Vice President Kashim Shettima has urged state governors and the private sector to take the lead in reviving Nigeria’s economy, calling for a decisive shift from extractive and consumption-based commerce to productive intra-African trade.
Speaking at the Pre-Investor Forum of the Intra-African Trade and Investment Conference held at the State House Conference Centre in Abuja on Friday, Shettima said Nigeria’s sub-national governments must become “the engines of economic renewal,” capable of attracting investments that align with market realities.
“We want governors to articulate projects that are structurally sound, de-risked, and aligned with market demands,” Shettima said in a keynote address delivered by his deputy chief of staff, Ibrahim Hadejia.
Citing continental trade figures, the vice president noted that while intra-regional trade accounts for 65 per cent of commerce in Europe and 60 per cent in Asia, Africa’s figure stands at only 17 per cent.
“This disparity is not a mark of destiny. It is a clear measure of unexploited opportunity, particularly under the framework of the African Continental Free Trade Agreement,” he said.
Shettima argued that Nigeria—with its vast market, dynamic demography and regional influence—was positioned to anchor a new era of African commercial integration, but warned that Abuja could not drive the transformation alone.
“This revolution will not be led by Abuja; it will be driven by the sub-national structures, with the governors leading the charge,” he said. “Capital follows confidence, and confidence rests on governance.”
He reaffirmed the Federal Government’s commitment to policy stability, institutional transparency and macroeconomic reforms designed to attract long-term capital.
“Under President Bola Tinubu’s leadership, we are focused on stabilising the currency, rationalising subsidies and simplifying taxation,” he added. “Governors must complement these efforts with integrity, speed and focus.”
Through the Presidential Enabling Business Environment Council, Shettima said the government was working to remove bureaucratic bottlenecks, modernise business processes and improve investor experience.
“Investors must trust that their capital is safe, that the rules are stable, and that opportunities are real,” he said.
The forum also saw investment banking firm Woodhall Capital unveil plans to raise over $30bn from upcoming roadshows in London and the Middle East to fund sub-national and sovereign infrastructure projects.
Woodhall’s president, Mojisola Hunpunu-Wusu, told journalists that the firm, which has raised $6bn over the past 11 years, is currently managing a $1bn transaction and hopes to secure at least $10bn during the first phase of its fundraising drive.
She said the firm’s newly launched Investopedia platform had already mapped more than ₦10tn worth of investment-ready projects across Nigeria’s states and federal agencies, signalling what could be a major boost for capital mobilisation ahead of the international investor engagements.
