President Bola Tinubu announced that Nigeria attracted more than $30 billion in Foreign Direct Investment (FDI) in the past year, crediting the influx to his administration’s wide-ranging economic reforms. This was revealed during his speech marking Nigeria’s 64th Independence Day anniversary on Tuesday.
Tinubu reaffirmed his government’s commitment to promoting free enterprise and investment, saying, “Our administration remains dedicated to free enterprise, ensuring free entry and exit of investments while upholding the sanctity and efficiency of regulatory processes.”
He also addressed the imminent approval of the ExxonMobil-Seplat divestment deal. The president revealed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had concluded its review of the transaction, which is expected to boost oil and gas production, benefiting the economy. “In a matter of days, the ExxonMobil/Seplat divestment will receive ministerial approval, creating vibrancy in the sector,” Tinubu said.
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The deal, which involves Seplat’s acquisition of ExxonMobil’s offshore shallow water operations, faced earlier challenges when the Nigerian National Petroleum Company Limited (NNPCL) invoked its Right of First Refusal (RFR).
The transaction had been previously delayed, citing national interest. However, Tinubu assured a swift resolution after meeting with ExxonMobil executives.
President Tinubu also spoke on monetary policies, highlighting improved stability in the foreign exchange market under the Central Bank’s disciplined approach. “We inherited over $33 billion in reserves 16 months ago. Since then, we have cleared a $7 billion forex backlog and reduced the debt service ratio from 97% to 68%, while maintaining reserves at $37 billion,” he stated.
He further announced the approval of the Economic Stabilisation Bills by the Federal Executive Council, aimed at creating a more favorable business environment, stimulating investment, and reducing tax burdens on businesses and workers. “These reforms will unlock more job creation and prosperity for Nigerians in the months ahead,” the president assured.
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