Victor Ezeja
Nigeria’s President Bola Tinubu, has disclosed that within the first nine months of his administration, the country has secured $30 billion worth of Foreign Direct Investments to support the economy.
Tinubu stated this during the 2023 Leadership Annual Conference and Award held on Tuesday in Abuja. The event, focusing on “An Economy in Distress: The Way Forward”, was hosted by the Leadership Group.
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Minister of Information and National Orientation, Alhaji Mohammed Idris, spoke on behalf of Tinubu, at the event insisted that Nigeria’s economy is not in a state of distress, rather it is currently navigating through challenging circumstances.
He 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 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 per cent, compared with 2.54 per cent in the preceding quarter.
“Capital Importation into Nigeria was up by 66 per cent in Q4 2023, reversing a 36 per cent decline in the previous quarter.
“Capital Importation into Nigeria was up by 66 per cent in Q4 2023, reversing a 36 per cent 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.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
