Nigeria $20bn FDI boost projected by Tinubu as reforms, transparency and infrastructure attract foreign investors

President Bola Tinubu on Thursday declared that Nigeria is on track to attract close to $20bn in foreign direct investment in 2026, citing ongoing economic reforms, regulatory changes and increased transparency under his administration.

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Tinubu made the remarks during the Africa CEO Forum in Kigali, Rwanda, where he advocated stronger African economic integration and greater continental self-reliance.

Speaking during a presidential panel moderated by British journalist Zainab Badawi alongside Gabonese President Brice Clotaire Oligui Nguema, Tinubu argued that Africa must stop exporting raw materials while importing finished products at higher costs.

“Removing all the bottlenecks gives you the necessary incentives for direct foreign investment into the country,” Tinubu said.

“This year alone, I can beat my chest that Nigeria is attracting close to $20 billion in foreign direct investments.”

The President said the Nigeria $20bn FDI boost was being driven by deliberate efforts to stabilise the economy, simplify regulations and improve investor confidence.

Tinubu also stressed that Nigeria would no longer allow its mineral resources to leave the country without value addition.

“No one can take metal out of Nigeria without adding value,” he said.

The President stated that Nigeria possessed the capacity to manufacture products such as electric vehicle batteries locally using its mineral resources.

Speaking on the Dangote Petroleum Refinery, Tinubu said strategic government support and private sector collaboration made the project possible.

He explained that his administration provided policy backing, licensing support and access to crude oil supplies needed to sustain refinery operations.

“A risk-taker like Dangote must be encouraged by the government,” Tinubu stated.

He added that the refinery had become a net exporter of premium motor spirit, aviation fuel and other petroleum products.

Addressing concerns over crude supply transactions in naira, Tinubu defended the policy, insisting that local refining transactions should naturally align with Nigeria’s official currency.

“My formula is: what is the denominated currency in Nigeria? That is the naira,” he said.

Tinubu also criticised international credit rating agencies, arguing that they consistently underestimated African economies and ignored the continent’s growth potential.

On taxation, the President said his administration was replicating reforms previously introduced in Lagos State to simplify tax administration and improve compliance.

“Tax reform must be written in English, understandable and not Japanese in English,” Tinubu remarked.

According to him, Nigerians can now access and pay taxes digitally through mobile devices with greater ease and transparency.

The President further highlighted ongoing investments in agriculture, transportation and digital infrastructure as part of efforts to strengthen economic productivity.

He disclosed that Nigeria had already laid more than 90,000 kilometres of fibre optic network nationwide to improve connectivity, digital learning and communication.

Tinubu also pointed to the construction of the Sokoto-Badagry road project and the establishment of 6,000 mechanised agricultural zones as evidence of infrastructure expansion linked to food production and logistics.

On youth development and digital transformation, Tinubu said African countries must embrace artificial intelligence, e-commerce and advanced telecommunications to remain globally competitive.

“I am a politician. If I don’t get them ready for that digital revolution, they’ll vote me out,” he said.

Also read: Tinubu demands urgent global financial reforms at Nairobi summit

The President urged African nations to fully implement the African Continental Free Trade Area and deepen regional collaboration to unlock the continent’s economic potential.