Tinubu’s Foreign Trips Attract $50.8 Billion in Investment Pledges – Minister
Nigeria’s Minister of Industry, Trade, and Investment, Jumoke Oduwole, has revealed that President Bola Tinubu’s extensive foreign engagements have generated a staggering $50.8 billion in proposed investments.
Speaking at a ministerial press briefing in Abuja on Tuesday, Oduwole emphasized the crucial role of ensuring these investment pledges materialize. She cited economic analyses indicating that Nigeria requires approximately $50 billion in foreign exchange inflows to stabilize its economy.
“As of December 2024, Mr. President’s over 30 international trips have generated $50.8 billion in investment announcements,” Oduwole stated. “Our ministry’s role is to track these commitments and ensure they become a reality.”
Highlighting the ministry’s ongoing efforts, Oduwole pointed to a recent success during Tinubu’s visit to Brazil for the G20 summit. She disclosed that the world’s largest meat producers have pledged a $2.5 billion investment in Nigeria.
“That’s the sort of work we do—ensuring that investment and trade relationship announcements are not just made, but are followed through,” she explained.
Beyond investment tracking, the minister outlined her ministry’s commitment to removing regulatory bottlenecks, improving transparency, and facilitating business operations.
In a bid to solidify Nigeria’s global trade position, Oduwole revealed that the country has submitted a bid to host the International-African Trade Fair (IATF) and has been shortlisted.
“This is a catalytic game-changer for any economy,” she said. “We paid for it in November and made the shortlist. I shouldn’t let the cat out of the bag, but we’re very hopeful we will secure it and deliver a strong showing.”
To enhance Nigeria’s trade competitiveness, Oduwole also announced plans to lower the cost of cargo flights for traders.
“We’re very bullish about exporting our quality products because they are in high demand globally,” she noted. “We’re exploring direct cargo flights across Africa to bring down costs and facilitate trade.”
Additionally, she reaffirmed the government’s commitment to strengthening exports, maximizing the African Continental Free Trade Area (AfCFTA) agreement, and sustaining vital trade partnerships.
