Vice President Kashim Shettima has made a strong case for renewed foreign investment in Nigeria, declaring the country a leading destination for global capital following wide-ranging economic reforms undertaken by the Tinubu administration.
Addressing senior executives from Citibank’s global leadership at the Presidential Villa, Abuja, Shettima assured both local and international investors of the government’s firm commitment to securing investments and creating an enabling environment for businesses to thrive.
“This is the right time to come to Nigeria and the right time to invest in Nigeria,” Shettima said. “With the uniform exchange rate, an investor coming into Nigeria will be assured of the stability of the currency.”
Shettima’s remarks come against the backdrop of the administration’s sweeping economic policies, including the removal of the controversial fuel subsidy and the unification of the exchange rate regime — measures that have long been considered politically risky but fiscally necessary.
The Vice President praised Citibank for its consistent presence in Nigeria for over four decades, noting that the institution has played a critical role in the country’s financial resilience.
He highlighted Citibank’s involvement in raising \$2.1 billion in December 2024, saying the partnership had stood the test of time.
“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 took the courageous decision to remove the fuel subsidy on his very first day in office,” Shettima said.
He also pointed to new tax legislation, which he described as the most sweeping in the country’s history. The revised revenue-sharing formula reduces the federal government’s share of Value Added Tax (VAT) from 15% to 10%, increases states’ allocation from 50% to 55%, and retains 35% for local governments.
According to the Vice President, the country’s debt service-to-revenue ratio — previously at a staggering 111% — has now been brought under control through disciplined fiscal management and revenue reforms.
Citibank’s Global Head of International, Mr. Ernesto Torres Cantú, reaffirmed the institution’s long-term commitment to Nigeria.
He lauded the administration’s bold reforms and described Nigeria as being at “an inflexion point” that could unlock sustainable economic growth.
“We’ve been in Nigeria for 41 years, and the reason I came today is because we believe Nigeria is at an inflexion point, one that signals a better future for all Nigerians and the companies,” Torres Cantú said.
“What we do is connect Nigerian companies to the world and bring the world’s companies to Nigeria. That is what we’ve been doing for over four decades.”
Other Citibank executives present included Ms. Ebru Pakcan, CEO for the Middle East & Africa; Mr. Genaro Poulat, Global Head of Country Risk Management; Mrs. Nneka Enwereji, MD/CEO, Citibank Nigeria; Mr. Siddarth Bansal, Corporate Bank Head; and Mrs. Funmi Ogunlesi, Public Affairs Head for Sub-Saharan Africa.
