By: Timothy Choji, Bauchi
President Bola Tinubu says under his leadership, Nigeria has exited the stage of economic instability.
He made the proclamation on Wednesday in Bauchi State, while opening the State’s first Investment Summit.
The Nigerian leader emphasized the need for collaboration among all tiers of government and the private sector, to enhance development across the country.
The two-day investment summit, the first of its kind held in Bauchi state, brought together domestic and foreign investors as well as stakeholders in the business sector, with the aim of looking into ways of widening the business horizon of the state.
Declaring the summit open, President Bola Tinubu, represented by Vice President Kashim Shettima, revealed that the giant economic reforms embarked upon by the current administration have enabled Nigeria to positively move towards economic stability.
“You cannot cure a disease unless you establish a diagnosis. This, perhaps, has been the most obvious shortfall of leadership in this part of the world. We cannot solve a problem we do not know, and neither can we sell a product that nobody needs.
“Our non-oil revenues grew by 411 percent year-on-year in the same month. Our tax-to-GDP ratio now stands at 13.5 per cent, up from barely seven percent a few years ago. Our debt-to-GDP ratio remains at 38.8 percent, far below the limits set by the Fiscal Responsibility Act at 60 percent, and those of ECOWAS and the World Bank at 70 percent.
“Our external reserves have grown to 43 billion dollars as of September 2025. Nigeria has exited its phase of economic instability, and I assure investors present here that there is no better time to choose Nigeria,” the President stated.
The President, represented by Vice President Kashim Shettima, said the development plan of Nigeria is anchored on promises that can only be realized when the nation achieves stability, including job creation, food security, value-chain development, and the unlocking of subnational comparative advantages.
More Collaboration
He said all tiers of government must embrace partnership in order to attain the needed development in all parts of the country.
VP Shettima attributed the milestone to the decision made by the administration of President Bola Ahmed Tinubu to get rid of the hurdles that had hitherto clogged the wheels of the country’s economic progress.
He added that the administration assumed office in 2023 with a promise to turn around the fortune of the nation’s economy that was already tottering on the edge of financial crisis, with debt service-to-revenue ratio shooting up to about 100 percent.
Explaining why the first decision made by President Tinubu “was to remove those obstacles that had become termites in the timber of the nation’s progress”, VP Shettima said.
“You cannot guarantee enduring growth without stability. Our predecessors are here to testify to this truth. Each of them endured a fair share of obstacles and pushbacks in their efforts to introduce reforms that set the nation on the path of rediscovery and stability,” he added.
Priorities
The Vice President listed priorities in the administration’s development plan to include job creation, food security, value-chain development, and the unlocking of subnational comparative advantages, even as he pointed out that the plan “is anchored on promises that can only be realized when stability is achieved.”
These priorities, according to him, are inherently rooted in the investment opportunities Bauchi State offers, including “vast arable land and agricultural potential, abundant solid minerals, tourism and game reserves, renewable energy prospects, and improving infrastructure and business-enabling reforms.”
“The Federal Government remains resolute in its commitment to ensuring security across the nation because no economy can thrive where fear replaces freedom and where insecurity undermines enterprise,” he added.
Applauding the vision of Governor Bala Mohammed for opening Bauchi State to investment, VP Shettima reaffirmed President Tinubu’s promise that under his watch, the Federal Government will treat ‘each state as a priority beyond the fiscal glories that accrue from the increased allocations now enjoyed across the federation’.
“This is so because an affliction to any state slows down the pace of development in other parts of the nation, and this is the burden of federalism that we must never allow to slow us down. We must either grow together or falter apart.”
The Vice President charged participants and stakeholders “to move beyond talk and commit to concrete memoranda of understanding, set timelines, and appoint joint implementation teams,” to ensure tangible milestones in project execution, insisting that programmes and projects “must align with social and environmental sustainability considerations.”
Hope For Nigeria
Former President Olusegun Obasanjo said that while the summit is an indication that there is hope for Nigeria, there is a need for partnership as a way of strengthening businesses.
He outlined what he termed the five Ps – Politics, People, Protection, Partnership, and Progress, describing them as the bedrock of good investment, just as he expressed worry over the cement situation in Nigeria, calling for more action to strengthen the cement industry.
“Governance must be right because it’s about the people, and there must be protection (security), or else investors will not come. There must be strong partnership at the local, community, state, and national levels, as well as the civil society, with the public and private sectors. We need partnership,” he stressed.
Bauchi State Governor, Bala Mohammed, thanked the Vice President for always identifying with the state, assuring participants and the people of Bauchi State that the recommendations reached at the summit would be implemented.
The Governor hailed the federal government for establishing the North-East Development Commission (NEDC), which he said is driving development across the six states of the region.
He also assured investors of the safety of their lives and businesses in Bauchi, saying, “We will also utilize partnership and fight corruption in order to enable businesses to thrive in our state.”
Also speaking, Chairman of the North East Governors’ Forum and Borno State Governor, Prof. Babagana Zulum, commended Governor Mohammed for convening the summit, saying Bauchi State’s potential in agriculture is the bedrock for its development.
Urging investors to tap from the available resources as they invest in the state, Zulum said, “Northerners are hospitable. Mineral resources and hydrocarbons are also found here in large quantities. I believe investors will have the opportunity to play around for our future development. There is ease of doing business in Bauchi and the entire north. Come and do business here.”
Leadership
Delivering the keynote address, former Head of Civil Service of the Federation, Mahmud Yayale Ahmed, noted that while leadership is about creating room for others to grow, the current global challenges require serious attention and action.
The Secretary to the Government of the Federation, George Akume, identified education, good governance and human capital development as bases for development at all times, positing that Public, Private Partnership (PPP) and collaboration between the federal and State governments would help boost development.
Implementation
The Sultan of Sokoto, His Eminence, Abubakar Sa’ad III, regretted that while he had attended a good number of summits in the country, most of them ended with little commitment towards implementation of resolutions.
“What have we achieved? Have we really achieved the goals of such summits? I want to challenge the Governors of Northern states on this. Have we really moved our states and the north forward?
“I want to challenge all of us to really look inwards. Nobody can take us out of these economic challenges except us, ourselves. The North has everything needed for development,” he said.
The royal father applauded Vice President Shettima’s unflinching support for President Tinubu in leading Nigeria, just as he pledged the support of religious and traditional leaders at all times.
Stressing the need for adequate security, the Sultan said, “Our support is unwavering. But whatever you do, if there’s no security, you can’t really achieve anything,” appealing to all Nigerians to love their country and pray for their leaders.
Some of the dignitaries in attendance include representatives of the Governors of Oyo, Gombe, Bayelsa and Jigawa States; former military administrators of Bauchi State among others.
Olusola Akintonde