Nigeria @64: Tinubu touts $30bn foreign investment gain from economic reforms

Business a.m.

President Bola Tinubu has declared that the economic reforms implemented by his administration have successfully attracted more than $30 billion in foreign direct investments (FDI) over the last year.

Tinubu, who stated this while addressing the nation to commemorate the country’s 64th Independence Day, stated that the country’s FDI investment was made possible by the economic reforms implemented by his administration.

The Nigerian president underscored the significant role that the economic reforms implemented by his administration have played in reshaping the nation’s fiscal landscape, emphasising that these reforms were crucial in securing a prosperous future for Nigeria.

Tinubu reiterated the administration’s commitment to free enterprise, free entry, and free exit in investments while maintaining the integrity and efficacy of regulatory processes. 

This principle, he emphasised, is fundamental in driving divestment transactions in the upstream petroleum sector, where the government is determined to bring about positive change and improve the country’s fortunes.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, (PIA) which was done in the same manner as other qualified divestments approved in the sector. The move will create vibrancy and increase oil and gas production, positively impacting our economy,” the president stated.

Tinubu highlighted the Central Bank of Nigeria’s (CBN) more disciplined approach to monetary policy management, which has resulted in greater stability and predictability in the foreign exchange market.

He also disclosed that the administration had inherited forex reserves of over $33 billion 16 months ago and, since then, had successfully repaid the $7 billion forex backlog

“We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills,” he said. 

President Bola Tinubu expressed his administration’s determination to continue its fiscal policy reforms, with the ultimate goal of stimulating the nation’s productive capacity, generating more jobs, and promoting overall prosperity.

He further stated that the Federal Executive Council has approved the Economic Stabilisation Bills, which will be transmitted to the National Assembly for their deliberation, indicating the government’s commitment to maintaining a stable economic environment and fostering growth in the country.

“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he assured.

Tinubu also expressed his commitment to re-engineering the nation’s political economy, highlighting the administration’s resolute determination to implement the Supreme Court’s ruling on the financial autonomy of local governments.

This move, he explained, is part of their broader efforts to ensure that local governments have the necessary resources and decision-making authority to drive development and improve the lives of citizens across Nigeria.