Vice President Kashim Shettima on Monday declared Nigeria ready and open for business, calling on global and local investors to explore opportunities in the country’s infrastructure sector.
He made the declaration while officially opening the Nigeria 2025 Public-Private Partnership (PPP) Summit held at the State House in Abuja. The summit, organised by the Infrastructure Concession Regulatory Commission (ICRC), brought together stakeholders from government, the private sector, and development partners to strategise on how to close Nigeria’s staggering $2.3 trillion infrastructure gap.
Speaking on behalf of President Bola Ahmed Tinubu, Shettima emphasised the administration’s commitment to creating an enabling environment for long-term investment, noting that Nigeria is not looking for investors to simply shoulder burdens, but to collaborate in building lasting value.
“We are not seeking investors to carry burdens; we are opening opportunities to create value,” he stated. “We want long-term partners ready to bridge our infrastructure gap with purpose, precision, and integrity.”
Shettima lamented the inadequacy of existing infrastructure to support modern economic ambitions, stressing that dependence on public funding for capital projects is no longer sustainable.
“You can’t build a 21st-century economy on 20th-century infrastructure,” Shettima said. “Policies alone don’t generate megawatts or build roads. What we need is collective action.”
He explained that the government had already taken bold steps to boost investor confidence and unlock economic potential. These reforms, according to the Vice President, include the liberalisation of the foreign exchange market, removal of fuel subsidies, and strengthening of regulatory institutions like the ICRC.
Shettima noted that the overarching goal is aligned with the National Integrated Infrastructure Master Plan (2020–2043), which aims to raise Nigeria’s infrastructure stock from the current 30–35% of GDP to at least 70% by 2043.
Underscoring Nigeria’s demographic advantage, he said, “One out of every four Black people is a Nigerian. There is no African market like this.”
The Vice President urged stakeholders to go beyond rhetoric and ensure the summit delivers tangible outcomes.
“Let this summit not be remembered for kind speeches, we’ve had those for decades, but for bankable projects, signed deals, and enduring progress,” he said.
Earlier in his welcome address, the Director General of the ICRC, Mr. Jobson Ewalefoh, reaffirmed the Federal Government’s commitment to closing the infrastructure deficit through strategic and transparent public-private partnerships.
Delivering remarks on the summit’s theme, “Unlocking Nigeria’s Potential: The Role of PPPs in Delivering the Renewed Hope Agenda,” Ewalefoh said PPPs remain vital to achieving sustainable development and economic transformation.
Read also: Nigeria’s porous borders fuel insecurity, terrorism financing – Minister
He cited several ongoing PPP projects as examples of the initiative’s success, including the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam.
“ICRC is committed to ensuring that all PPP projects are legally compliant, economically viable, and socially impactful,” he noted.
The ICRC chief also applauded the leadership of President Tinubu and Vice President Shettima for placing infrastructure development and private-sector-led growth at the centre of the Renewed Hope Agenda.
He acknowledged the vital support of development partners such as the African Development Bank (AfDB), Nigeria Economic Summit Group (NESG), African Export-Import Bank (Afreximbank), International Finance Corporation (IFC), and Africa50.
