Vice President Kashim Shettima met with senior Citibank executives on Wednesday to promote Nigeria as an attractive investment destination.
According to the VP, recent economic reforms have transformed the country’s fiscal landscape and stabilised its currency.
During the meeting at the Presidential Villa in Abuja with Citibank’s global leadership team, led by Global Head of International Operations Ernesto Torres Cantu, Shettima said current conditions present opportunities for international investors.
“This is the right time to come to Nigeria and the right time to invest in Nigeria. With the uniform exchange rate, an investor coming into Nigeria will be assured of the stability of the currency,” Shettima was quoted by his spokesman, Stanley Nkwocha, as telling his guests.
The vice president commended the American bank for its over four decades of consistent presence in Nigeria and noted Citibank’s important role in supporting the country’s economic resilience.
“You have been with us through thick and thin. You have accounted for more than 30 per cent of inward capital into this country. Most recently, you helped us raise $2.1 billion in December 2024. This is a partnership that has stood the test of time,” the vice president said.
Shettima outlined a series of reforms taken since President Bola Ahmed Tinubu assumed office, which he said previous administrations avoided due to their political sensitivity.
“When we assumed office, the economy was haemorrhaging due to an over-bloated subsidy regime. Many preferred to kick the can down the road, but the president took the courageous decision to remove the fuel subsidy on his very first day in office,” the vice president said.
In addition to fuel subsidy removal, the vice president noted that the collapse of the dual exchange rate system had distorted Nigeria’s foreign exchange market for years.
On fiscal reforms, VP Shettima described the recently passed tax legislation as the most sweeping in the nation’s history.
The reforms, he noted, reduce the federal government’s share of Value Added Tax (VAT) revenue from 15 per cent to 10 per cent while increasing states’ allocation from 50 per cent to 55 per cent, with local governments retaining 35 per cent.
“When we came into office, our debt service-to-revenue ratio was a staggering 111%. Today, we’ve brought it down to manageable levels, thanks to disciplined fiscal management,” he added.
Earlier, Mr Ernesto Torres Cantú reaffirmed Citibank’s long-term commitment to Nigeria, lauding the government for enacting tough but necessary reforms.
“We’ve been in Nigeria for 41 years, and the reason I came today is because we believe Nigeria is at an inflexion point — one that signals a better future for all of Nigerians and the companies,” he said.
He commended the bold economic decisions of President Tinubu, saying, “It’s been a process of reforms that we congratulate the government for making those difficult decisions, but with the confidence that they will go and take Nigeria to a better place for everybody.
“What we do is that we connect Nigerian companies to the world and bring the world’s companies to Nigeria. That is what we’ve been doing for the past 41 years, and we will continue to do so,” he added.
Other members of the Citibank delegation included Ms Ebru Pakcan, Middle East & Africa CEO; Mr Genaro Poulat, Global Head Country Risk Management; Mrs Nneka Enwereji, MD/CEO Citibank Nigeria; Mr Siddarth Bansal, Corporate Bank Head; and Mrs Funmi Ogunlesi, Public Affairs Head, Sub-Saharan Africa.
