President Bola Tinubu recently shared encouraging news about Nigeria's economy, stating that within the first nine months of his administration, the country has secured $30 billion worth of Foreign Direct Investments (FDIs). He made this announcement at the 2023 Leadership Annual Conference and Award held in Abuja on Tuesday, March 5.
Represented by the Minister of Information and National Orientation, Mohammed Idris, President Tinubu highlighted the sectors benefiting from these investments, including manufacturing, telecoms, healthcare, oil and gas, among others. He mentioned that these investments have already started flowing into the country, citing a recent visit to Qatar where the Emir assured a senior government delegation would visit Nigeria after Ramadan to further bolster these commitments.
The President also noted positive economic indicators, such as Nigeria's better-than-anticipated economic performance in the last quarter of 2023, with a growth rate of 3.46 per cent compared to 2.54 per cent in the previous quarter. He highlighted a significant increase in capital importation, which rose by 66 per cent in Q4 2023, reversing a 36 per cent decline in the previous quarter. In January 2024, the Nigerian Stock Exchange All Share Index (ASI) surpassed the 100,000 points mark, reaching its highest level ever.
President Tinubu emphasized that these statistics paint a different picture of Nigeria's economy than what is often portrayed, indicating that the country is on a positive trajectory.
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