Shettima touts Nigeria as top investment destination

… lauds Citibank’s support for economic reforms

Vice President, Kashim Shettima has declared Nigeria a premier destination for global investment, citing sweeping economic reforms by the Bola Tinubu administration that have stabilised the currency, improved fiscal discipline, and opened new opportunities for both local and international investors.

Speaking during a meeting with senior executives from Citibank’s global leadership at the Presidential Villa in Abuja on Wednesday, Shettima said the government’s bold decisions – such as the removal of the fuel subsidy and the unification of exchange rates – have repositioned Nigeria as an attractive and reliable market.

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“This is the right time to come to Nigeria and the right time to invest in Nigeria. With the uniform exchange rate, any investor coming into the country can be assured of currency stability,” the Vice President stated

Leading the Citibank delegation was Mr. Ernesto Torres Cantú, Global Head of Citibank International, who reaffirmed the bank’s long-term commitment to Nigeria. He praised the federal government’s reform agenda, describing Nigeria as being at an “inflection point” with the potential for widespread growth and opportunity.

Shettima commended Citibank’s over four-decade presence in Nigeria, noting the bank’s critical role in supporting economic resilience.

“You have been with us through thick and thin. You accounted for over 30 percent of capital inflows into the country and helped us raise $2.1 billion in December 2024. This is a partnership that has stood the test of time,” he said.

Shettima highlighted several reforms implemented since President Tinubu took office in May 2023. These include the elimination of the subsidy regime – previously costing over $10 billion annually – and the end of the dual exchange rate system that distorted foreign exchange markets for years.

He also pointed to the administration’s landmark fiscal policy overhaul, including the most comprehensive tax legislation in Nigeria’s history.

Under the new structure, the federal government’s share of VAT revenue has been reduced from 15% to 10%, with states receiving 55% and local governments retaining 35%.

“When we came into office, our debt service-to-revenue ratio was at a staggering 111%. Today, we’ve brought it down to manageable levels through disciplined fiscal management,” Shettima said.

In his remarks, Cantú commended the Tinubu administration for making tough but necessary policy choices. “It’s been a process of reforms that we congratulate the government for. These are difficult decisions, but they lay the foundation for a better Nigeria for everyone,” he said.

Cantú reaffirmed Citibank’s mission to bridge Nigerian businesses with global markets.

“What we do is connect Nigerian companies to the world and bring global companies into Nigeria. That has been our role for 41 years, and we will continue to play it,” Cantú said.

Other members of the Citibank delegation included Ms. Ebru Pakcan, CEO for the Middle East and Africa; Mr. Genaro Poulat, Global Head of Country Risk Management; Mrs. Nneka Enwereji, MD/CEO of Citibank Nigeria; Mr. Siddarth Bansal, Head of Corporate Banking; and Mrs. Funmi Ogunlesi, Head of Public Affairs for Sub-Saharan Africa.

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