The Minister of Information and Culture, Mohammed Idris, has announced that the Federal Government has successfully attracted $30 billion in foreign direct investment (FDI) to the real sector of the economy.
He disclosed this during a meeting with the business community in Kano on Friday, highlighting that investment commitments in various sectors, including manufacturing, telecoms, healthcare, and oil and gas, are being realized.
Mr Idris also shared positive economic indicators, stating that the Nigerian economy grew by 3.46 per cent year-on-year in Q4 2023, surpassing the 2.54 per cent recorded in the preceding quarter.
He noted a significant increase in capital importation into Nigeria, which rose by 66 per cent in Q4 2023 compared to Q3 2023, reversing a 36 percent decline in the previous quarter.
The minister elaborated on President Bola Tinubu’s new oil and gas policy reform program, highlighting its potential to generate additional gas supply, create millions of jobs, and boost the country’s GDP by $17 billion.
He emphasized that implementing the policy would streamline Nigeria’s oil and gas contracting cycle and reduce operating costs for oil and gas operations, making them more competitive globally.
Idris also addressed the government’s economic interventions following the removal of oil subsidies, mentioning the commencement of monthly cash transfers of N25,000 to 15 million vulnerable Nigerians.
He revealed that over 3 million households had received initial payments before the program was temporarily suspended for review and reform.
In response to the concerns raised by Sabiu Bako, chairman of the Kano Business Community about challenges impacting the economy, Idris assured that the federal government would ensure the active involvement of the business community in its interventions.