FG Mobilising MDAs to Reduce Inflation, Stabilise Naira — Minister

The Federal Government on Sunday said it is mobilising its Ministries, Departments and Agencies to “bring down inflation, stabilise the foreign exchange rates and create an enabling environment for business and investment.”

This is as it said, Nigeria’s economy is receiving investment inflows worth $14bn from Indian businesses that pledged to invest in the country at the G20 Summit held last September.

While describing the recent killings in Plateau State as “regrettable,” it vowed that its perpetrators must face justice.

The Minister of Information and National Orientation, Mohammed Idris, disclosed these in a statement he signed on Sunday, titled ‘Amidst challenges, Nigeria will forge ahead.’

Idris noted, “Regarding the economy, all relevant Ministries and Agencies of the Federal Government are working in a coordinated fashion to bring down inflation, stabilise foreign exchange rates, and create a truly enabling environment for business and investment.

“The Nigeria that President Tinubu seeks to build is one where no one is left behind. Impactful interventions are being rolled out, including a Students’ Loan Scheme, a Presidential Initiative to deploy lower-cost CNG mass transit buses to provide alternatives to petrol and diesel, and various low-interest loan schemes for businesses.”

Idris said the CNG interventions will reduce the cost of transportation by more than 50 percent, urging Nigerians to take advantage of these opportunities as they emerge, as they have been designed for the benefit of all.

On security, the FG acknowledged the recent spate of kidnapping and killings across the Federal Capital Territory and other parts of the country, including the massacre in Plateau.

At least 30 people were killed in renewed violence in the North Central State on January 24. Despite a 24-hour curfew imposed on Tuesday in Mangu local government area, The PUNCH understands that places of worship, schools and homes have been torched in more attacks.

But the FG said, “The resurgent crisis in Plateau State is indeed highly regrettable, and we assure that all perpetrators of violence there, and everywhere else in the country, are being brought to book. Justice will be done, and peace will be restored in all affected communities.”

It commended the gallantry of security and intelligence agencies, which it said, “are leaving no stone unturned to ensure that we are safe in our homes and on the highways and that criminals have no breathing space.”

On Foreign Direct Investment, the Information Minister said, “The Indian businesses that pledged $14bn in new investment in Nigeria on the sidelines of the G20 Summit in India in September 2023 have since started making good on those pledges.”

On September 6, 2023, President Bola Tinubu commended Indian investors for significant investment pledges amounting to nearly $14bn committed during the Nigeria-India Presidential Roundtable and Conference on the sidelines of the G-20 Summit in New Delhi, India.

“We are ready to give you the best returns for investment possible; there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now,” Tinubu told Indian business leaders from the pharmaceutical, power, petrochemical, and agricultural sectors.

He said, “Among these new investments, Indorama Petrochemical Limited has pledged a new investment of $8bn in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.”

Although Mohammed did not specify which entities were already making good on their promises, Jindal Steel and Power Limited, one of India’s largest private steel producers, is among companies that pledged to invest $3bn in Nigeria following discussions with Tinubu.

As an offshoot of the discussions, the founding President of SkipperSeil Limited, Mr. Jitender Sachdeva, announced that he is investing $1.6bn to establish 20 100MW power generation plants across several states in Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Another Indian firm, Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate and hospitality, had also committed to investing an additional $700m in Nigeria, with work set to begin immediately.

The FG said while it is not “downplaying the reality of the challenging season” that the nation is experiencing, it argued that “that is only part of the story.”

Therefore, it cautioned citizens against receiving and propagating misinformation from those it called divisive elements.

It said, “Even as we tackle our challenges with urgency and dedication, it is also necessary to remind all Nigerians of the need to resist all forces and narratives of misinformation and division.

“For example, it is not true that the relocation to Lagos of the Headquarters of the Federal Airports Authority of Nigeria, and of certain departments of the Central Bank of Nigeria, are political moves aimed at marginalising a section of the country.

“These allegations are unfounded. Instead, these are pragmatic administrative steps to improve operational efficiency and reduce operating costs.”

Idris urged “all Nigerians to be especially mindful of all persons and groups at home and abroad, who specialise in making false and inciting claims on radio, TV and social media, as well as in peddling altered videos and images for viral dissemination.”

The minister called on citizens to “stand together as one, against these forces that constantly seek to test and break the bonds that hold us.”