Tinubu: Nigeria attracted $20bn foreign investments this year

President Bola Ahmed Tinubu has said Nigeria attracted nearly $20 billion in foreign direct investments this year.

 

Speaking during a panel session at the ongoing Africa CEO Forum, the President attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.

 

He said his administration’s policies were positioning Nigeria as an open and competitive destination for investment.

 

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” Tinubu said.

 

The President also said Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country has the capacity to manufacture products such as electric vehicle batteries from its mineral resources.

 

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward,” he said.

 

Tinubu further canvassed stronger economic integration across the continent, urging African countries to move beyond rhetoric and fully activate the African Continental Free Trade Area (AfCFTA).

 

“We have the African Continental Free Trade Area — it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources, not by working in silos,” he said.

 

Advocating an “Africa First” approach to development, the President insisted that African resources should primarily benefit the continent through local processing and manufacturing.

 

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he stated.

 

Speaking on industrialisation, Tinubu cited the success of the Dangote Refinery as proof that Africa could undertake large-scale projects with the right support framework.

 

According to him, Nigeria overcame years of dependence on imported petroleum products after supporting the establishment of the refinery through policy backing, credit support, and licensing approvals.

 

“Today, Nigeria is a net exporter of PMS, aviation fuel, and other products. Dangote is supplying aviation fuel across Africa and to European airlines,” he said.

 

The President also called for reforms to intra-African trade and financial systems, questioning the continent’s reliance on foreign currencies for trade transactions.

 

“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” he said.

 

Tinubu proposed the establishment of an African commodity exchange platform to enable direct trade among African countries.

 

On mobilising African capital for development, he stressed the need for stable legal and policy environments capable of attracting long-term investments.

 

“Capital is cowardly. It needs transparency, accountability, and stability,” he said.

 

The President also advocated the creation of an African credit rating agency, arguing that existing global rating institutions do not adequately understand African markets and risks.

 

“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” he said.

 

Tinubu disclosed that Nigeria is laying 19,000 kilometres of fibre optic cables nationwide to expand connectivity and support the digital economy.

 

“That’s how we bring lessons to children, connect families, and enable traders,” he said.

 

He added that Africa must invest beyond basic telecommunications and build full digital infrastructure systems, including data processing, storage, artificial intelligence, and e-commerce capabilities.

 

“We need to fund Africa’s shift from basic telecoms to AI and e-commerce,” Tinubu said.

 

The President expressed optimism that the AfCFTA would eventually boost intra-African trade despite existing political and structural barriers slowing integration efforts.

 

“Pan-Africanism can’t remain a slogan. It has to be lived,” he said.

 

He also urged African leaders to strengthen regional alliances and economic cooperation in response to global economic shocks and geopolitical uncertainties.

 

“If Europe can build alliances and move forward, so can we. Africa has everything we need here. What we require is good policy and the will to act.

 

“We don’t want our children dying at sea trying to reach elsewhere. We have the resources. We just need to help each other and push together. That is the only way to build an inclusive and prosperous Africa,” Tinubu added.