Tinubu's Administration Has Brought In $30 Billion In Foreign Direct Investment — Information Minister

Mohammed Idris, Information Minister

The administration has reportedly drawn $30 billion in Foreign Direct Investment (FDI) promises into the actual sectors of the country's economy since taking office, according to Mohammed Idris, Minister of Information and National Orientation.

He made this declaration while revealing that the current administration, led by President Tinubu, is committed to working with the National Assembly to draft the required revisions to the Constitution for the 2024 Constitutional Review, which will permit the establishment of state police.

Alhaji Idris made these comments yesterday at the Armani Events Center in Kano during an Iftar (Breaking of Fast) and interactive session with media executives and practitioners arranged by his ministry.

He stated, “These investment commitments cover various sectors including Manufacturing, Telecoms, Healthcare, Oil and Gas, among others, and are already being realized.”

The Minister also revealed that the Nigerian economy expanded by 3.46 percent (year over year) in Q4 2023, up from 2.54 percent in the previous quarter, which he described as a better result than expected.

Compared to Q3 2023, capital imports into Nigeria rose by 66% in Q4 2023, reversing a 36% decrease in the prior quarter.

Once in place, President Tinubu's new initiative to change the oil and gas policies will increase the supply of gas by a billion cubic feet per day, create 2.3 million employment, and increase GDP by $17 billion. Moreover, it will shorten Nigeria's 38-month oil and gas contracting cycle to fewer than six.

It's possible that up to $10 billion in fresh oil and gas investment will come from the new tax incentives being brought in. He added that operating expenses for Nigerian oil and gas activities, which are now 40% higher than the worldwide average, would be reduced by a new Presidential Policy Directive.

However, he made hints that greater security throughout the Niger Delta had led to an average of 16 NLNG cargoes in 2023 rising to 21 cargoes in Q1 2024.

In Q1 2024, Nigeria's oil production was 1.6 million barrels per day, up from 1.22 million barrels per day in Q2 2023, he revealed.

In addition, he said, “We wait to reap the long-term benefits of the reforms: Provisional wage increment of N35,000 monthly for six months, four months already paid.” He acknowledged that the Post Oil Subsidy Removal Economic Relief Interventions were intended to act as short- and medium-term palliatives.

Also, he stated that the creation of state police in Nigeria would result in the direct and indirect employment of roughly 10 million Nigerians, with an average of 20,000–30,000 police recruits being needed by each state.

As a result, he continued, local producers and makers of police accoutrements and materials will grow.

As lawsuits and prosecutions rise, civil society and attorneys working at the subnational level will become more involved.

A number of subnational organizations, civil society, and public intellectuals have been at the forefront of the struggle for the reorganization of the nation's fundamental structure.