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Tinubu’s Administration Secures $30 Billion in Foreign Investments
President Bola Tinubu has shared that his administration, in less than two years, has attracted a significant $30 billion in foreign direct investment (FDI) commitments to Nigeria.
Tinubu’s message was conveyed by the National Security Adviser, Nuhu Ribadu, who represented him at the 2024 Comptroller General of Customs (CGC) conference held in Abuja.
Ribadu listed Tinubu’s strategy to transform Nigeria into an attractive investment hub by focusing on policies that promote economic stability and transparency.
“Since taking office, we have worked relentlessly to create an environment where investors feel confident about Nigeria’s future,” Ribadu said on behalf of Tinubu.
“The result is that we have already secured over $30 billion in investment commitments.” This, he pointed out, underscores the administration’s vision to lay a solid economic foundation despite numerous challenges.
The president’s ambitious economic reforms, including the removal of fuel subsidies and the unification of Nigeria’s exchange rate system, have been focal points of his administration.
These measures, Tinubu noted, are intended to foster an environment that is both sustainable and fair, encouraging businesses to thrive in a transparent framework.
Though the reforms have required adjustments and sacrifices from Nigerian citizens, Tinubu argued that they are vital for the country’s long-term development and resilience.
In addition, Ribadu cited Nigeria’s improved stability and the administration’s success in raising crude oil production to 1.8 million barrels per day, a feat that reflects Tinubu’s resolve to reposition Nigeria as a leader in global oil production.
This output, boosted by strengthened security in oil-producing regions and collaborative efforts with local communities, is one of the steps aimed at maximizing Nigeria’s natural resources for economic growth.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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