Tinubu's Oil & Gas policy to create 2.3m jobs for Nigerians - Idris

News Agency Of Nigeria

March 22, 2024 4:22 PM

The Minister also said that the new tax incentives being implemented had the potential to attract up to 10 billion dollars in new oil and gas investment.

Mohammed Idris, Information and National Orientation Minister. [Twitter:@tswakom2]

The Minister of Information and Culture, Mohammed Idris says the Federal Government has attracted 30 billion dollars Foreign Direct Investments (FDI) to the real sector of the economy.

Idris said this when he met with the business community in Kano on Friday.

“These investment commitments covering manufacturing, telecoms, healthcare, oil and gas, and others are already being realised.

“The Nigerian economy grew by 3.46% (year-on-year) in Q4 2023, compared to 2.54% in the preceding quarter; a better performance than anticipated.

“Capital importation into Nigeria was up 66% in Q4 2023, compared to Q3 2023, reversing a 36% decline in the previous quarter.”

According to him, President Bola Tinubu’s new Oil and Gas policy reforms programme when implemented will generate a billion cubic feet per day of additional gas supply, as well as create 2.3 million jobs.

The Minister said that it would boost the country’s Gross Domestic Product (GDP) by 17 billion dollars and compress Nigeria’s oil and gas contracting cycle from 38 months to six months.

The Minister also said that the new tax incentives being implemented had the potential to attract up to 10 billion dollars in new oil and gas investment. He said that the New Presidential Policy would reduce operating costs for oil and gas operations in Nigeria, which was higher than the global average.

Idris said that already, Nigeria’s oil production had already risen from 1.22 Mbps in Q2 2023 to 1.6 Mbps in Q1 2024 Post Oil Subsidy Removal Economic Relief / Interventions:

“These interventions are designed to serve as palliatives in the short and medium-term, while we wait to reap the long-term benefits of the reforms.

"The Federal Government has commenced Cash Transfer of ₦25,000 monthly to 15 million of the poorest and most vulnerable households in Nigeria, intended for a three-month period.”

He said that already, about 3,140,819 households had already received initial payments before the programme was suspended for review and reform. The minister said that all these programmes were geared toward boosting the nation’s economy.

Earlier, the Chairman, of Kano Business Community Alhaji Sabiu Bako, said the community was facing some challenges which had impacted negatively on the economy. He appealed to the Federal Government to ensure that they were carried along in the interventions.

“We are calling on Mr President to expedite action in restoring adequate power supply, completion and utilisation of AKK pipe gas line, and that programmes and inventions meant for boosting farming reached the target group".

News Agency Of Nigeria