Minister: Nigeria has secured $50bn investment commitments from Tinubu’s foreign trips

Jumoke Oduwole, minister for industry, trade and investment, says President Bola Tinubu’s foreign trips have accumulated $50.8 billion in proposed investments.

Oduwole spoke on Tuesday during the ministerial press briefing held in Abuja.

The minister, citing statistics that Nigeria’s economy needs about $50 billion to be steady in terms of foreign exchange (FX), said the federal government now needs to ensure that the investments come to fruition.

“As at December 2024, Mr President’s over 30 international trips have generated $50.8 billion in announcements,” Oduwole said.

“Where the ministry’s work comes in is tracking those announcements and making sure that it (sic) comes to fruition.

“For example, about two weeks ago, the Brazilian trip on the sidelines of G20, where the largest meat exporters in the world, meat producers in the world, announced that they would invest $2.5 billion in Nigeria.

“That’s the sort of work that the ministry does to make sure that if there’s an announcement of an investment or a trade relationship, that we make it happen.

“Aside tracking these investments, our role as federal ministry of industry trade and investment is to handle those businesses, to remove the regulatory and bureaucratic bottlenecks, to share information, the transparency and the efficiency of public service delivery, to support them in whatever incentives are possible for them, and to bring that money home.”

Speaking on achievements, the minister said Nigeria had bidded to host the International-African Trade Fair (IATF) and was shortlisted.

“It’s a very, very catalytic game changer for any economy. Nigeria paid for it in November and we were shortlisted,” she said.

“I shouldn’t let the cat out of the bag, but we’re really hopeful that we will get this and put on a strong show.”

To facilitate trade, she said the ministry is looking at ensuring cargo flights are cheaper for traders.

“We’re very bullish about exporting our quality products because our products are in demand and they are good all across the continent and the world,” the minister said.

“So we’ll continue to work on that and just watch out for the space. We’re also looking into something around direct cargo flights across Africa for our traders, bringing the cost down for cargo flights and further facilitating trade.”

Oduwole also said the federal government is working hard to improve exports, prioritise the African Continental Free Trade Area (AfCFTA) agreement, and sustain other bilateral and trade relationships.