Minister: Nigeria Attracts $30 Billion FDI, Unveils Economic Reforms

The Minister of Information and Culture, Mohammed Idris, announced that the Federal Government has successfully attracted $30 billion in Foreign Direct Investments (FDI) into the real sector of the economy. This revelation came during his meeting with the business community in Kano on Friday.
Idris highlighted that these investment commitments span various sectors, including manufacturing, telecommunications, healthcare, and oil and gas, with many already materializing. He emphasized that these investments have contributed to the growth of the Nigerian economy, which saw a year-on-year increase of 3.46 percent in Q4 2023, surpassing earlier expectations.
Furthermore, the Minister underscored the positive impact of President Bola Tinubu’s new Oil and Gas policy reforms program, projecting significant benefits such as an additional billion cubic feet per day of gas supply and the creation of 2.3 million jobs. He noted that these reforms are expected to enhance Nigeria's Gross Domestic Product (GDP) by $17 billion and compress the oil and gas contracting cycle from 38 months to just six months.
Idris also highlighted the implementation of new tax incentives aimed at attracting up to $10 billion in additional oil and gas investments. He stressed that these measures would reduce operating costs for oil and gas operations in Nigeria, aligning them with global standards.
In addition to these reforms, the Minister disclosed the commencement of Cash Transfer initiatives, providing monthly payments of N25,000 to 15 million of the poorest and most vulnerable households in Nigeria for a three-month period. While over 3 million households have already received initial payments, the program has been temporarily suspended for review and reform.
Idris reiterated that these interventions are designed to serve as short and medium-term palliatives while awaiting the long-term benefits of the reforms.
Responding to challenges faced by the Kano Business Community, Chairman Alhaji Sabiu Bako appealed to the Federal Government for inclusion in intervention programs. He emphasized the importance of restoring adequate power supply, completing and utilizing the AKK pipe gas line, and ensuring that agricultural programs reach their intended beneficiaries.
The Minister assured the community of the Government's commitment to addressing their concerns and fostering an enabling environment for economic growth and development.