Tinubu claims Nigerian govt attracted $30bn FDIs in nine months

President Bola Tinubu said on Tuesday his administration has attracted $30 billion in Foreign Direct Investment (FDI) commitments to shore up the country’s economy in the last nine months.

He stated this at the 2023 Leadership Annual Conference and Award held in Abuja.

Tinubu, who was represented at the event by the Minister of Information and National Orientation, Alhaji Mohammed Idris, said the Nigerian economy is not in distress but facing challenging times.

He added that the country has attracted unprecedented opportunities to reset the course and build a new and sustainable economy despite the challenging situation.

The president said: “Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, including manufacturing, telecoms, healthcare, oil and gas, and others.

“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan.

“I have asked the Minister of Finance and Coordinating Minister of the Economy to directly interface with the Qatari authorities to ensure that speedy progress is made.

“The Nigerian economy saw a better than anticipated performance in the last quarter of 2023, growing by 3.46 percent, compared with 2.54 percent in the preceding quarter.

“Capital Importation into Nigeria was up by 66 percent in Q4 2023, reversing a 36 percent decline in the previous quarter.

“In January 2024, the Nigerian Stock Exchange All Share Index (ASI) crossed the 100,000 points mark, its highest ever.

“There is no one who looks at this data who will conclude that “distressed” is the accurate way to describe the Nigerian economy.”

Tinubu, however, said the government was aware of the hardships due to the reform, but assured that a lot of effort and energy were being made towards alleviating the pains and setting the economy on firm footing.

“There are incredible opportunities for investment in every sector of the economy, as the Federal Government stabilize our foreign exchange market and macroeconomic indices.

“I ask for the continuing patience and support of all Nigerians, including the elite that is very well represented in this room today,” he stated.

The president also sought for understanding of the media as the government continues the reform of the economy.

“To the Nigerian media, I urge you to strive to report not only the challenges but also the solutions and the opportunities as well.

“Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured.

“Since the removal of petrol subsidies, our imports of petrol have dropped by about 50 percent, which translates to roughly one billion liters of petrol every month, according to the National Bureau of Statistics,” Tinubu concluded.

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