FG: Tinubu’s Economic Reforms Boosting Investor Confidence, FDI Inflow Now $30bn
Raheem Akingbolu
The Minister of Information and National Orientation, Mohammed Idris, has said that President Bola Ahmed Tinubu’s administration’s various economic reforms are attracting Foreign Direct Investment (FDI) and spurring economic growth.
Speaking during an industry dialogue, on the theme, “Public-Private Collaboration in the Marketing Industry: The Path to Economic Viability,” organised by the Advertisers Association of Nigeria (ADVAN), Idris underscored the crucial role of collaboration between the public and private sectors in driving innovation and sustainability within Nigeria’s advertising industry.
Represented by the Director General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Olaleken Fadolapo, the Minister lauded President Tinubu’s steadfast commitment to implementing reforms aimed at propelling the economy to greater heights. He highlighted the administration’s success in addressing challenges such as repatriation of profits by multinationals and foreign exchange payment backlogs through innovative policy implementation.
Speaking to statistics, the Minister disclosed, “The administration has secured $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy since assuming office.” He elaborated on the sectors benefiting from these investments, including Manufacturing, Telecoms, Healthcare, and Oil and Gas.
He cited notable investments by companies such as Nigerian Bottling Company, Unilever, Seven-Up Bottling Company, and Sugar Refineries (Dangote Sugar Refinery, BUA Foods, and Golden Sugar Ltd). He also highlighted the inauguration of Africa’s largest tomato processing factory by Spanish GB Foods in Kebbi State.
Idris stated that the signing of an Executive Order was aimed at making Nigeria the preferred destination for oil and gas investment in Africa. He projected the creation of 2.3 million jobs and a GDP boost of $17 billion upon policy implementation.
