The Tinubu Media Volunteers (TMV) have praised the Nigerian National Petroleum Company Ltd. for securing a remarkable $17 billion in Foreign Direct Investment (FDI) for the oil and gas industry in 2024, calling it a game-changing development. According to TMV Chairman Mr Chukwudi Enekwechi, the investment is a direct result of regulatory reforms introduced by President Bola Tinubu’s administration, which are expected to provide a significant boost to the nation’s economy.
Enekwechi highlighted that these reforms have successfully attracted substantial foreign investments, which will not only increase the country’s oil production but also enhance government revenue. He further explained that the expected rise in production will improve the federal government’s ability to fund critical infrastructure projects and create much-needed employment for Nigeria’s large youth population.
Despite initial doubts about the success of President Tinubu’s economic reforms, Enekwechi pointed out that the surge in FDI into the oil and gas sector has proven the effectiveness of the President’s policies. The influx of investments also signals that Nigeria has become a secure and appealing destination for foreign investors, particularly as disruptions to oil and gas facilities have decreased.
Enekwechi also noted that Nigeria is now aligning with global best practices in the oil industry, which will result in the acquisition of new technical skills for local workers. He concluded by stressing that, even amid global geopolitical tensions, Nigeria’s openness to business positions the country for long-term economic growth and development.
