Nigeria has emerged as a prime investment destination following bold economic reforms that have stabilised the country’s fiscal landscape and currency regime.
Vice President, Kashim Shettima stated this during a meeting with senior executives from Citibank’s global leadership, led by Ernesto Torres Cantú, Global Head of Citibank International, at the Presidential Villa in Abuja.
Shettima stated that the present administration policies have created unprecedented opportunities for investors.
A statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, Office of the Vice President, highlighted the key reforms, including the removal of fuel subsidies and the collapse of the dual exchange rate system, which had long distorted Nigeria’s foreign exchange market.
Shettima also described the recently passed tax legislation as the most sweeping in the nation’s history, noting that it reduces the federal government’s share of Value Added Tax (VAT) revenue from 15% to 10%, while increasing states’ allocation from 50% to 55%, with local governments retaining 35%.
In a remarks, Mr Ernesto Torres Cantú reaffirmed Citibank’s long-term commitment to Nigeria and commended President Bola Tinubu’s economic decisions for the interest of citizens.
The meeting underscores Nigeria’s growing economic trajectory as the government continues to implement transformative policies aimed at attracting foreign investment.
RN