Nigeria’s President, Bola Tinubu has disclosed that his administration’s economic reforms have attracted foreign direct investments worth more than $30 billion in the past year.
The president announced this during his Independence Day speech, commemorating Nigeria’s 64th anniversary on Tuesday.
According to him, various economic reform policies initiated by his administration have led to foreign direct investments exceeding $30 billion over the last year.
He also revealed that the current economic downturn stems from fiscal misalignments requiring urgent correction. He warned that failure to address these issues could lead the country towards an uncertain and perilous future.Tinubu, reaffirming his government’s commitment to promoting free enterprise, emphasised that ensuring both free entry and exit for investors, while maintaining robust regulatory frameworks, is key to the divestment processes in the upstream petroleum sector.
He further mentioned that the ExxonMobil-Seplat divestment is set to receive ministerial approval within days, following its conclusion by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in line with the Petroleum Industry Act (PIA).Tinubu highlighted that this process was carried out similarly to other qualified divestments in the sector, underscoring his administration’s efforts to reform and revitalise Nigeria’s oil industry.
He said, “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.
“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.”
