Chief Ahmed Bola Tinubu has confessed to how his reforms has contributed to Foreign Direct Investment, FDI worth more than $30 billion in last one year.
He made this statement on Tuesday, in a televised broadcast to mark the 64th Nigeria independence day.
In his speech, he noted that the increment started presumably since he emerged the leader in May, 2023.
“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year,”Tinubu stated in his speech.
However, SaharaReporters subjected this claim to a data check. Review shows that the claim of Tinubu may be misleading, given official data published by the National Bureau of Statistics.
Data shows that in third quarter of 2023, which marked the beginning of his administration, Nigeria only received $59.77 million as foreign direct investment, official data of the National Bureau of Statistics show.
In the fourth quarter of the year, the foreign direct investment stood at $183.97 million, while in the first quarter of 2024, $119.18 million was earned.
In total, the sum of $362.92 million was received as foreign direct investment in the nine months period between July 2023 and March 2024.
It is unclear how the government got a foreign direct investment of $29.6 billion between April and September 2024, as that remains the only way the $30 billion claim of Tinubu would be valid.
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