Vice President (VP) Kashim Shettima has called on state governors and the private sector to lead the charge in steering the country’s economic revival, emphasising the pressing need for a shift from extractive commerce to intra-African trade.
This was as an investment banking firm, Woodhall Capital, said it was aiming to raise over $30 billion in fresh capital from upcoming investment road shows in London and the Middle East, as part of efforts to deepen financing for sub-national and sovereign infrastructure projects.
‘We want governors to articulate projects that are structurally sound, de-risked and aligned with market demands’, Shettima said, when he delivered a keynote address at a Pre-Investor Forum of the Intra-African Trade and Investment Conference held at the State House Conference Centre, Abuja, on Friday.
The VP spoke on the theme, ‘Facilitating Intra-African Trade & Investment: Unlocking the Potential of African Direct Investments and Foreign Direct Investments for Sustainable Growth’.
Citing continental disparities, Shettima, represented by the Deputy Chief of Staff to the President, Ibrahim Hadejia, noted that while intra-regional trade constituted 65 per cent of commerce in Europe and 60 per cent in Asia, Africa lagged at 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.
‘Nigeria, with its unparalleled market size, a GDP that anchors the continent and a demography that drives innovation from Nollywood to Lagos’ tech hubs, is uniquely positioned to be the anchor of this inter-African commercial revolution.
‘But this revolution will not be led by Abuja alone; it will be driven by the sub-national structure, with the governors leading the charge. In every economy, developed or developing, capital follows confidence, and confidence rests on governance.
‘As a government, we recognise that to attract sustainable investment, we must continue to build an environment anchored on predictable policy, institutional transparency and public accountability’, Shettima explained.
He emphasised the Federal Government’s commitment to stabilising the currency, streamlining taxes, and improving the ease of doing business, while outlining the need for transparent governance and investor trust.
‘The Federal Government, under the leadership of President Bola Tinubu, is committed to creating an enabling environment, stabilising the currency, rationalising subsidies and simplifying taxation.
‘The role of the governors is to meet this commitment with integrity, speed and focus’, he stated.
Through the Presidential Enabling Business Environment Council, the VP said the administration was committed to removing bottlenecks, modernising business processes, and ensuring that investors experience a seamless interface with government.
‘Beyond that, we are investing heavily in the fundamentals: security, infrastructure and macroeconomic stability, because we understand that the foundation of any competitive economy is trust.
‘Investors must trust that their capital is safe, that roles are stable and that opportunities are real’, he noted.
The Vice President lauded the organisers and partners, including Woodhall Capital, for convening the high-level conference aimed at kick-starting investment-focused forums in global financial centres such as London, Dubai, and Abu Dhabi.
For her part, the President of Woodhall Capital, Mrs Mojisola Hunpunu-Wusu, says the firm is targeting $30 billion in fresh capital from upcoming investment tours in London and the Middle East, as part of efforts to deepen financing for sub-national and sovereign infrastructure projects.
Speaking with journalists, she disclosed that the firm had already raised $6 billion over the past 11 years and currently managing a $1 billion transaction, one of several major deals in its pipeline.
‘We’re working on a single billion-dollar transaction at the moment. In the first year, when we go to London, we’re hoping that we will have raised $10 billion’, she said.
Hunpunu-Wusu added that the firm’s Investopedia platform, recently launched to map out sub-national and national investment opportunities across Nigeria, featured projects worth over N10 trillion.
These projects, she said, spanned both state and federal levels and were expected to attract strong investor participation during the upcoming international engagements.
