Economy
We’ve Attracted $30bn in Foreign Direct Investment in Nine Months—Tinubu
By Adedapo Adesanya
President Bola Tinubu says his nine-month-old administration has attracted $30 billion in Direct Foreign Investment (FDI) commitments to shore up the Nigerian economy.
Mr Tinubu said this at the 2023 Leadership Annual Conference and Award on Tuesday in Abuja themed An Economy in Distress: The Way Forward, organised by the Leadership Group, publishers of Leadership Newspapers.
Mr Tinubu, represented by Minister of Information and National Orientation, Mr Mohammed Idris, conveyed that the Nigerian economy is not in distress, but facing challenging times.
He explained that despite the challenging situation, the country has attracted unprecedented opportunities to reset the course and build a new and sustainable economy away from the rent-seeking and the waste that was once the order of the day.
“Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, including manufacturing, telecoms, healthcare, oil and gas, and others.
“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan.
“I have asked the Minister of Finance and Coordinating Minister of the Economy to directly interface with the Qatari authorities to ensure that speedy progress is made.
“The Nigerian economy saw a better than anticipated performance in the last quarter of 2023, growing by 3.46 per cent, compared with 2.54 per cent in the preceding quarter.
“Capital Importation into Nigeria was up by 66 per cent in Q4 2023, reversing a 36 per cent decline in the previous quarter.
“In January 2024, the Nigerian Exchange All Share Index (ASI) crossed the 100,000 points mark, its highest ever.
“There is no one who looks at this data who will conclude that ‘distressed’ is the accurate way to describe the Nigerian economy,” Mr Tinubu said.
He emphasised that these were the outcomes of ongoing reforms.
Mr Tinubu, however, said the government was aware of the hardships due to the reform, but assured that a lot of efforts and energy were being made towards alleviating the pains and setting the economy on firm footing.
“There are incredible opportunities for investment in every sector of the economy, as the Federal Government stabilise our foreign exchange market and macroeconomic indices.
“I ask for the continuing patience and support of all Nigerians, including the elite that is very well represented in this room today.”
The President also sought for understanding of the media as the government continues the reform of the economy.
“To the Nigerian media, I urge you to strive to report not only the challenges but also the solutions and the opportunities as well.
“Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured.
“Since the removal of petrol subsidies, our imports of petrol have dropped by about 50 per cent, which translates to roughly one billion liters of petrol every month, according to the National Bureau of Statistics,” Mr Tinubu said.
The president added that the revenues accruing to the three tiers of government – federal, state and local – had grown by between 50 per cent and 100 per cent since the removal of the petrol subsidy.
“This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas.
“For example, the additional funding we are receiving is going into a new minimum wage for which negotiations have started, between the federal and state governments and organized labour.
“I have approved the disbursement of N200 billion, through three new special intervention funds established to support Nigerian businesses.
“The first is a N50 billion Presidential Conditional Grant Scheme that will provide business grants and loans to traders, food vendors, transport workers, ICT businesses, creatives, and artisans. Verification of all submitted applications is ongoing, and disbursements will commence through the Bank of Industry as soon as this verification is completed.
“The second is a N75 billion MSME Intervention Fund which will provide single-digit-interest loans to our MSMEs.
“The third is another N75 billion Manufacturing Sector Fund targeting manufacturing businesses, with selected beneficiaries eligible to access up to N1 billion each,” Mr Tinubu said.
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
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