Nigeria Attracts $30 Billion in Foreign Investment, Questions Arise Over Foreign Investment Claims
The Minister of Information and Culture, Mohammed Idris, has announced that the federal government has successfully attracted $30 billion in foreign direct investment (FDI) to the real sector of the Nigerian economy. Speaking during a meeting with the business community in Kano, Mr Idris highlighted that these investment commitments in various sectors such as manufacturing, telecommunications, healthcare, and oil and gas were now being realized, indicating a positive trend in Nigeria’s economic growth.
Mr Idris further noted that Nigeria’s economy had grown by 3.46 per cent year-on-year in the fourth quarter of 2023, surpassing the 2.54 per cent growth recorded in the preceding quarter. He attributed this growth to the increase in capital importation, which rose by 66 per cent in Q4 2023 compared to Q3 2023, reversing a 36 per cent decline in the previous quarter.
The Minister also highlighted President Bola Tinubu’s new oil and gas policy reform programme, which is expected to generate a billion cubic feet per day of additional gas supply, create 2.3 million jobs, and boost the country’s GDP by $17 billion. Additionally, the policy aims to compress Nigeria’s oil and gas contracting cycle from six to 38 months, while new tax incentives could attract up to $10 billion in new oil and gas investment.
Mr Idris reported that Nigeria’s oil production had increased from 1.22 million barrels per day (mbpd) in Q2 2023 to 1.6 mbpd in Q1 2024, showing positive growth in the country’s oil sector.
Addressing the economic interventions for the post-oil subsidy removal, Mr Idris mentioned that the federal government had begun monthly cash transfers of N25,000 to 15 million vulnerable Nigerians. However, he noted that the programme was temporarily suspended for review and reform after about 3,140,819 households had received initial payments.
In response to the challenges faced by the Kano Business Community, the chairman, Sabiu Bako, appealed to the federal government to ensure they were carried along in the interventions, highlighting the need for continued collaboration between the government and the business community for sustainable economic growth.
Peoples Gazette
