Nigeria President Bola Tinubu promised that his country’s administration will improve the economic environment in order to draw in more capital. He also promised to maintain an open-door policy.
According to the Star newspaper, Bola Tinubu declared that the nation is open for business and assured the management of Shell Petroleum Development Company (SPDC) and other investors of his government’s willingness to address their issues.
He claimed that the government required SPDC’s promise of further investments in Nigeria’s oil and gas industry more than ever before in order for it to fulfil its duties.
“We are open for business. We are serious,” Bola Tinubu said, indicating the government was removing all bottlenecks to attract more investment, Zawya reported.
Zoe Yujnovic, Shell’s Global Upstream Director, said the oil giant is ready to increase investment in Nigeria, particularly in the gas and deepwater segments.
Nigeria remains a strategic investment country given the prospects in the oil and gas sector, she added.
Meanwhile, Nigeria’s gross domestic product (GDP) growth slowed by 2.31% year-on-year in the first quarter of 2023.
The National Bureau of Statistics (NBS) made the announcement in the Nigerian Gross Domestic Product Report Q1 2023, released in Abuja.
The decline in GDP output was due to the negative impact of the liquidity crisis in the quarter, it said.
Most of the growth was driven by the service sector, which grew 4.35% and contributed 57.29% to the total GDP.
The agricultural sector grew by -0.90%, below the growth of 3.16% in the first quarter of 2022.
However, according to the NBS, the growth of the industrial sector improved to 0.31% compared to 6.81% in the first quarter of 2022.
Compared to the first quarter of 2022, agriculture and the industrial sectors contributed less to the aggregate GDP in the reporting quarter.
The NBS announced that the real growth of the oil sector was 4.21% year-on-year in the first quarter of 2023.
Photo Credits: Bola Tinubu Twitter