Foreign investors bringing $30 billion into Nigeria – Tinubu

Nigeria's economic reforms since the current administration took office last May have boosted investor confidence in the economy, helping the country secure $30 billion in commitments from foreign investors. the president said Tinubu said on Wednesday.

“This achievement demonstrates that our policies are yielding positive results, making Nigeria increasingly attractive to domestic and international investors,” the President, who was represented by National Security Adviser Nuhu Ribadu, told the Comptroller and Auditor General of Customs 2024. Said at the conference. Abuja.

“Our commitment to creating an enabling business environment has resonated with the international investment community,” he said.

Attracting foreign capital inflows to Nigeria, which slipped to fourth place behind South Africa, Egypt and Algeria in the ranking of Africa's largest economies this year, is a key part of Mr Tinubu's ambition to build a trillion-dollar economy by 2030. Is the main issue.

The administration is leaving no stone unturned to woo back investors who had left the economy due to the foreign exchange shortage, making it impossible for many to recoup their investments, as well as causing losses to potential investors. It was happening.

The president is counting on a series of deals from Asia, particularly India and China, to boost a sluggish economy that suffered two recessions under his predecessor.

The latest is a $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.

One of Mr Tinubu's top priorities when assuming office was to repay billions of dollars of outstanding foreign currency, which had not only affected the flow of dollars into economies but also put pressure on the local currency, the Naira.

Several investor-friendly reforms such as devaluing the naira and liberalizing the foreign exchange market to allow the local unit to trade more freely and eliminating the fuel subsidy regime have been lauded by multilateral organizations such as the World Bank and . International Monetary Fund.

But it has also created suffering and a cost-of-living crisis that has pushed many people into poverty in Africa's most populous country, where four out of every ten people already live in multidimensional poverty. Live.

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The policies have driven inflation to its highest level in a generation and pushed borrowing costs to one of the highest points ever.

The government's legitimacy is also being tested after a series of nationwide protests organized to allow citizens to express their discontent, some of which have sparked bloody violence.

According to Amnesty International, last week the government ordered the release of thirty minors in its custody since anti-government protests in August who were charged with treason during the demonstrations, in which fewer were killed after clashes with security forces. At least twenty-two people were killed.