Foreign investors bringing $30 billion into Nigeria, says Tinubu
The Nigeria’s President Bola Tinubu on Wednesday disclosed that the country secured $30 billion in commitment from foreign investors, adding that Nigeria’s economic reforms since the current administration took office last May have boosted investors’ confidence in the economy
Penpushing reports that Tinubu stated this at the 2024 Comptroller-General of Customs Conference in Abuja, stressing that this achievement demonstrates that his administration policies yield positive results, making Nigeria increasingly attractive for domestic and international investors
‘This achievement demonstrates that our policies yield positive results, making Nigeria increasingly attractive for domestic and international investors. Our commitment to creating an enabling business environment has resonated with the international investment community’, he said
Penpushing further reports that the president, who was represented by National Security Adviser Nuhu Ribadu, at the conference emphasized that the administration is stopping at nothing to lure back investors who deserted the economy after a foreign exchange scarcity made it impossible for many to recoup their investments, also putting off potential investors.
The president is banking on a series of deals from Asia, notably from India and China, to accelerate a sluggish economy that fell prey to two recessions under the watch of his predecessor, while his ambition of building a trillion-dollar economy by 2030 attracting foreign capital inflow into Nigeria, which slid to fourth place behind South Africa, Egypt and Algeria in the pecking order of Africa’s largest economies this year.
Penpushing also reports that the latest is the $5 billion trade facility the government is seeking from the Saudi government, aimed at investments in oil and gas, infrastructure, agriculture and the Saudi-Nigeria Business Council.
The President top priorities among others on taking office was to clear billions of dollars of foreign exchange overdue that had not only impacted inflows of dollars into the economies but also strained the local currency naira.
Penpushing reports that a raft of investor-friendly reforms like devaluing the naira and liberalising the foreign exchange market to allow the local unit to trade more freely and ending a fuel subsidy regime that had sapped the treasury for years have been lauded by multilateral organisations like the World Bank and the International Monetary Fund.
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