The federal government has secured $50.8 billion in investment commitments through a series of international engagements, including President Bola Tinubu’s recent overseas visits.
Minister of Industry, Trade, and Investment, Jumoke Oduwole, disclosed this at a ministerial press briefing organised by the Ministry of Information in Abuja on Tuesday.
“We must recognise the importance of tracking investments generated through the president’s engagements,” President Tinubu’s 413 international trips have been instrumental in securing over $50.8 billion in investment announcements” she said.
According to Oduwole, one of the critical challenges ahead is ensuring that these investment commitments materialise.
She cited an instance of the president’s trip to the G20 summit, where global exporters and producers pledged investments exceeding $50 billion in Nigeria, saying “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.
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.
She 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
