Our reforms attracted over $30 billion in foreign direct investments – Tinubu

President Bola Tinubu has said the reforms by his administration have attracted foreign direct investments worth more than $30 billion in the last year.

In his Independence Day speech on Tuesday, the president said the economy is undergoing the necessary reforms and retooling to serve Nigerians 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.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year,” Mr Tinubu said.

Speaking further he said the administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of 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,” he said.

Reforms

Mr Tinubu was sworn in on 29 May 2023 in Abuja, taking over power from former President Muhammadu Buhari.

During his inaugural address, shortly after taking the oath of office as Nigeria’s 16th leader, Mr Tinubu took some far-reaching decisions, including the scrapping of the nation’s costly fuel subsidies.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPC Ltd) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.

The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.

Similarly, the Central Bank of Nigeria (CBN) recently announced the unification of all segments of the Nigerian forex market.

The bank collapsed all official windows into the Investors & Exporters (I&E) window. This subsequently led to the close of the spread between the official and unofficial market segments.

Upon announcing the policy, for the first time in fifteen years, at the time, the naira traded at a weaker rate at the official market than in the parallel market.