The Federal Government of Nigeria is actively working to actualize $50.8 billion in foreign investment commitments made by international partners during President Bola Ahmed Tinubu’s foreign trips. This was disclosed by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, during the 2025 ministerial press briefing organized by the Ministry of Information and National Orientation in Abuja.
The investment pledges, made during President Tinubu’s diplomatic visits, are part of ongoing efforts to attract foreign capital, boost trade relations, and position Nigeria as an economic hub in Africa.
Dr. Oduwole revealed that the Ministry of Industry, Trade, and Investment has initiated a system to track the $50.8 billion investment announcements to ensure that they translate into tangible economic projects.
“We did the numbers, and as of November, Mr. President’s international trips had generated $50.8 billion in commitments. The ministry tracks those announcements to ensure they come to fruition,” she said.
The minister emphasized that the government is prioritizing partnerships with five key countries to strengthen trade relations and reposition Nigeria as a trade champion under the African Continental Free Trade Area (AfCFTA).
Boosting Manufacturing and Trade Infrastructure
To revolutionize Nigeria’s manufacturing sector, President Tinubu recently inaugurated the Industrial Revolution Work Group — an initiative designed to drive industrial growth and improve production capacity across the country.
The Federal Government is also implementing measures to reduce the cost of transporting goods and services by air, land, and sea, which will help boost production and lower operating expenses for businesses.
“We are exploring direct cargo freight across Africa to make trade more seamless for Nigerian traders,” Oduwole noted.
Recognizing the importance of power supply to industrial growth, the ministry is collaborating with Independent Power Producers (IPPs) to improve electricity supply across the country. This initiative is expected to significantly boost the country’s economic growth.
The government is also working closely with the Nigeria Customs Service and the Nigeria Immigration Service to streamline trade processes, remove bottlenecks, and ensure goods move freely across different regions under the AfCFTA framework.
Improving Business Environment and Attracting Investors
The Minister reaffirmed that the government is committed to creating a business-friendly environment through policy reforms and favorable tariffs that attract both local and foreign investors.
“We continue to engage with the fiscal and monetary arms of government to ensure that policies support business growth and economic expansion,” she said.
The ministry is collaborating with over 50 federal agencies to simplify business processes, enhance transparency, and prevent unintended policy consequences.
Outsourcing Services for Youth Empowerment
As part of its long-term economic vision, the government is promoting the outsourcing of services to create jobs for Nigerian youth without requiring them to leave the country.
“Youths can now earn dollars without traveling abroad through digital services and outsourcing,” Dr. Oduwole said, highlighting how the service sector will play a key role in the country’s economic transformation.
The Federal Government’s commitment to unlocking $50.8 billion in foreign investment commitments marks a significant step toward transforming Nigeria’s economy. By strengthening trade partnerships, revolutionizing the manufacturing sector, and promoting ease of business, Nigeria is positioning itself as one of the top investment destinations in Africa.
With these reforms, Nigeria is set to achieve accelerated economic growth, create jobs, and improve the overall living standard of its citizens.
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