Nigeria is open for business, Shettima says at ICRC Abuja summit

Vice President Kashim Shettima on Monday declared open the Nigeria 2025 Public-Private Partnership (PPP) Summit at the State House, Abuja, with a firm message to the global investment community: Nigeria is ready and open for business.

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The summit, organised by the Infrastructure Concession Regulatory Commission (ICRC), brought together key stakeholders across government and private sectors to advance collaboration towards closing Nigeria’s $2.3 trillion infrastructure gap.

Declaring the summit open on behalf of President Bola Tinubu, Mr Shettima said Nigeria can no longer build a 21st-century economy on 20th-century infrastructure, noting that the era of government-only funding of capital projects was unsustainable.

“We are not seeking investors to carry burdens, we are opening opportunities to create value,” the vice president stated. “We want long-term partners ready to bridge our infrastructure gap with purpose, precision, and integrity.”

He stressed that the Tinubu administration, now over two years in office, has taken bold steps to reform the economy, including the removal of fuel subsidies, liberalisation of the foreign exchange market, and optimisation of government revenue, all geared towards creating a more viable investment climate.

“We have strengthened the ICRC, streamlined bureaucratic bottlenecks, and aligned our infrastructure processes with global best practices,” he said. “But policies alone don’t generate megawatts or build roads; what we need is collective action.”

Mr Shettima said the administration’s goal, guided by the National Integrated Infrastructure Master Plan (2020–2043), is to grow Nigeria’s infrastructure stock from 30–35 per cent of GDP to at least 70 per cent by 2043.

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He emphasised the country’s market potential, citing Nigeria’s population of over 230 million people and its projected rise to 440 million by 2050, making it the third most populous nation on earth.

“One out of every four Black people is a Nigerian. There is no African market like this,” Mr Shettima said. “But beyond investment, we need innovation, efficiency, and integrity.”

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He called on investors not to be deterred by perceived risks but to recognise the immense opportunities to build sustainable projects that deliver real impact, from roads and power to clean water, quality education, and healthcare.

“Let this summit not be remembered for kind speeches, we’ve had those for decades, but for bankable projects, signed deals, and enduring progress,” he said.

Reaffirming the administration’s commitment to swift implementation, Mr Shettima pledged that viable projects would be fast-tracked and that coordination across ministries and agencies would be ensured.

He said:

“Nigeria has turned the corner. We have crossed the Rubicon. We are on a path to sustained peace and development. We are ready, and we are open for business.”

Earlier in his welcome address, the Director General of the ICRC, Jobson Ewalefoh, restated the Federal Government’s resolve to close Nigeria’s infrastructure gap, estimated at over $2.3 trillion, through strategic Public-Private Partnerships (PPPs).

Speaking at the Summit themed “Unlocking Nigeria’s Potential: The Role of PPPs in Delivering the Renewed Hope Agenda,” the ICRC boss described the event as a platform for national transformation.

Mr Ewalefoh applauded President Bola Tinubu for repositioning infrastructure as a key driver of inclusive growth and for promoting PPPs as a governance model rooted in innovation, efficiency, and accountability.

Highlighting projects like the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam, the DG said Nigeria is laying the groundwork for sustainable, private-sector-led development.

He assured investors of Nigeria’s openness to business, adding that the ICRC is committed to ensuring that all PPP projects are legally compliant, economically viable, and socially impactful.

The DG also noted presidential reforms mandating full MDA compliance with PPP guidelines, commending Vice President Shettima and key development partners including AfDB, NESG, Afreximbank, IFC, and Africa50.

The summit continues with technical sessions on de-risking, project financing, and institutional alignment.