President Bola Tinubu has revealed that his administration’s economic reforms have attracted over $30 billion in foreign direct investment (FDI) within the past year.
Speaking during Nigeria’s 64th Independence Day celebration on Tuesday, the president highlighted the success of various economic policies his government introduced. These reforms, according to Tinubu, have been instrumental in bringing significant foreign investments into the country, helping to drive economic growth.
He acknowledged the economic challenges Nigeria is currently facing, attributing them to fiscal mismanagement that urgently needs correction. Tinubu warned that if these issues are not addressed, the country could face an uncertain and potentially dangerous future.
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The president also reaffirmed his administration’s commitment to fostering a free-market economy. He stressed the importance of maintaining open and fair processes for investors, ensuring both easy entry and exit, while upholding strong regulatory oversight.
As part of the government’s efforts to reform Nigeria’s oil sector, Tinubu announced that the ExxonMobil-Seplat divestment deal would receive ministerial approval within days. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has already concluded the process in compliance with the Petroleum Industry Act (PIA). This transaction, like others in the sector, is part of the government’s broader effort to restructure and improve the country’s petroleum industry.
“Our economy is being reformed and restructured for long-term sustainability. If we fail to fix the fiscal issues that have caused this downturn, we risk facing a very uncertain future,” Tinubu said. “Thanks to our reforms, we attracted more than $30 billion in foreign direct investment last year.”
The president underscored the importance of maintaining strong regulatory practices in the upstream petroleum sector, ensuring that investments and divestments proceed smoothly while benefiting the country’s economy.
