2025 PPP summit: Nigeria is ready for business, says Shettima
Vice President Kashim Shettima. Photo: State House
2025 PPP summit: Nigeria is ready for business, says Shettima
* Says Nigeria can no longer execute projects based on reliance on governmental funding only.
Vice President Kashim Shettima on Monday declared Nigeria ready and open for business as he officially opened the Nigeria 2025 Public-Private Partnership Summit at the State House, Abuja.
The event, organised by the Infrastructure Concession Regulatory Commission, brought together stakeholders from government and the private sector to explore strategies for closing Nigeria’s $2.3 trillion infrastructure gap.
Delivering his remarks on behalf of President Bola Tinubu, Shettima stated, “We are not seeking investors to carry burdens; we are opening opportunities to create value. We want long-term partners ready to bridge our infrastructure gap with purpose, precision, and integrity.”
He underscored that Nigeria can no longer build a modern economy on outdated infrastructure, adding that exclusive reliance on government funding for capital projects was unsustainable.
Highlighting the government’s reform efforts, Shettima said the Tinubu administration had liberalised the foreign exchange market, removed fuel subsidies, and strengthened the ICRC in a bid to attract investment.
“Policies alone don’t generate megawatts or build roads,” he said. “What we need is collective action.”
The Vice President noted that the goal, guided by the National Integrated Infrastructure Master Plan (2020–2043), is to raise infrastructure stock from 30–35% of GDP to at least 70% by 2043.
Citing Nigeria’s demographic strength—over 230 million people, projected to reach 440 million by 2050—Shettima stressed the country’s unmatched market potential. “One out of every four Black people is a Nigerian. There is no African market like this,” he said.
He urged investors to focus on long-term value and impact.
“Let this summit not be remembered for kind speeches; we’ve had those for decades, but for bankable projects, signed deals, and enduring progress,” Shettima added.
In his welcome address, ICRC Director General Jobson Ewalefoh reaffirmed the government’s resolve to close the infrastructure deficit through strategic PPPs.
Speaking on the summit’s theme, “Unlocking Nigeria’s Potential: The Role of PPPs in Delivering the Renewed Hope Agenda,” Ewalefoh said PPPs are critical to achieving sustainable development.
He cited projects such as the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam as examples of ongoing progress.
“ICRC is committed to ensuring that all PPP projects are legally compliant, economically viable, and socially impactful,” the DG said.
Ewalefoh also commended Tinubu and Shettima for prioritising infrastructure and fostering private-sector-led growth. He acknowledged the support of development partners, including AfDB, NESG, Afreximbank, IFC, and Africa50.
