By Mercy Aikoye
Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has highlighted the economic benefits of removing fuel subsidies in Nigeria. Speaking at a meeting with investors and scholars at Oxford University, Kalu stated that the removal of subsidies has saved the government $10 billion in 2023.
Kalu also noted that the move has led to a 22% increase in dollar remittances from the diaspora, totaling $28 billion in 2024. He emphasized that the subsidy removal has enabled the government to redirect funds to critical sectors such as healthcare, education, and infrastructure.
The Deputy Speaker attributed the economic gains to the President Bola Ahmed Tinubu-led administration’s efforts to promote economic growth and development. He cited a 3.19% increase in Nigeria’s GDP in Q2 2024 and a significant increase in Foreign Direct Investment (FDI), with Nigeria attracting $6.4 billion in FDI in 2024.
Kalu also highlighted the government’s achievements in politics, security, and development. He noted a 47% reduction in incidents of banditry in the North-West between Q2 2023 and Q4 2024. The government has also enhanced electoral integrity through technology-driven processes, leading to increased political engagement among Nigeria’s youth.
The Deputy Speaker emphasized the importance of legislative reforms in strengthening democratic institutions. He cited the passage of the South East and North West Development Commission Acts as examples of the government’s commitment to promoting development and addressing regional disparities.
Kalu also highlighted the government’s initiatives in promoting technological advancement and innovation. The National Digital Economy Policy (2023-2030) aims to increase internet penetration from 49% to 70% by 2027. The launch of the Nigeria Start-Up Act has also spurred tech innovation, securing over £300 million in venture capital funding in 2024.
During the meeting, Kalu urged investors to consider Nigeria as a viable business destination. He emphasized the need for international collaborations to strengthen socio-economic advancements in the country.
The meeting was attended by several scholars and investors from Oxford University, including Dr. Christopher Nwadibia, Dr. Dyedra Morrissey, and Engr. Jackson Offor. The parties agreed to host their next meeting in Nigeria, where other stakeholders will join the conversations on Africa’s opportunities and challenges.
The Deputy Speaker’s remarks were well-received by the attendees, who expressed interest in exploring business opportunities in Nigeria. The meeting marked a significant step towards promoting economic cooperation and development between Nigeria and the international community.
