The Federal Government has stated that the elimination of gasoline subsidies has begun to pay off, despite the ensuing economic hardship. It has revealed that over $30 billion in foreign direct investments, or FDI, have been drawn in thus far. Mohammed Idris, the Minister of Information and National Orientation, stated as much during a conversation with the media in Lagos over the weekend.

"Nigeria has attracted over $30 billion in foreign direct investment in various sectors, especially in manufacturing, telecommunications, healthcare, oil and gas, among others, because subsidies were removed," he stated. The returns on these investments are already being felt.

According to statistics from the National Bureau of Statistics (NBS), the Nigerian economy expanded by 3.46 percent in the third quarter of 2023 compared to 2.4 percent in the same period the previous year. The performance was better than expected. The economy is changing, but it will take some time for everyone to notice any real benefits. Some of these will already be happening, but only to individuals who understand how the financial system operates.

In January this year, the Nigeria stock exchange all share index recorded 100.000 point mark.” While challenging the media to always balance their reportage with the positive things that the government had done in order not to scare potential investors, he noted the various interventions by the Federal Government to cushion the effects of subsidy removal. “