Bauchi, Nigeria - October 09, 2025 Nigeria has exited economic instability phase — Shettima Vice-President Kashim Shettima says Nigeria has exited its phase of economic instability, assuring investors that now is the most suitable time to invest. Shettima stated this on Wednesday in Bauchi while declaring open the Bauchi Investment Summit 2025. He said President Bola Tinubu’s administration took bold decisions that removed hurdles that had hindered the nation’s economic progress. “The economy was already tottering on the edge of financial crisis, with debt service-to-revenue ratio shooting up to about 100 per cent. “Under this administration, debt service-to-revenue ratio has been reduced to less than 50 per cent. Our GDP growth stood at 4.23 per cent as of last month. “Our non-oil revenues grew by 411 per cent year-on-year in the same month. Our tax-to-GDP ratio now stands at 13.5 per cent, up from barely 7 per cent a few years ago. “Our debt-to-GDP ratio remains at 38.8 per cent, far below the limits set by the Fiscal Responsibility Act at 60 per cent, and those of ECOWAS and the World Bank at 70 per cent. “Our external reserves have grown to 43 billion dollars as of September 2025. Nigeria has exited its phase of economic instability,” he said. He said the reforms, including exchange rate harmonisation and subsidy removal, were inspired by the need to restore economic stability. “The subsidy was an avenue that had become a theatre for round-tripping and rent-seeking, where the privileged few converted the nation’s collective patrimony into their private poverty alleviation scheme,” he said. Former President Olusegun Obasanjo said the summit was an indication that there is hope for Nigeria, but stressed the need for partnership as a way of strengthening businesses. “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 said. Gov. Bala Mohammed thanked the Vice-President for always identifying with the state, assuring participants and investors that the summit’s recommendations would be implemented. He assured investors of the safety of their lives and businesses in Bauchi, saying, “We will also utilise partnership and fight corruption in order to enable businesses thrive in our state.” The Chairman, North East Governors’ Forum, Gov. Babagana Zulum of Borno, commended Mohammed for convening the summit and urged investors to tap into Bauchi’s agricultural and mineral resources.