By Atoyebi Nike
Vice President Kashim Shettima has declared that Nigeria is strategically positioned as the natural hub for the African Continental Free Trade Area’s (AfCFTA) $3.4 trillion market.
Speaking at a Business Council for International Understanding (BCIU) roundtable themed “Risk, Reform, Return” on the sidelines of the 80th United Nations General Assembly in New York, Shettima cited Nigeria’s recent upgrades by Fitch and Moody’s as evidence of strengthened economic fundamentals.
“In April, Fitch upgraded Nigeria’s sovereign rating to B with a stable outlook, and Moody’s lifted its issuer rating to B3 with a stable outlook,” he noted, adding that both agencies pointed to improved buffers and clearer policy direction.
Shettima also highlighted Nigeria’s $200 billion energy transition opportunity, backed by 210 trillion cubic feet of gas reserves and some of Africa’s best solar resources. He told investors that fiscal incentives and VAT waivers are de-risking projects in gas, off-grid solar, and clean hydrogen.
On infrastructure, he revealed that Nigeria faces a $1 billion annual funding gap but is leveraging InfraCorp and the Nigeria Sovereign Investment Authority to blend public and private capital into transport, ports, and power projects.
“Nigeria’s special economic zones already host over $5 billion in industrial capacity, and AfCFTA corridors are opening multi-billion-dollar continental opportunities,” Shettima said.
He further noted that Nigeria’s 44 commercially viable minerals, valued at over $700 billion, including lithium and rare earths, are under a new beneficiation and security framework designed to attract global investors.
“These reforms are transforming Nigeria into Africa’s production floor and innovation lab,” the Vice President emphasized.
