By Abdulfatah Babatunde
Lagos, March 15, ’25 (TNZ) The Tinubu Media Volunteers (TMV) has commended the 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.
TheNewsZenith reports that the Nigerian National Petroleum Company Ltd (NNPCL) recently announced the FDI inflow.
TMV’s Chairman Chukwudi Enekwechi and Secretary Shedrach Sunday, gave the commendation in a statement obtained by our corespondent in Lagos.
It noted that it was heartwarming that the inflow was in the aftermath of the regulatory reforms of the Tinubu administration.
“A lot of foreign direct investments have been attracted into the country.
“This is due to the ongoing reforms of the President Tinubu administration in the oil sector and the implementation of the Petroleum Industry Act (PIA).
“This increase in FDI will lead to a continuous increase in the country’s oil production level. It will be with the attendant increase in the 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, 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 will still attract more foreign investors.
“The investments also prove that Nigeria, under the administration of President Tinubu, has become a safe and attractive investment destination,” TheNewsZenith quotes from the statement.
This is with the reduction in sabotage of the oil and gas facilities, adequate return on investments. And, repatriation of funds by the foreign investors, it added. (TNZ)
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