Minister of Information and Culture, Mohammed Idris revealed that the Federal Government has successfully lured $30 billion in Foreign Direct Investments (FDI) into the country’s real sector. This announcement comes amidst efforts to bolster economic growth and attract international capital inflows.
Addressing members of the business community in Kano, Minister Mohammed Idris detailed the government’s achievements in securing substantial FDI commitments across diverse sectors, including manufacturing, telecommunications, healthcare, and oil and gas. These investments, he noted, are already materializing, signaling a positive trajectory for the Nigerian economy.
Highlighting key economic indicators, Minister Idris underscored the nation’s robust growth, with a notable 3.46 percent year-on-year expansion recorded in Q4 2023. This surpasses earlier projections and underscores Nigeria’s resilience in the face of global economic challenges.
Moreover, Idris emphasized a remarkable uptick in capital importation, with a remarkable 66 percent surge witnessed in Q4 2023 compared to the previous quarter, effectively reversing a 36 percent decline.
The Minister also shed light on President Bola Tinubu’s ambitious Oil and Gas policy reforms program, touting its potential to revolutionize the sector. Projections indicate that the implementation of these reforms could yield an additional billion cubic feet per day of gas supply, generate 2.3 million jobs, and inject $17 billion into the nation’s GDP. Additionally, the policy aims to streamline oil and gas contracting cycles, significantly reducing timelines from 38 months to a mere six months.
Furthermore, Idris detailed new tax incentives designed to attract up to $10 billion in fresh oil and gas investments, positioning Nigeria as a more competitive destination for industry players. These measures, he asserted, would also lower operating costs for oil and gas operations, aligning them more closely with global standards.
In response to economic challenges facing communities like Kano, Idris assured stakeholders of the government’s commitment to addressing critical issues. Alhaji Sabiu Bako, Chairman of the Kano Business Community, underscored the importance of adequate power supply, the completion and utilization of the AKK pipeline gas line, and targeted interventions to boost agricultural productivity. The Minister pledged to work collaboratively with stakeholders to address these concerns and drive sustainable economic growth.
Minister Mohammed Idris’s revelation of $30 billion in foreign investments marks a significant milestone for Nigeria’s economic landscape. With tangible progress evident across various sectors, the nation is poised to leverage these investments to stimulate growth, create employment opportunities, and foster long-term prosperity. As the government continues to implement strategic reforms and initiatives, stakeholders remain optimistic about Nigeria’s economic outlook.
Credit: News Agency of Nigeria (NAN) Text Excluding Headline
