a reallocation of VAT revenue to boost subnational governments—reducing the federal share from 15% to 10% while increasing states’ allocation from 50% to 55%.
“When we came into office, our debt service-to-revenue ratio was at an unsustainable 111%. Today, we’ve brought it down to manageable levels through disciplined fiscal policies,” he said.
Commending Citibank for its long-standing presence in Nigeria, the Vice President praised the bank’s contribution to the country’s economic resilience. “You have been with us through thick and thin. Most recently, you helped us raise $2.1 billion in December 2024. This is a partnership that has stood the test of time,” he added.
Citibank’s global chief, Ernesto Torres Cantú, reaffirmed the bank’s commitment to Nigeria and commended the government’s reform agenda.