Abuja: The Tinubu Media Volunteers (TMV) has described the $17 billion Foreign Direct Investments (FDI) in the oil and gas industry in 2024 announced by Nigerian National Petroleum Company Ltd. as phenomenal. Mr. Chukwudi Enekwechi, Chairman of TMV, emphasized that this substantial investment, a result of President Bola Tinubu’s administration’s regulatory reforms, is set to invigorate the economy.
According to News Agency of Nigeria, Enekwechi highlighted that numerous foreign direct investments have been drawn into the country due to the ongoing reforms under President Tinubu’s administration in the oil sector. He remarked, “This increase in FDI is bound to lead to a continuous increase in the country’s oil production level with the attendant increase in the federal government’s revenue profile.” He further elaborated on how this would enhance the government’s capacity to fund critical projects and create more job opportunities for Nigerian youths.
Enekwechi noted that despite initial skepticism regarding Tinubu’s economic reforms, the significant inflow of foreign direct investments in the oil and gas sector has validated the President’s economic policies. He pointed out that the investments indicate Nigeria’s emergence as a safe and attractive investment destination, particularly with the decrease in sabotage of oil and gas facilities.
He stated, “Obviously, Nigeria has now joined the league of countries where global best practices are observed.” Enekwechi also mentioned that the influx of foreign direct investments would facilitate the acquisition of relevant technical skills by Nigerian oil industry workers. He concluded by expressing optimism about Nigeria’s readiness for business amid growing geopolitical tensions globally, which bodes well for the country’s economic growth and development.