President Bola Ahmed Tinubu has announced that his administration’s economic reforms, which have caused significant hardship for Nigerians, have also attracted foreign direct investments (FDI) worth $30 billion over the past year.
The president revealed this during his address to mark Nigeria’s 64th Independence Day, as monitored by The Whistler.
“The economy is undergoing necessary reforms to better serve us in a sustainable way. Without addressing the fiscal imbalances that led to the current economic challenges, Nigeria risks an uncertain future and severe consequences,” Tinubu stated.
He attributed the $30 billion in FDI to these reforms and reaffirmed his administration’s commitment to free enterprise and maintaining a strong regulatory framework. Tinubu emphasized that investment transactions in the petroleum sector, such as the ExxonMobil/Seplat divestment, will receive ministerial approval within days. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has already concluded the process under the guidelines of the Petroleum Industry Act (PIA).
“This divestment, along with others previously approved, will invigorate the sector and increase oil and gas production, benefiting the economy,” Tinubu said.
Regarding Nigeria’s financial reserves, Tinubu noted that he inherited over $33 billion when he assumed office in May 2023. He also disclosed that his administration has repaid $7 billion in inherited foreign exchange debt and has reduced the debt service ratio from 97% to 68%.
Additionally, Tinubu highlighted fiscal reforms and the Central Bank’s disciplined monetary policies, which have stabilized the foreign exchange market. “We have cleared over N30 trillion in ways and means debt while maintaining our foreign reserves at $37 billion,” he added.
Looking forward, Tinubu announced the approval of the Economic Stabilisation Bills by the Federal Executive Council, which will soon be sent to the National Assembly. These bills aim to create a more business-friendly environment, stimulate investment, and reduce the tax burden on businesses and workers.
