Tinubu’s Foreign Trips Earn Nigeria $50bn Investment Announcements – Minister

The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has outlined Nigeria’s success in securing over $50 billion in investment announcements from President Bola Tinubu’s international trips.

Speaking at the third edition of ministerial press briefing in Abuja on Tuesday, Dr. Oduwole projected that the investments could generate a return of $50-$80billion by 2030, contributing significantly—by up to 30%—to the nation’s GDP.

She further outlined expectations of a GDP per capita growth of at least 11.7%, an overall GDP increase between 15% and 17%, and an export rise of at least 15% ($79 billion).

Additionally, she forecasted the creation of at least 11 million jobs as a result of the investments. Among the notable investment pledges was a $2.5 billion commitment from Brazil’s largest meat exporters.

The minister emphasised that her ministry was actively working to convert the announcements into tangible investments by addressing challenges and streamlining necessary processes.

Highlighting digital trade as a priority for Nigeria’s economic expansion, Oduwole stressed the need for robust digital public infrastructure to enhance business operations. While the country has witnessed a surge in fiber-optic cable investments, rural and low-density areas still face connectivity challenges that limit economic opportunities.

She reiterated that Nigeria, as a digital trade champion, was actively positioning itself to attract global investment and empower youth in the digital economy. She also referenced Nigeria’s engagement with global tech giants like Google as part of this commitment.

The minister addressed ongoing efforts to resolve market access challenges faced by Nigerian exporters, particularly farmers.

She noted that the Nigeria Export Promotion Council (NEPC) has been working with relevant ministries and international stakeholders, such as Japan, to resolve issues affecting key export crops.

“The ministry’s commitment to market access and active engagement with stakeholders is critical to boosting Nigeria’s non-oil exports,” she said.

Oduwole underscored the importance of inter-ministerial partnerships in advancing trade goals.

She pointed out that her ministry was collaborating with others to enhance exporter competitiveness, focusing on packaging, labelling, and cost reduction to improve Nigeria’s positioning in regional markets.

The minister also noted ongoing discussions on tax reforms and export proceeds policies with the Central Bank of Nigeria (CBN) to create a more favourable business environment.

On the African Continental Free Trade Area (AfCFTA), Oduwole emphasised the potential for trade revenue growth, capacity building, and facilitation of smoother business operations across African borders.

She highlighted efforts by the Nigerian Customs Service (NCS) to unify and centralise trade regulations, making it easier for businesses to engage in cross-border commerce.

The minister reaffirmed Nigeria’s commitment to reducing reliance on oil exports and promoting non-oil exports in both goods and services.

She said the government was focusing on market access, perception-building, and trust-building to strengthen Nigeria’s global trade competitiveness.

Oduwole also revealed that Nigeria was bidding to host Afreximbank’s International Africa Trade Fair, a major continental event. If successful, the trade fair would coincide with Nigeria’s 50th anniversary of FESTAC, further boosting the country’s cultural and economic visibility.

Dr. Oduwole said the ministry was closely monitoring and facilitating investment projects. She cited the example of the Brazilian meat producers’ investment, where her ministry worked directly with investors to remove bottlenecks and expedite processes.

She also highlighted ongoing regulatory framework improvements to support private sector growth, including a regulatory impact analysis framework that ensures policies are developed with stakeholder input.

“The focus is on turning investment commitments into reality, ensuring a business-friendly environment that attracts more investors,” she said.

Earlier, in his welcome address, the Minister of Information and National Orientation, Mohammed Idris, said the 2025 budget places a renewed focus on investment in critical sectors that directly impact the well-being and socio-economic development of Nigeria.

“The 2025 budget is not just a financial document; it is a bold statement of intent—a roadmap for economic resilience, social stability, and national progress.

“This year, 2025, is set to be the year of consolidation—a year where all the transformative reforms initiated by President Tinubu’s administration begin to bear tangible fruits in the lives of Nigerians.

“Already, we are witnessing a gradual reduction in the prices of foodstuffs, bringing much-needed relief to the people,” he said.

The minister reaffirmed the government’s determination to ensure efficient budget implementation, transparency, and accountability in delivering the promises of President Tinubu’s Renewed Hope Agenda.

“Let me assure you that the federal government remains committed to the efficient implementation of this budget to maximize its full impact on the lives of Nigerians.

“I therefore call on all Nigerians to support these efforts and join hands in building a prosperous and united Nigeria,” he said.

LEADERSHIP reports that the Third Edition of the Ministerial Briefing Session featured the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, and the Minister of State in the Ministry, Senator John Owan-Enoh.