Tinubu: Nigeria attracted over $30bn in FDI in 2023

President Bola Tinubu says Nigeria attracted more than $30 billion in foreign direct investments (FDI) in 2023.

Tinubu spoke on Tuesday while addressing the nation to commemorate the country’s 64th Independence Day.

On February 17, 2024, Doris Uzoka-Anite, minister of industry, trade and investment, said the country currently has about $30 billion in investment commitments from various investors.

According to the minister, the commitments will be redeemed within five to eight years.

Giving his speech, Tinubu said the investment attracted was achieved due to the economic reforms his administration has implemented.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year,” Tinubu said.

Speaking on the state of the economy, the president emphasised the importance of these reforms in reshaping Nigeria’s fiscal landscape and avoiding an uncertain future.

“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably,” he said.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.”

He reiterated his administration’s commitment to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of regulatory processes.

Tinubu said this principle is steering divestment transactions in the upstream petroleum sector, with a focus on driving positive changes.