Nigeria: Federal Government Attracts $30 Billion FDIs to Nigeria, Says Information Minister

Mohammed Idris, the Minister of Information and Culture, revealed that the Federal Government has successfully attracted $30 billion in Foreign Direct Investments (FDIs) to Nigeria’s real sector.

During a meeting with the business community in Kano, Idris highlighted the diverse sectors that have benefited from these investment commitments, including manufacturing, telecommunications, healthcare, and oil and gas.

“These investments, which are already materializing, signify a significant step forward for our economy,” stated Idris.

He also provided insights into Nigeria’s economic performance, noting that the country’s GDP grew by 3.46 percent year-on-year in Q4 2023, surpassing expectations. Additionally, capital importation surged by 66 percent in Q4 2023 compared to the previous quarter, reversing a previous decline.

Idris emphasized the forthcoming implementation of President Bola Tinubu’s new Oil and Gas policy reforms, which are expected to result in a billion cubic feet per day increase in gas supply and the creation of 2.3 million jobs.

Furthermore, he outlined the potential impact of the new tax incentives on attracting up to $10 billion in new oil and gas investments and reducing operating costs for oil and gas operations in Nigeria.

Highlighting the government’s relief and intervention efforts, Idris mentioned the commencement of a cash transfer program providing N25,000 monthly to 15 million of the poorest and most vulnerable households in Nigeria for a three-month period.

He revealed that over 3 million households had already received initial payments before the program was temporarily suspended for review and reform.

Acknowledging challenges faced by the business community, Alhaji Sabiu Bako, Chairman of the Kano Business Community, urged the Federal Government to ensure their active involvement in intervention programs.

“We call on Mr. President to prioritize the restoration of adequate power supply, the completion and utilization of the AKK pipeline gas line, and the effective implementation of programs aimed at boosting agriculture,” Bako emphasized.

In conclusion, Idris reaffirmed the government’s commitment to implementing policies and programs aimed at revitalizing the nation’s economy and fostering inclusive growth.