The Federal Government has reiterated its commitment to creating an enabling business environment and dismantling bureaucratic obstacles as part of its drive to achieve the projected $1 trillion economy.
Vice-President Kashim Shettima made the pledge on Tuesday at the 2025 Ota Investment Summit and Trade Fair in Ota, Ogun State.
Represented by the Special Adviser to the President on Economic Affairs, Dr Tope Fasua, Shettima said the administration’s Renewed Hope Agenda was a concrete blueprint for national transformation, anchored on fiscal discipline, investor confidence, and private sector-led growth.
“The planned one trillion-dollar economy is both audacious and eminently achievable. We are committed to creating the right environment, removing bureaucracy, and enabling investors to thrive,” Shettima said.
He explained that the rebasing of Nigeria’s Gross Domestic Product (GDP) underscored the country’s economic diversity beyond oil and gas, with technology, financial services, and agriculture emerging as critical growth drivers.
The Vice-President stressed that industrial expansion would be central to achieving the target, urging both the public and private sectors to work together to foster an industrial revolution capable of generating jobs, creating wealth, and boosting national productivity.
The Olota of Ota, Oba Adeyemi Obalanlege, said the Ota Industrial Belt’s success had been built on decades of strategic investment and infrastructure development.
He added that with targeted upgrades and sustained investor confidence, Ota could play a pivotal role in driving the trillion-dollar economy vision.
“Ota Industrial Belt can significantly boost Nigeria’s GDP through increased manufacturing outputs for domestic and export markets, attracting foreign direct investment, and expanding SMEs into regional value chains,” the monarch said.
Minister of Transportation, Sa’idu Alkali, and Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, were also present at the summit, alongside stakeholders from the manufacturing and trade sectors.
Chairman of the Ota Chamber of Commerce, Dr Kayode Bowale, called for stronger public-private partnerships to address infrastructure gaps, particularly road networks, to support industrial growth.
He also urged greater patronage of locally-made goods and services to stimulate economic development.
The Ota Investment Summit, themed “Industrial Revolution: Potential and Opportunities from Ota to the Rest of the World”, featured more than 18 exhibitors and served as a platform for forging partnerships, showcasing industrial capacity, and reinforcing the government’s commitment to structural reforms in pursuit of sustained economic growth.
