Nigeria secures $50.8 billion investment deals to strengthen global trade

The Federal Government has revealed major progress in its economic diversification agenda, securing $50.8 billion in investment commitments through a series of international engagements, including President Bola Tinubu’s recent overseas visits.

Jumoke Oduwole, minister of industry, trade, and investment, disclosed this during a ministerial press briefing organized by the Ministry of Information in Abuja on Tuesday.

Oduwole said, “We must recognise the importance of tracking investments generated through the President’s engagements,” the President Tinubu’s 413 international trips have been instrumental in securing over $50.8 billion in investment announcements.”

She noted that one of the critical challenges ahead is ensuring that these investment commitments materialise.

The Minister said the President’s trip to the G20 summit, where global exporters and producers pledged investments exceeding $50 billion in Nigeria.

According to her, “These companies have visited Nigeria to assess opportunities and are committed to turning these announcements into actual investments,” underscoring the need for rigorous follow-through on trade and investment deals.

Oduwole also stressed the importance of a robust tracking system to monitor the progress of these investment deals and ensure they translate into tangible outcomes.

“It’s not just about making announcements; we must remove all bottlenecks to ensure these deals come to fruition,” she said, adding that this is a key responsibility of her ministry.

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The Minister reiterated the government’s firm commitment to creating a conducive business environment and enhancing Nigeria’s global standing in trade. “We are not just diversifying our foreign exchange sources, but positioning Nigeria as a formidable player in the global trade arena,” Oduwole said.

“Nigeria’s efforts to host a major international trade and investment event, set to coincide with the country’s 50th festival anniversary in 2027.

This event, if secured, would be a game-changer, showcasing Lagos as a hub for infrastructure, hospitality, and business opportunities. Officials are optimistic that winning the bid will cement Nigeria’s role as an economic leader in Africa.

The Minister also addressed Nigeria’s initial hesitance to join the African Continental Free Trade Area (AfCFTA), explaining that the primary concern was safeguarding local businesses from unfair competition.

She reassured that the government is committed to maximizing AfCFTA’s potential to strengthen trade across the continent while protecting Nigerian industries from substandard imports.

“Nigeria’s entrepreneurs are already thriving across Africa, and AfCFTA will further enhance their ability to trade,”

To bolster Nigeria’s export base, the government is working on improving cross-border trade, reducing production costs, and exploring direct cargo flights across Africa to lower logistics expenses.

The Minister also highlighted the government’s efforts to enhance digital currencies and payment systems to ease intra-African trade, reducing dependency on foreign currencies and promoting economic self-sufficiency.

“In addition to improving trade, Oduwole spoke about ongoing collaborations with the Ministry of Power and private-sector partners to enhance Nigeria’s electricity supply.

She revealed that the government is pursuing renewable energy solutions and exploring independent power projects (IPPs) to ensure reliable energy for industrial expansion.

Further, the government is targeting the carbon credit market as part of its green strategy to attract sustainable financing for industrial growth, with discussions ongoing with the International Finance Corporation (IFC).

The government is also focused on creating a favorable regulatory environment to encourage private-sector investment, particularly in sectors such as telecommunications and transportation. Over 50 federal agencies are working to improve the ease of doing business by addressing regulatory bottlenecks.

Oduwole underscored the importance of digital trade in Nigeria’s future, noting the potential of special economic zones (SEZs) and trade policy reforms to facilitate industrialization. “Nigeria is not just a leader in Africa’s digital economy, but a key player in shaping the continent’s digital trade framework,” she stated, referencing initiatives like the National Silk Road project, aimed at improving trade efficiency through digital infrastructure.

The Minister also highlighted Nigeria’s collaboration with global tech giant Google on the XFT project, designed to simplify trade regulations and support African traders. This partnership aims to enhance Africa’s economic growth by fostering seamless trade across borders.

She said Nigeria’s active participation in high-profile events like the World Economic Forum and the recent UAE business summit has already led to investment deals worth $5 billion.

“These efforts are a testament to Nigeria’s growing role as an economic powerhouse in Africa, capable of attracting global investment and driving the continent’s growth through strategic trade initiatives” the minister added.