The Tinubu Media Volunteers (TMV) has described the recent announcement by the Nigerian National Petroleum Company Ltd (NNPCL) of an inflow of $17 billion Foreign Direct Investments (FDI) in the oil and gas industry in 2024 as a phenomenal feat that will help jumpstart the economy.
In a statement signed by its Chairman Chukwudi Enekwechi and Secretary Shedrach Sunday, it said it was heartwarming that it was in the aftermath of the regulatory reforms of the Tinubu administration as well as the
“It is noted that as a result of the ongoing reforms of the President Tinubu administration in the oil sector as well as the implementation of the Petroleum Industry Act (PIA) a lot of foreign direct investments have been attracted into the country.
“This increase in (FDI) is bound to lead to a continuous increase in the country’s oil production level with the attendant increase in federal government’s revenue profile. The resultant 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.
“We note that despite the initial cynicism about the President Bola Tinubu economic reforms, today the huge inflow of foreign direct investments in the oil and gas sector has justified the President’s economic policies.
“We believe that going forward the economic policies would still be attractive to foreign investors. The investments also prove that Nigeria has under the administration of President Tinubu become a safe and attractive investment destination especially with the reduction in sabotage of the oil and gas facilities, adequate return on investments, and repatriation of funds by the foreign investors.
“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. In reality it would boost the local content in the industry.
“It is also gratifying that with the growing geo-political tensions around the world, Nigeria is now open for business, and this will augur well for the country’s economic growth and development,”it added.
TMV also noted that President Tinubu administration’s reforms would continue to open Nigeria’s oil and gas industry to much-needed investment opportunities.
