President Bola Tinubu’s extensive international engagements have reportedly sparked a wave of proposed foreign investments totaling $50.8 billion. This revelation came from the Minister of Industry, Trade, and Investment, Jumoke Oduwole, during a ministerial press briefing in Abuja on Tuesday.
For a nation grappling with economic instability and a pressing need for foreign exchange, this figure isn’t just impressive; it’s potentially transformative. “As of December, Mr. President’s over 30 international trips have generated $50.8 billion in announcements. That is huge for our country,” Oduwole stated. “The ministry’s work comes in tracking those announcements and making sure that they come to fruition.”
The minister painted a vivid picture of Nigeria’s expanding global partnerships. From Brazil to India, France to the United Arab Emirates, the country is fostering trade and investment discussions aimed at spurring economic growth and creating wealth for its citizens.
“Two weeks ago, during the Brazilian trip on the sidelines of the G20 summit, the world’s largest meat producers announced a $2.5 billion investment in Nigeria,” Oduwole revealed. “That’s the sort of work we do ensuring that investment announcements turn into reality.”
But attracting investments is only part of the equation. The ministry, in collaboration with other stakeholders, is working to clear regulatory and bureaucratic bottlenecks that often hinder business operations. “Our role is to handle those businesses, remove obstacles, share information transparently, and support them with whatever incentives are possible to bring that money home,” Oduwole explained.
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The government’s vision extends beyond large-scale foreign investments. Recognizing the importance of grassroots economic development, the ministry has partnered with a commercial bank to provide soft loans for Micro, Small, and Medium Enterprises (MSMEs) across Nigeria’s 776 local government areas. Already, 894 MSMEs have benefitted from a recent N50 billion intervention fund disbursement.
The numbers tell a story of action and ambition. The Bank of Industry has disbursed N111.66 billion for non-oil export businesses and N110 billion to 93 customers supporting manufacturing, agriculture, solid minerals, and general services. Under the “Double Your Export Campaign Programme,” over 400 farmers have received improved seedlings for hibiscus, sesame, and oil palm cultivation. Additionally, N42.5 billion has been distributed to 850,099 beneficiaries, with N577.1 million allocated to 93 recipients to enhance business operations and boost Nigeria’s GDP.
Yet, the journey to economic revival isn’t without its challenges. High transportation costs for goods and services continue to weigh on production, but Oduwole assured that the government is implementing measures to address this. A cornerstone of these efforts is the newly established Industrial Revolution Work Group and the elite task force focused on the Nigerian Industrial Revolution Plan.
“President Tinubu will not relent until there is a positive lift in the country’s industrial landscape,” Oduwole affirmed.
Source: Ripples
