RismadarVoice Reporters
September 29, 2026
The Federal Government has clarified that the $50 billion cited as investment attracted to Nigeria represents announced commitments and not funds already invested in the economy.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, clarified during an interview on Tuesday, saying the government was working to convert the commitments into businesses, factories and jobs.
“As of January 2025, Mr President’s international visits and investment promotion had yielded about $50 billion in investment announcements.
“Our job is to make sure that those announcements are translated into real-time investments,” she said.
Oduwole said the figure was derived from more than 80 memoranda of understanding signed by ministries, departments and agencies with partners across different countries.
She explained that long-term investments, particularly factories and other capital-intensive projects, could take time to materialise.
“Slower, patient capital takes time, and it’s our job to continue working with businesses, both at the federal and sub-national level, to bring in those investments,” she said.
The minister cited a healthcare manufacturing company she met in 2025 as an example of an investment commitment that had progressed to operations.
According to her, the company has commenced operations at the Lagos Free Zone, with plans to manufacture insecticide-treated nets for Nigeria and other African markets.
Oduwole also acknowledged challenges facing manufacturers, including infrastructure, electricity and access to credit, saying the government was pursuing trade facilitation and export-support initiatives.
On Nigeria’s engagement with the United States over critical minerals, the minister said the government was seeking investment in local processing and manufacturing rather than simply exporting raw materials.
“We are looking for infrastructure; we are looking for energy and power. We are looking for pathways to make sure that we are not exporting raw minerals,” she said.
Oduwole described the minerals framework under discussion as being at an early stage, noting that memoranda of understanding were not legally binding and formed part of negotiations between countries.
She said Nigeria would prioritise partners willing to develop the country’s mineral value chain locally, including through battery manufacturing.
“It’s time that we formalise that sector. It’s time that we have factories here that can deliver jobs,” she said.
