Vice President Kashim Shettima has declared that Nigeria is currently primed for investment, thanks to the sweeping reforms introduced by President Bola Tinubu’s administration.

Speaking on Tuesday during a courtesy visit by a delegation from the Islamic Development Bank (IsDB) led by Hammad Hundal, Head of its Regional Hub, Shettima highlighted the administration’s efforts to eliminate past barriers that deterred investors.

“This is truly a great time to invest in Nigeria,” Shettima said at the State House in Abuja. “We are addressing grey areas that previously served as disincentives. President Tinubu’s Renewed Hope Agenda is creating a stable, business-friendly environment.”

The Vice President emphasized the government’s commitment to reform in key sectors including human capital development, agriculture, health, education, and digital trade, noting that these are priority areas that align with the country’s economic recovery and long-term growth.

He called for continued collaboration with the Islamic Development Bank, urging the institution to deepen support for strategic initiatives like the Special Agro-Processing Zones (SAPZ), the i-DICE (Investment in Digital and Creative Enterprises) program, and the development of a Halal economy in Nigeria.

“I encourage the inclusion of digital trade, Halal economy development, and financial inclusion in your Country Engagement Framework (CEF),” Shettima told the delegation. “Let’s build on our shared progress.”

Obioma Asuzu, the bank’s Country Economist, presented the CEF during the meeting. The framework outlines the bank’s strategic objectives in Nigeria, focusing on economic recovery, poverty reduction, resilience, and sustainable green growth—all aligned with national priorities.

In response, Hundal reaffirmed IsDB’s commitment to expanding its support in Nigeria, particularly in energy security, private sector development, and infrastructure.

The meeting reaffirmed the strong partnership between Nigeria and the IsDB, underscoring both sides’ shared vision of inclusive growth and development.

The World Bank says Nigeria’s economy is showing strong signs of improvement, thanks to the country’s commitment to far-reaching economic reforms.

Taimur Samad, the Bank’s Acting Country Director for Nigeria, made the remark on Monday in Abuja while presenting the latest Nigeria Development Update (NDU) report titled “Building Momentum for Inclusive Growth.”

He said key indicators—such as a stabilised exchange rate, rising foreign reserves, and strengthened fiscal conditions—signal positive progress.

According to Samad, improved fiscal conditions were largely driven by a sharp rise in federation revenues, contributing to a brighter economic outlook.

He noted that Nigeria’s economy grew by 4.6% year-on-year in the last quarter of 2024, bringing full-year growth to 3.4%—the highest since 2014, excluding the 2021–2022 post-pandemic rebound.

“Also, the fiscal deficit narrowed significantly, from 5.4% of GDP in 2023 to 3.0% in 2024,” he said.

“Federation revenues nearly doubled, rising from N16.8 trillion (7.2% of GDP) in 2023 to an estimated N31.9 trillion (11.5% of GDP) in 2024.”

However, Samad acknowledged that challenges remain, particularly the persistence of high inflation. He underscored the importance of the Central Bank of Nigeria maintaining tight monetary policies to stabilise the economy.

He projected that, if current efforts are sustained, inflation could ease to just over 22% on average by 2025—a significant step forward.

The report also stressed that sustaining macro-fiscal reforms will be key to unlocking private sector growth and job creation.

“Nevertheless, it is clear that continued momentum and deeper reforms are essential to drive inclusive growth and expand economic opportunities,” Samad added.

Alex Sienaert, the World Bank’s Lead Economist for Nigeria, called for prudent management of revenue gains from fuel subsidy removal and warned against overly optimistic budget assumptions for 2025.

He urged an expansion of the targeted cash transfer programme to support vulnerable Nigerians.

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol to N825 per litre from N835 per litre as competition continues in the domestic market.

Recall that last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre.

Ekwutosblog reports that the latest adjustment is targeted at giving customers more value, as well as consolidating its leadership position in the domestic market.