By Aminu Garko
Kano, March 21,2024 ( NAN) The Federal Government has attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, Information minister Mohammed Idris, has said.
Idris spoke in Kano on Friday at an interactive session with business the community.
“These investment commitments—covering Manufacturing, Telecoms, Healthcare, Oil and Gas, and others—are already being realized.
“The Nigerian economy grew by 3.46% (year-on-year) in Q4 2023, compared with 2.54% in the preceding quarter; a better performance than anticipated.
“Capital Importation into Nigeria was up 66% in Q4 2023, compared with Q3 2023, reversing a 36% decline in the previous quarter,”the minister said.
He explained that President Tinubu’s new Oil and Gas policy reforms program would, when implemented,generate a billion cubic feet per day additional gas supply, create 2.3 million jobs, and boost GDP by $17 Billion Compress Nigeria’s oil and gas contracting cycle from 38 months to 6 months.
He said new tax incentives being implemented had the potential to attract up to $10 Billion in new oil and gas investment
Idris said that the new Presidential Policy Directive would bring down operating costs for oil and gas operations in Nigeria
currently 40 per cent higher than global average.
He said that already Nigeria’s oil production had risen from 1.22 mbpd in Q2 2023 to 1.6mbpd in Q1 2024 Post Oil Subsidy Removal Economic Relief / Interventions
” These interventions are designed to serve as palliatives in the short and medium-term, while we wait to reap the long-term benefits of the reforms.
“President Tinubu has approved the establishment of an Infrastructure Support Fund for States to invest in critical areas that will create an enabling environment for businesses.
” N100 Billion Naira CNG bus rollout programme, to deliver CNG-powered buses, and automobile conversion toolkits.
“Already, the Presidential CNG Initiative has commenced supporting private and public sector partners in this regard,” he said.
He said that in the last six months, the number of CNG conversion centers in the country has grown from seven to 121.
” The commencement of a Cash Transfer of N25,000 monthly to 15 million of the poorest and most vulnerable households in Nigeria, intended for a three-month period,” he said
The minister said that already about 3,140,819 households had received initial payments before the programme was suspended for review and reform.
He also informed the gathering that President Tinubu had ordered the release of 42,000 Metric tonnes of grains from Nigeria’s Strategic Reserves, for free distribution to the most vulnerable citizens.
He said Department of State Services (DSS) and the National Emergency Management Agency (NEMA) had been engaged to oversee the distribution process.
He also said that the President Tinubu had approved N100 Billion Naira for the funding of the National Agricultural Development Fund (NADF) in 2024.
The Ministry,he said, had commenced processes for the disbursement of N200 Billion Naira had approved by President Tinubu, through three (3) new special intervention funds established as part of measures to bring post-subsidy-removal relief to businesses.
