FG attracts $30bn FDIs to Nigeria – Information minister

The Minister of Information and Culture, Mohammed Idris says the Federal Government has attracted 30 billion dollars Foreign Direct Investments (FDI) to the real sector of the economy.

Idris said this when he met with the business community in Kano on Friday.

“These investment commitments covering manufacturing, telecoms, healthcare, oil and gas, and others are already being realised.

“The Nigerian economy grew by 3.46 per cent (year-on-year) in Q4 2023, compared to 2.54 per cent in the preceding quarter; a better performance than anticipated.

“Capital importation into Nigeria was up 66 per cent in Q4 2023, compared to Q3 2023, reversing a 36 per cent decline in the previous quarter.”

According to him, President Bola Tinubu’s new Oil and Gas policy reforms programme when implemented will generate a billion cubic feet per day additional gas supply, as well as create 2.3 million jobs.

The Minister said that it would boost the country’s Gross Domestic Product (GDP) by 17 billion dollars, Compress Nigeria’s oil and gas contracting cycle from 38 months to six months.

The Minister also said that the  new tax incentives being implemented had the potential to attract up to 10 billion dollars in new oil and gas investment.

He said that the New Presidential Policy  would reduce operating costs for oil and gas operations in Nigeria, which was higher than global average.