The Federal Government has clarified that the $50bn investment announcements frequently cited as investments attracted to Nigeria represent commitments made by prospective investors, rather than money already invested in the country.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, made the clarification during an interview on Arise Television, where she was asked how much of the reported investment figure had actually been deployed and which sectors had benefited.
Oduwole did not provide a specific percentage of the funds already invested. Instead, she explained that the figure represented investment announcements generated through President Bola Tinubu’s international engagements and investment promotion efforts.
She said that as of January 2025, the President’s foreign visits and investment promotion activities had generated about $50 billion in investment announcements.
“Our job is to make sure that those announcements are translated into real-time investments,” the minister said.
According to Oduwole, the commitments came from more than 80 memoranda of understanding signed by various ministries, departments and agencies with international partners.
She explained that some investments, particularly factories and other long-term projects, require considerable time before becoming operational.
“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.
Oduwole pointed to a healthcare manufacturing company as an example of an investment that had progressed beyond the announcement stage.
She said she met the company in 2025 and that it had since commenced operations at the Lagos Free Zone.
The company is expected to manufacture insecticide-treated nets for the Nigerian and wider African markets.
“That investment, that meeting, has borne fruit,” Oduwole said.
The minister also addressed concerns raised by manufacturers over the business environment, saying the government had worked on trade facilitation, trade missions and helping businesses understand the requirements for exporting their products.
She acknowledged that infrastructure, electricity and access to credit remained important challenges for industrial expansion.
On financing, Oduwole said the Bank of Industry had continued to pursue its mandate of supporting businesses.
The minister also spoke about Nigeria’s discussions with the United States on critical minerals, saying the government wants investment that will support 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 as an early-stage agreement and stressed that memoranda of understanding do not amount to legally binding investment commitments.
“MOUs are not legally binding. This is how countries negotiate,” she said.
She added that Nigeria would seek investors prepared to develop the mineral value chain domestically, including areas such as battery manufacturing.
“It’s time that we formalise that sector. It’s time that we have factories here that can deliver jobs,” the minister said.
The government’s position means the $50bn investment announcements remain a measure of commitments and prospective projects, while converting those commitments into actual capital deployment, factories and employment remains an ongoing process.
