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President Bola Tinubu announced on Wednesday that his administration’s recent economic reforms has generated significant interest from foreign investors, with $30 billion in commitments secured so far.
The President’s remarks were delivered at the opening ceremony of the 2024 Comptroller-General of Customs Conference in Abuja by National Security Adviser, Nuhu Ribadu.
Reflecting on his administration’s strategic vision since taking office, Tinubu underscored the focus on revitalising Nigeria’s economic base through policy adjustments aimed at strengthening trade and attracting investment.
The President cited the removal of fuel subsidies and the unification of the exchange rate as pivotal decisions that, although requiring short-term sacrifices, were necessary for sustainable economic growth and resource allocation.
“These reforms have begun to deliver measurable benefits, setting a foundation for long-term prosperity,” he stated.
Tinubu further outlined ongoing efforts to modernise the nation’s trade infrastructure, including streamlining port operations and simplifying business processes to reduce trade barriers.
He attributed the recent influx of foreign direct investment to these initiatives, which he claimed were reshaping Nigeria’s business environment and boosting confidence among international investors.
“In less than two years in office, my administration has received over $30 billion in commitments from foreign investors. This achievement demonstrates that our policies yield positive results, making Nigeria increasingly attractive for domestic and international investors.
“More importantly, these improvements create new opportunities for Nigerian businesses to participate more actively in global trade.
“Our policies are paying off, opening doors for Nigerian businesses to actively engage in global trade,” Tinubu stated.
Tinubu also praised the Nigeria Customs Service (NCS) for aligning its responsibilities with national economic goals.
Tinubu commended the Customs Service for its efforts in balancing trade facilitation with border security, which he said reinforced Nigeria’s position as a reliable trading partner.
The president highlighted the theme, “NCS Engaging Traditional and New Partners with Purpose,” as a reflection of the administration’s commitment to cultivating strategic partnerships.
He urged attendees to deliberate on approaches that would strengthen Nigeria’s role within the African Continental Free Trade Area (AfCFTA) and further its influence in the expanding trade arena.
The President reiterated his administration’s commitment to supporting the Customs Service in its modernisation drive.
He affirmed that technological advancements and capacity-building programmes would continue to receive necessary policy support to maintain alignment with global best practices.
