Vice President Kashim Shettima has called on state governors and the private sector to lead Nigeria’s economic recovery by shifting focus from extractive trade to intra-African commerce.
Shettima made the call on Friday at the Pre-Investor Forum of the Intra-African Trade and Investment Conference in Abuja.
Represented by his Deputy Chief of Staff, Sen. Ibrahim Hadejia, the vice president said Nigeria must take advantage of opportunities provided under the African Continental Free Trade Agreement (AfCFTA) to boost regional integration and investment.
“This disparity is not a mark of destiny. It is a measure of unexploited opportunity,” he said, noting that while intra-regional trade accounts for 65 per cent of commerce in Europe and 60 per cent in Asia, Africa lags behind at 17 per cent.
He said Nigeria’s large market size, growing GDP, and youthful population place it in a strong position to lead Africa’s commercial transformation.
“The revolution will not be led by Abuja alone. It will be driven by the subnational structure, with governors leading the charge. In every economy, capital follows confidence, and confidence rests on governance,” Shettima said.
He reaffirmed the Federal Government’s commitment to stabilising the naira, simplifying the tax system, and improving the business climate through the Presidential Enabling Business Environment Council (PEBEC).
“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,” he added.
The vice president urged governors to initiate viable, de-risked projects aligned with market demand, particularly in agribusiness, cross-border commodity standards, and regional power infrastructure.
In her remarks, Mrs Mojisola Hunpunu-Wusu, President of investment banking firm Woodhall Capital, said the company plans to raise over 30 billion dollars through upcoming investment roadshows in London and the Middle East to support subnational and sovereign infrastructure projects.
“We’re working on a single billion-dollar transaction at the moment. In the first year, when we go to London, we’re hoping to raise 10 billion dollars,” she said.
Hunpunu-Wusu said the firm has raised six billion dollars in the past 11 years and currently manages a one-billion-dollar transaction, with new projects valued at over ₦10 trillion listed on its Investopedia platform.
She added that Woodhall Capital would soon open an office in Abu Dhabi to strengthen investment relations with Gulf partners.
Also speaking, Mrs Zahra Mustapha, Director-General of PEBEC, said all 36 states were implementing reforms under the State Action on Business Enabling Reforms (SABER) programme, a World Bank-funded initiative designed to improve Nigeria’s investment climate.
The forum concluded with the signing of several partnership agreements, including a transaction advisory mandate between Woodhall Capital and SEAA Energy Ltd, as well as AfreximBank’s Africa Trade Gateway contract with Woodhall Capital.