Investors - News Agency Of Nigeria

Lydia Beshel
Aug, Tue, 2025

FG reaffirms commitment to $1trn economy

Economy

By Ige Adekunle

Vice-President Kashim Shettima says the Federal Government will create more enabling environment for investors to thrive and leverage industrial revolution to achieve the proposed one trillion dollar economy.

Shettima stated this during the 2025 Ota Investment Summit and Trade Fair on Tuesday in Ota.

The News Agency of Nigeria (NAN) reports that trade fair has as its theme: “Industrial Revolution: Potential and Opportunities from Ota to the rest of the World.”

The vice-president, who was represented by Special Adviser on Economic Affairs, Dr Tope Fasua, said that the President Bola Tinubu administration’s Renewed Hope Agenda was more than a mere slogan.

“It is a comprehensive blueprint for national rebirth and it is a bold pact with Nigerian people, premised on the belief that our nation must reach its full potential,” he said.

According to him, the planned one trillion dollar economy is both ‘audacious and eminently achievable’.

Shettima noted that the federal government’ unflinching commitment to fiscal discipline, business-friendly environment and the removal of bureaucracy was an affirmation of the belief that private sector, led by visionary entrepreneurs and investors, could serve as the driver of prosperity and job creation.

“The rebased Gross Domestic Product (GDP) was not merely a statistical update but it demonstrates that our economy is not just a story of oil and gas but a rich tapestry woven with the thread of technology, financial services and booming agricultural value chain,” he said.

The vice-president urged Nigerians to work together with the federal government to build a new industrial revolution that would not only create wealth but also empower the people and create jobs for the youth.

He described Ota Investment Summit and Fair as a platform for forging new partnerships, sharing knowledge and committing to a shared future of prosperity.

In his opening remarks, the Olota of Ota, Oba Adeyemi Obalanlege, said that Ota Industrial Belt’s success was not accidental but a product of decades of strategic investment, infrastructure development and the handiwork of visionary entrepreneurs.

Obalanlege said that the belt’s proximity to global shipping routes, airports, skilled labour and raw materials had continued to make it a magnet for industrial expansion.

He said that the federal government’s aspiration to achieve a one trillion dollar economy was ambitious, adding that Ota could be a driver of that goal with proper infrastructural upgrades and sustained investor confidence.

“Ota Industrial Belt can significantly boost Nigeria’s GDP through increased manufacturing outputs for domestic and export markets, greater foreign direct investment inflows from global partners, expansion of small and medium enterprises (SMEs) into regional value chain as well as creation of jobs,” he said.

Obalanlege, a professor, said that the summit was not just about showcasing the town’s strengths but about making proving that Nigeria could achieve its trillion-dollar ambition.

Chairman of Ota Chamber of Commerce, Dr Kayode Bowale, called for stronger private-public partnership for road infrastructure, for rapid community development and industrial growth.

Bowale stressed the need for patronisong locally-made goods and services to boost the country’s development.

NAN reports that more than 18 exhibitors participated in the trade fair.(NAN)(www.nannews.ng)

IGE/WAS

Edited by ‘Wale Sadeeq

Tosin Kolade
Mar, Mon, 2025

Foreign

Invest in Cape Verde, First Lady urges foreigners

By Mark Longyen

The First Lady of Cape Verde, Mrs Debora Carvalho, on Monday called on foreign investors to take advantage of the abundant investment opportunities offered by her country.

Mrs Carvalho made the call in an interview with the News Agency of Nigeria (NAN) in Praia, the country’s capital.

According to her, Cape Verde has enormous potentials for economic development that will position them for higher levels of growth.

She said the numerous tourist attractions in the country’s tourism sector constituted about 25 per cent of the country’s Gross Domestic Product (GDP).

“We have a lot of opportunities. Cape Verde has beautiful islands, oceans, and sea.

“Tourism is also an important area and it represents 25 per cent of our GDP.

“We have a lot of other potentials. Each of the 10 islands has different realities with specific opportunities,” she said.

Mrs Carvalho added that the country has the advantage of being accessible by both sea and air, with a potentially vibrant transport sector.

She said that the country is endowed with a vibrant youth population, 70 per cent of which is below 30 years old.

“We have a good transportation system – air and maritime transport.

“We also have rocks. I always say we don’t have gold, we don’t have diamond, but we have beautiful rocks that can be used in civil construction.

“And, of course in our youth population, we have enormous potential.

“70 per cent of our society is less than 30 years old. So this is strong,” she said.

She expressed delight in the ECOWAS Small Business Coalition’s (ESBC) decision to hold a training for MSMEs in the country, saying it provides an opportunity for West African small businesses to share experiences.

“So, I think it’s a really important opportunity for sharing the experiences, the reality, the policies that are being taken.

“Definitely, it’s a promotion for the country, but it’s basically a way of sharing and complementing the opportunities,” she said.

The first lady described the International Women’s Day, which is celebrated annually in March as a day of reflection for the womenfolk.

“I see it as a month of reflection for everything we achieve, for the victories, but we still have challenges for women and girls.

“So, for me, it’s a month of reflection, celebrating what we achieve, but standing strong for those that we have yet to achieve,” she added(NAN)(www.nannews.ng)

Edited by Emmanuel Yashim