FG: Indian $14bn Pledges on New Investments Already Yielding Fruit

Says Tinubu taking steps to confront challenges

Olawale Ajimotokan in Abuja

The federal government has said Indian businesses that pledged $14 billion in new investments in Nigeria on the side-lines of the G20 Summit in India, in September 2023, have started making good their pledges. Minister of Information and National Orientation, Mohammad Idris, stated this yesterday in a statement, titled, “Amidst Challenges, Nigeria Will Forge Ahead.”

Idris said the federal government under President Bola Tinubu was taking various bold steps to decisively confront the country’s challenges. He said the country was already seeing global and local businesses demonstrating unshakable belief in the limitless possibilities that Nigeria embodied across oil and gas, agriculture, consumer goods, renewable energy, healthcare, ICT, and many other fields.

The minister recalled that in the opening weeks of 2024, the Nigerian Stock Market placed the country on the global map for the impressive returns being delivered, adding that the federal government recognised the fact that the country has continued to enjoy genuine enthusiasm for investment from local and foreign investors.

Idris stated, “There is no downplaying the reality of the challenging season that we find ourselves in as a nation: the impact of inflation on personal and household budgets, and the threats to security in parts of the country.

“But that is only part of the story. Just as important are the various bold measures that the Federal Government of Nigeria, under the leadership of President Bola Ahmed Tinubu, is taking. We fully acknowledge the duty and the responsibility of care that the federal government owes to every Nigerian, across the lines of age, gender, religion, ethnicity, and social class.”

He assured that all security threats were being boldly confronted as the security agencies, who had taken the fight to the criminals’ dens, had recorded promising results within the last week, with several bandits, kidnappers and militants either neutralised or arrested.

Idris lamented the recurring crisis in Plateau State, while assuring that all perpetrators of violence in the state and everywhere in the country were being brought to book. He assured that justice will be done and peace would be restored in all affected communities.

On the economy, the minister said all relevant ministries and agencies of the federal government were working in coordinated fashion, to bring down inflation, stabilise foreign exchange rates, and create a truly enabling environment for business and investment, saying the president is seeking to build a Nigeria where no one is left behind.

Idris stated, “Impactful interventions are being rolled out, including a Students’ Loan Scheme, a Presidential Initiative to deploy lower-cost CNG mass transit buses to provide alternatives to petrol and diesel, and various low-interest loan schemes for businesses. The CNG interventions will bring down the cost of transportation by more than 50 per cent.

“We urge Nigerians to take advantage of these opportunities as they emerge, as they have been designed for the benefit of all.”

The minister tried to explain some stories that began to make the rounds, especially, online recently. 

He stated, “Even as we tackle our challenges with urgency and dedication, it is also necessary to remind all Nigerians of the need to resist all forces and narratives of misinformation and division.

“For example, it is not true that the relocation to Lagos of the Headquarters of the Federal Airports Authority of Nigeria (FAAN), and of certain departments of the Central Bank of Nigeria (CBN), are political moves aimed at marginalising a section of the country. These allegations are unfounded. Instead, these are pragmatic administrative steps to improve operational efficiency and reduce operating costs.”

The statement also urged all Nigerians to be wary of persons and groups at home and abroad, who specialised in making false and inciting claims on radio, television, and social media, as well as in peddling altered videos and images for viral dissemination.

It called all compatriots to stand together as one against those forces that constantly sought to test and break the bonds that held the country together, saying the country belongs to all Nigerians, who must work towards building a country of their dream, regardless of religious faith or ethnic group or geopolitical zone.

Idris stressed that the fight against corruption would continue and with more intensity as part of the focus on earning the trust of Nigerians, adding that Tinubu is determined to ensure there are no sacred cows, and that public funds are applied wholly for the public good.

Idris said Tinubu would provide the anti-corruption agencies with the support required to fulfil their mandate. He said Nigerians would not succeed at building the country of their dream if they focused only on the challenges and problems, and neglected the abundant opportunities and positive narratives the country was endowed with.

He described as heart-warming the exploits of the Super Eagles at the ongoing Africa Cup of Nations in Cote d’Ivoire, saying their impressive run is another case in point and a timely reminder that the things that bind Nigerians together as one are much deeper than the things that separate and divide them.

The minister urged Nigerians to eschew division and hatred, but live and thrive in unity and hope. He assured that a glorious dawn was around the corner, despite the temporary challenges and setbacks that confront the country from time to time.