President Bola Tinubu announced that his administration’s reforms have attracted over $30 billion in foreign direct investments within the past year.
In his Independence Day speech, he emphasized that these economic measures are necessary to correct fiscal misalignments and ensure a stable future for Nigeria.
“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,” Tinubu said.
The president also reiterated the administration’s commitment to fostering a free enterprise system, where investments are encouraged through a regulated but free entry and exit policy.
He stressed the importance of maintaining strong regulatory frameworks to ensure stability in investment sectors.
Speaking on the upstream petroleum sector, Tinubu mentioned, “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.”
He added that the move would boost oil and gas production, leading to positive impacts on the nation’s economy.
Tinubu assumed office on May 29, 2023, following former President Muhammadu Buhari. Among his early policy decisions was the removal of the fuel subsidy, which resulted in an immediate spike in fuel prices across the country.
The Nigerian National Petroleum Company Limited (NNPC Ltd) raised prices from under N200 to between N480 and N570 per litre, triggering significant hikes in transportation fares and the cost of goods.
The president also endorsed the Central Bank of Nigeria’s (CBN) decision to unify all forex segments into the Investors & Exporters (I&E) window.
This shift brought the naira’s official rate closer to its parallel market value for the first time in 15 years.
