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President Tinubu Announces $30 Billion Foreign Investment Commitments to Bolster Nigerian Economy

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President Bola Tinubu, speaking at the 2023 Leadership Annual Conference and Award held in Abuja, revealed that his  administration has secured $30 billion in Foreign Direct Investment (FDI) commitments aimed at revitalizing the Nigerian economy.

Represented by the Minister of Information and National Orientation, Alhaji Mohammed Idris, Tinubu expressed optimism about the country’s economic trajectory despite facing challenging times.

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President Bola Tinubu

Tinubu highlighted the diverse sectors benefiting from these investments, including manufacturing, telecommunications, healthcare, and oil and gas. He underscored the tangible progress already underway, citing recent discussions with Qatari officials during his official visit to Qatar.

The President emphasized the positive economic indicators, noting a 3.46% growth in the last quarter of 2023 and a significant increase in capital importation by 66% during the same period. Additionally, he highlighted the historic milestone reached by the Nigerian Stock Exchange All Share Index, surpassing the 100,000 points mark in January 2024.

Acknowledging the transitional pains associated with ongoing reforms, Tinubu reassured Nigerians of the government’s commitment to mitigating hardships and steering the economy towards stability. He urged patience and support from all stakeholders, including the media, in portraying a balanced perspective of the nation’s progress.

Tinubu also addressed the impact of subsidy removal, citing a notable decrease in petrol imports and significant revenue growth for the federal, state, and local governments.

He outlined measures to support Nigerian businesses, including the approval of special intervention funds totaling N200 billion, aimed at providing grants, loans, and support to various sectors such as MSMEs and the manufacturing industry.

The event, organized by the Leadership Group, witnessed the presentation of awards to distinguished politicians, companies, technocrats, and experts, recognizing their contributions to national development.

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