President Bola Tinubu claimed that his administration attracted over $30 billion in foreign direct investments (FDI) over the past year in his Independence Day address yesterday.
However, an investigation into this statement by the Foundation for Investigative Journalism reveals that the figure refers to commitments made by foreign investors, not actual investments.
According to the report, on multiple occasions, government officials, including Minister of Information Mohammed Idris and Minister of Industry Doris Uzoka-Anite, referred to the $30 billion as commitments rather than secured investments.
Uzoka-Anite noted that it could take up to eight years to see these commitments materialize fully, contradicting Tinubu’s claim that the investments had already been secured within the last year.
Thus, the $30 billion FDI mentioned by Tinubu remains aspirational, with no guarantee that the commitments will become direct investments during his tenure.
The report added that this casts doubt on Tinubu’s assertion that the economy is already benefiting from substantial foreign investment.
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