President Bola Ahmed Tinubu’s international engagements have yielded proposed investments totaling $50.8 billion, according to the Minister of Industry, Trade, and Investment, Jumoke Oduwole. She made this disclosure on Tuesday during the ministerial press briefing organized by the Ministry of Information and National Orientation in Abuja.
Oduwole highlighted the significance of these foreign investments, noting that they exceed the estimated $50 billion needed to stabilize the Nigerian economy in terms of foreign exchange. She emphasized that President Tinubu’s over 30 official trips abroad have played a critical role in positioning Nigeria as an attractive destination for foreign direct investment.
The minister further stated that the federal government has expanded trade and investment discussions with key global economies—including Brazil, India, France, and the United Arab Emirates—as part of its broader efforts to stimulate economic growth and create wealth. She assured that the government is committed to ensuring that these investment commitments materialize.
Providing insight into the administration’s strategy, Oduwole explained that her ministry is actively tracking these investment announcements and facilitating their realization. She cited a recent example from Tinubu’s visit to Brazil on the sidelines of the G20 summit, where the world’s largest meat producers pledged to invest $2.5 billion in Nigeria’s agricultural sector.
She outlined the ministry’s role in ensuring that Nigeria remains a competitive investment hub, saying, “Beyond tracking these investments, our duty as the Federal Ministry of Industry, Trade, and Investment is to support businesses by removing regulatory and bureaucratic bottlenecks, improving transparency, and enhancing the efficiency of public service delivery. We are committed to ensuring that these investments translate into real economic benefits for Nigerians.”
Oduwole, alongside the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated the administration’s determination to unlock the full potential of the Nigerian economy by attracting foreign direct investments. She disclosed that efforts are underway to eliminate obstacles hindering business growth while strengthening collaboration with key stakeholders to create a more investor-friendly environment.
In a bid to support small businesses, the ministry has also partnered with a leading commercial bank to provide soft loans to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria’s 774 local government areas. According to Oduwole, 894 MSMEs have already benefitted from the latest disbursement of the N50 billion Federal Government intervention fund.
She further revealed that the Bank of Industry had disbursed N111.66 billion to support non-oil export businesses, while another N110 billion was allocated to 93 enterprises involved in manufacturing, agriculture, solid minerals, and general services. Additionally, under the government’s “Double Your Export Campaign Programme,” more than 400 farmers have received improved hibiscus, sesame, and oil palm seedlings to boost agricultural productivity.
The minister also disclosed that N42.5 billion has been distributed to 850,099 beneficiaries, while N577.1 million has been allocated to 93 recipients to enhance business operations and drive economic growth.
Addressing infrastructural challenges, Oduwole acknowledged that the high cost of transportation—by air, land, and sea—remains a critical issue affecting trade and production in Nigeria. She assured that the government is implementing measures to reduce these costs and revolutionize the country’s manufacturing sector. She further noted that President Tinubu is committed to transforming Nigeria’s industrial landscape and will not relent until significant progress is achieved.
She announced the formation of an Industrial Revolution Work Group and an elite task force focused on advancing the Nigerian Industrial Revolution Plan, which aims to drive innovation and expand economic opportunities.
Meanwhile, the Minister of Information and National Orientation, Mohammed Idris, expressed optimism that 2025 will mark a turning point for the country as the government’s transformative reforms begin to yield tangible benefits for Nigerians.
