Nigeria has positioned itself as a top global investment destination following bold economic reforms that have stabilized the country’s fiscal landscape, Vice President Senator Kashim Shettima has said.
Speaking during a meeting with senior executives from Citibank, led by Ernesto Torres Cantú, Global Head of Citibank International, Shettima highlighted the Tinubu administration’s commitment to restoring investor confidence through decisive policies.
According to Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), key reforms such as the removal of fuel subsidies and unification of the foreign exchange rate have removed major distortions in Nigeria’s economy.
Shettima also noted the significance of recent tax legislation, describing it as the most comprehensive in Nigeria’s history. Under the new framework, the federal government’s share of Value Added Tax (VAT) revenue has been reduced from 15% to 10%, while states’ allocation increased from 50% to 55%, with local governments retaining 35%.
In his remarks, Ernesto Torres Cantú praised the Nigerian government’s efforts, stating:
“It’s been a process of reforms that we congratulate the government for—making those difficult decisions, but with the confidence that they will take Nigeria to a better place for everybody.”
The meeting marks growing global recognition of Nigeria’s ongoing economic transformation and reflects increasing optimism among international investors.