Nigeria Secures $50bn in Investment Commitments, Minister Reveals

Nigeria has secured over $50 billion in investment commitments following international trips by President Bola Tinubu, the Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, has announced.

Speaking at a ministerial press briefing in Abuja on Tuesday, Dr Oduwole said the investments, which are expected to be realised by 2030, could generate returns between $50 billion and $80 billion, contributing up to 30% to the country’s GDP.

The minister projected that these investments would also lead to a 15% to 17% rise in GDP, with per capita growth of at least 11.7%. Exports are expected to increase by 15%, potentially reaching $79 billion, while at least 11 million jobs are set to be created.

Among the key pledges was a $2.5 billion commitment from Brazil’s largest meat exporters, which Dr Oduwole described as a significant development. She stressed that her ministry was working diligently to turn these investment announcements into actual inflows by addressing various challenges and simplifying necessary processes.

Dr Oduwole also emphasised the importance of digital trade for Nigeria’s economic growth. She called for the development of digital public infrastructure to enhance business operations and expand economic opportunities, particularly in rural and underserved areas, despite recent progress in fibre-optic cable investments.

Highlighting Nigeria’s growing role in the digital economy, the minister pointed to partnerships with global tech giants such as Google. She also addressed ongoing efforts to tackle market access issues faced by Nigerian exporters, especially farmers. The Nigeria Export Promotion Council (NEPC) is collaborating with international partners, including Japan, to resolve challenges related to key export crops.

The minister also spoke about efforts to improve Nigeria’s trade competitiveness, particularly in packaging, labelling, and cost reduction. These initiatives are aimed at enhancing Nigeria’s position in regional markets. Additionally, Dr Oduwole noted ongoing discussions with the Central Bank of Nigeria (CBN) regarding tax reforms and policies on export proceeds to foster a more conducive business environment.

On the African Continental Free Trade Area (AfCFTA), Dr Oduwole highlighted its potential to boost trade revenue and streamline business operations across the continent. She acknowledged efforts by the Nigerian Customs Service (NCS) to centralise trade regulations, making it easier for businesses to engage in cross-border commerce.

Dr Oduwole concluded by reaffirming Nigeria’s commitment to diversifying its economy. She said the government would continue to focus on boosting non-oil exports and strengthening the country’s global trade competitiveness.