Our economic reforms attracted over $30bn FDIs- Tinubu
KUNLE SANNI
President Bola Tinubu has announced that his administration’s economic reforms have attracted more than $30 billion in foreign direct investments over the past year.
The president made this revelation during his Independence Day address on Tuesday.
Tinubu also underscored his administration’s success of key fiscal and economic policies aimed at stabilizing and growing Nigeria’s economy.
Speaking further, he highlighted that the reforms were necessary to correct fiscal imbalances that had led to the nation’s current economic challenges.
He warned that without such measures, Nigeria would face an uncertain future with potentially severe consequences.
“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” the president said.
The president also reaffirmed his administration’s commitment to free enterprise, emphasizing that the government promotes open investment while ensuring the integrity of its regulatory framework.
This approach, he noted, has been instrumental in driving investment in the petroleum sector, with a particular focus on divestment transactions.
President Tinubu announced that the ExxonMobil Seplat divestment deal, a significant transaction in Nigeria’s upstream petroleum sector, would receive ministerial approval within days.
He noted that the deal, which has already been concluded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under the Petroleum Industry Act (PIA), is part of broader efforts to boost oil and gas production.
He said, “Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.
“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.
“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA.
“This was done in the same manner as other qualified divestments approved in the sector. The move will create vibrancy and increase oil and gas production, positively impacting our economy.
