The Minister of Information and Culture, Mohammed Idris, says the federal government has attracted $30 billion in foreign direct investment (FDI) to the real sector of the economy.

Mr Idris, who said this when he met with the business community in Kano on Friday, noted that investment commitments in manufacturing, telecoms, healthcare, oil and gas, and others were being realised.

“The Nigerian economy grew by 3.46 per cent (year-on-year) in Q4 2023, compared to 2.54 per cent in the preceding quarter; a better performance than anticipated.

“Capital importation into Nigeria was up 66 per cent in Q4 2023, compared to Q3 2023, reversing a 36 per cent decline in the previous quarter,” the minister said.

According to him, President Bola Tinubu’s new oil and gas policy reform programme, when implemented, will generate a billion cubic feet per day of additional gas supply and create 2.3 million jobs.

The minister said it would boost the country’s gross domestic product (GDP) by $17 billion and compress Nigeria’s oil and gas contracting cycle from six to 38 months.

The minister also said the new tax incentives could attract up to $10 billion in new oil and gas investment.

He said the new presidential policy would reduce operating costs for oil and gas operations in Nigeria, which were higher than the global average.

Mr Idris said that already, Nigeria’s oil production had risen from 1.22 mbpd in Q2 2023 to 1.6 mbpd in Q1 2024. 

Speaking on the economic interventions for the post-oil subsidy removal, Mr Idris said the federal government had commenced monthly cash transfers of N25,000 to 15 million vulnerable Nigerians.

He said about 3,140,819 households had received initial payments before the programme was suspended for review and reform.

Earlier, the chairman, Kano Business Community, Sabiu Bako, said the community was facing some challenges that had impacted negatively on the economy.

He appealed to the federal government to ensure they were carried along in the interventions.

(NAN)