By Uche Usim
In what may be described as a promising development for Nigeria’s economy, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has revealed that recent incentives introduced in the oil and gas sector have attracted $3 billion in investments.
He made the disclosure during his address at the Nigerian Economic Summit held in Abuja on Tuesday, where he emphasised the government’s commitment to creating a conducive environment for both local and foreign investors.
Edun further highlighted ExxonMobil’s plans to invest approximately $10 billion in Nigeria’s deep-water operations, signaling strong confidence in the country’s potential as a key player in the global energy market. The minister noted that this substantial commitment is part of a broader trend, with other indigenous oil companies also ramping up their investments in the sector.
He reiterated the vital role the oil and gas industry plays in Nigeria’s economy, serving as the primary source of foreign exchange and government revenue. “We have restructured the oil and gas sector to enhance its attractiveness,” Edun stated. “The new incentive framework has significantly reduced the time required to process investments and transactions, making it easier for investors to engage with the sector.”
Highlighting the impact of these reforms, Edun shared, “The incentive measures have already yielded approximately $3 billion in investments. Additionally, ExxonMobil’s announcement of a $10 billion commitment further demonstrates our ability to attract significant foreign capital. With promises from industry operators to achieve production of 2 million barrels per day, alongside the operational launch of the Dangote refinery, we are poised to strengthen Nigeria’s energy sector.”
In addition to the buoyant oil and gas sector, Edun noted that the manufacturing industry is also experiencing a surge in investment interest.
Driven by government incentives, including tax exemptions and reforms, manufacturers are increasingly ready to commit to substantial investments in the economy.
“Recently, I engaged with a major manufacturer who expressed confidence in the reforms we have implemented. They are prepared to invest $1.2 billion across various sectors of the economy, driven by an improved business environment and access to cheaper funding,” Edun revealed.
Edun’s remarks accentuate the Nigerian government’s strategic focus on revitalising critical sectors to ensure long-term economic stability and growth. By fostering an investment-friendly climate, the government aims to bolster local businesses and attract foreign investments that will drive innovation, create jobs, and enhance overall economic resilience.
Through the comprehensive reforms and robust investment incentives, industry analysts say Nigeria is taking giant strides toward a more prosperous economic future, positioning itself as an attractive destination for investors and paving the way for sustainable development in the years to come.