When President Bola Tinubu addressed Nigerians on Tuesday, he spoke of the economic hardship that has defined his 15 months in office. Still, he asked Nigerians to be patient as his administration had attracted over $30 billion in foreign direct investments (FDI) last year. This was untrue.

“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably,” Tinubu said.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.”

This claim means that several foreign investors set up shop in Nigeria and invested more than $30 billion of their money in the Nigerian market.

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FIJ reviewed Tinubu’s statement to verify the authenticity of his $30 billion FDI claim.

COMMITMENTS NOT INVESTMENTS

Tuesday was not the first time the executive arm of the federal government made the $30 billion FDI claim.

On March 5, Mohammed Idris, Minister of Information and National Orientation, said the government had attracted over $30 billion in FDI commitments.

During the 2023 Leadership Annual Conference and Award in Abuja, Idris said, “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 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.”

A month before Idris’ public address, Doris Uzoka-Anite, the minister of industry, trade and investment, addressed the media on February 17. During that address, she mentioned the commitments. According to her, it will take five to eight years to redeem these commitments.

Neither Uzoka-Anite nor Idris claimed the government secured the investments in full or during the past year, but Tinubu said his administration already secured the $30 billion in FDI.

Tinubu’s $30 billion statement is false, as the commitments may not fully materialise during his four-year term. They could remain mere commitments never becoming direct investments.