NIGERIA has attracted over $30 billion in Foreign Direct Investments in the past year, as a result of the various reforms introduced by this current administration.
The president disclosed this during his 64th Independence Day speech today where he reaffirmed the government’s commitment to promoting free enterprise and facilitating investments with minimal restrictions.
“Thanks to these reforms, our nation secured foreign direct investments exceeding $30 billion last year,” Tinubu stated.
He further emphasized, “Our administration is dedicated to upholding the principles of free enterprise, allowing for free entry and exit of investments while preserving the integrity of our regulatory processes. This approach underpins the ongoing divestment transactions in our upstream petroleum sector, where we aim to drive positive transformation.”
President Tinubu also mentioned that the ministerial approval for the ExxonMobil/Seplat divestment would be finalized in the coming days.
This deal, which involves the takeover of ExxonMobil Nigeria’s shallow offshore operations by Seplat, has been concluded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in accordance with the Petroleum Industry Act (PIA).
Similar qualified divestments have been approved in the sector, which will enhance oil and gas production and boost the economy.
However, the Nigerian National Petroleum Company Limited (NNPCL) had earlier invoked its Right of First Refusal (RFR) on the sale of these assets.
Although the federal government initially refused to approve the transaction in May 2022, citing overriding national interests, President Tinubu later engaged with ExxonMobil president Liam Mallon and other executives to expedite the resolution of the agreement between ExxonMobil and Seplat.
In his address, Tinubu also touched on the Central Bank of Nigeria’s monetary policies, highlighting the resulting stability in the foreign exchange market and the broader economy.
“The Central Bank’s disciplined approach to monetary policy management has brought stability and predictability to our foreign exchange market,” he said.
Tinubu revealed that despite inheriting a $33 billion reserve 16 months ago and paying off a $7 billion forex backlog and clearing over N30 trillion in debt, the country has managed to maintain foreign reserves at $37 billion while meeting all its financial obligations.
“We are advancing with our fiscal policy reforms,” Tinubu continued, “and there will be more job creation in the months ahead.
The Federal Executive Council has approved the Economic Stabilisation Bills, which will soon be sent to the National Assembly.
These bills aim to foster a more business-friendly environment, stimulate investment, and reduce the tax burden on businesses and workers once passed into law.”