The Tinubu Media Volunteers (TMV) has described the17 billion dollars Foreign Direct Investments (FDI) in the oil and gas industry in 2024 announced by Nigerian National Petroleum Company Ltd. as phenomenal.
In a statement on Saturday, Mr Chukwudi Enekwechi, Chairman of TMV, said the investment, a result of President Bola Tinubu`s administration’s regulatory reforms, would help jumpstart the economy.
He said that many foreign direct investments have been attracted into the country as a result of the ongoing reforms of the President Tinubu administration in the oil sector.
“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.
“The effect would be the enhancement of the federal government capacity to fund critical projects.
“Additionally more jobs will be created for the teeming Nigerian youths,” he said.
Enekwechi said that in spite of the initial cynicism about Tinubu`s economic reforms, the huge inflow of foreign direct investments in the oil and gas sector had justified the President’s economic policies.
He said that the investments also proved that Nigeria had become a safe and attractive investment destination, especially with the reduction in sabotage of the oil and gas facilities.
“Obviously, Nigeria has now joined the league of countries where global best practices are observed.
“Also with the inflow of foreign direct investments the relevant technical skills would be acquired by the Nigerian oil industry workers.
“It is also gratifying that with the growing geopolitical tensions around the world, Nigeria is now open for business, and this will augur well for the country’s economic growth and development,” he said.
