Nigeria Attracts Over $30bn Foreign Direct Investments, President Tinubu Reveals

Nigeria has made a significant breakthrough in attracting foreign direct investments, with President Bola Tinubu revealing that the country has received over $30 billion in FDIs in the last year. The president made this announcement during his 64th Independence Day anniversary speech on Tuesday.

According to President Tinubu, the various reforms implemented by his administration have been instrumental in achieving this feat. He emphasized that his administration is committed to free enterprise, free entry, and free exit in investments, while maintaining the sanctity and efficacy of regulatory processes.

The president highlighted that the divestment transactions in the upstream petroleum sector, particularly the ExxonMobil/Seplat divestment deal, will receive ministerial approval in a matter of days. He explained that the deal has been concluded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in line with the Petroleum Industry Act (PIA).

The deal involves the takeover of ExxonMobil Nigeria’s offshore shallow water operations, and the Nigerian National Petroleum Company Limited (NNPCL) had previously invoked its Right of First Refusal (RFR) regarding the sale of these assets. However, the federal government declined to approve the transaction in May 2022, citing overriding national interest among other reasons.

President Tinubu also spoke about the country’s economic stability, attributing it to the more disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management. He highlighted that the CBN has ensured stability and predictability in the foreign exchange market, while also clearing the inherited forex backlog of $7 billion and the ways and means debt of over N30 trillion.

The president added that his administration is committed to fiscal policy reforms, which will stimulate the economy, create more jobs, and reduce the tax burden on businesses and workers. He emphasized that the Economic Stabilisation Bills, approved by the Federal Executive Council, will be transmitted to the National Assembly and will make the business environment more friendly once passed into law.

The news comes as a boost to the Nigerian economy, which has been struggling in recent years. The country’s commitment to free enterprise and foreign direct investments is expected to create a positive impact on the economy and attract more investors in the future.