President Bola Ahmed Tinubu on Tuesday reviewed his administration’s reform initiatives, highlighting their success in bringing in $30 billion in investments within nearly 17 months.
He also noted that peace had been restored to regions once plagued by insurgency, violent crime, and oil theft.
“In our relentless pursuit of Foreign Direct Investment, my administration has secured over $30 billion from international investors in under two years. This milestone reflects the effectiveness of our policies, making Nigeria more appealing to both local and global investors,” President Tinubu stated.
Tinubu, spoke through the National Security Adviser, Mallam Nuhu Ribadu, at a news conference by the Comptroller-General (CGCs) in Abuja.
He was a guest speaker at the conference, which had the theme “Nigeria Customs Service Engaging Traditional and New Partners With Purpose.”
He said that the security situation in the Niger Delta had improved to the extent that crude production hit 1.8 million barrels per day as of Monday.
He said: “People in many parts of our country today are living in peace. Go to the Niger Delta, things have changed. Today, we have gotten up to 1.8 million barrels of crude oil. We have not seen this for a long time. The Southeast is getting to be at peace with itself and the rest of our country.”
Tinubu explained that on assumption of office on May 29 last year, he set out with a clear and unwavering vision to strengthen the country’s economic base and deliver positive growth and development for the benefit of all.
He said 18 months later, the vision remains unchanged.
Tinubu added: “In pursuing this vision, we have built upon existing foundations while introducing necessary reforms to adapt to our evolving economic realities.
‘’Our focus has been on strengthening what works, refining what needs improvement, and introducing new initiatives where gaps exist.
‘’We recognized that specific economic policies, though useful in their time, needed to be realigned with current global economic dynamics to better serve our national interests and the well-being of our people.”
Tinubu stated that due to the determination and unity of his cabinet, corrupt practices are being drastically reduced.
“Early this year, in February and March, we had this crisis of the food shortage and food security, we came in as a team and within a short period of time, we stopped many businessmen that used to export food items.
“You know when the Naira collapsed it was a stampede taking things out of our country. There was a day within 24 hours Customs and all of us together arrested more than 500 trucks,” he said.
He also said that his reforms have made it difficult for embezzlement of funds to happen in the Central Bank of Nigeria (CBN).
“CBN is clean. Nobody is making one dime there unlike up to 2023. I can also assure you that the Naira will be stabilized. Just wait and see,’’ said the President.
On subsidy, the President reiterated that the days when Nigeria subsidized petrol used in neighboring countries were forever gone.
He said many oil marketers were feeding fat on the subsidy regime.
Tinubu added that being a slush fund, the subsidy accounted for establishing numerous petrol stations in the country.
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