Vice-President Kashim Shettima has assured local and foreign investors of the government’s commitment to securing investments and fostering a transparent, business-friendly environment.
Shettima gave the assurance on Thursday during a meeting with Citibank’s global executives led by its Global Head, Ernesto Torres Cantú, at the Presidential Villa, Abuja.
He described Nigeria as a prime investment destination, citing bold economic reforms that have improved the fiscal landscape and stabilised the currency.
“This is the right time to come to Nigeria and the right time to invest,” he said. “With the uniform exchange rate, an investor can be assured of currency stability.”
Shettima praised Citibank for its decades-long presence and its role in bolstering Nigeria’s economic resilience.
“You have been with us through thick and thin, accounting for over 30 per cent of inward capital.
“Most recently, you helped us raise 2.1 billion dollars in December 2024. This is a partnership that has stood the test of time.”
He outlined key reforms initiated by the Tinubu administration, including fuel subsidy removal and major tax legislation.
“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 removed the fuel subsidy on his first day in office.”
Shettima said recent tax reforms reduced the federal government’s VAT share from 15 to 10 per cent, while increasing states’ share from 50 to 55 per cent.
“Local governments now retain 35 per cent. When we came into office, our debt service-to-revenue ratio was 111 per cent.
“Today, we’ve brought it down to manageable levels through disciplined fiscal management.”
Earlier, Cantú reaffirmed Citibank’s long-term commitment to Nigeria and praised the government’s bold economic decisions.
“We’ve been in Nigeria for 41 years. We believe Nigeria is at an inflection point that signals a better future,” he said
Cantú said Citibank connects Nigerian firms to global markets and will continue to play that role. (NAN)