Nigeria secures $30bn in foreign investments as Tinubu’s reforms gain momentum

By Kunle Sanni

President Bola Tinubu has announced that his administration has secured over $30 billion in foreign direct investment (FDI) commitments in less than two years, attributing this success to his government’s economic reforms aimed at strengthening Nigeria’s trade and business environment.

Speaking at the 2024 Comptroller-General of Customs Conference in Abuja on Wednesday, Tinubu, represented by the National Security Adviser, Nuhu Ribadu, emphasized that these investments are opening new opportunities for Nigerian businesses to engage in global trade and elevate the nation’s economic standing.

“This achievement demonstrates that our policies are yielding positive results, making Nigeria increasingly attractive to both domestic and international investors,” President Tinubu said.

He highlighted key reforms, including the removal of fuel subsidies and the unification of the exchange rate, describing these measures as essential for building a sustainable economic foundation. Tinubu added that these initiatives, along with efforts to modernize infrastructure, streamline business processes, and enhance trade facilitation, are laying the groundwork for long-term growth.

The president commended the Nigeria Customs Service for its alignment with national economic objectives, especially in revenue generation, export promotion, and border security. He also stressed the importance of partnerships and ongoing institutional reforms to sustain Nigeria’s progress as a competitive player in the global economy.

“Our commitment to sustainable economic reforms and creating an enabling business environment is firm and irreversible,” Tinubu stated, reaffirming Nigeria’s resolve to deepen its integration into global value chains.