The Federal Government has clarified that the $50 billion frequently cited as investments attracted to Nigeria represents investment announcements, rather than funds already deployed into the country.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, made the clarification during an interview on Arise Television, explaining that the government was still working to convert the commitments into factories, businesses and employment opportunities.
Oduwole was asked what proportion of the $50 billion had actually been invested and which sectors had benefited from the commitments. She did not provide a specific percentage but explained that there was a difference between investment announcements and projects that had reached implementation.
According to the minister, President Bola Tinubu’s international engagements and investment promotion efforts had generated about $50 billion in investment announcements as of January 2025.
She said the announcements resulted from more than 80 memoranda of understanding signed by ministries, departments and agencies with international partners.
Oduwole noted that investments involving factories and other long-term projects often require considerable time before becoming operational. She said the government’s responsibility was to continue working with businesses at both federal and sub-national levels to move the announced commitments toward implementation.
The minister cited a healthcare manufacturing company she met in 2025 as an example of an investment that had progressed beyond the announcement stage. She said the company had since commenced operations at the Lagos Free Zone.
The company is producing insecticide-treated nets intended for Nigeria and other African markets, which Oduwole described as evidence that some investment discussions had resulted in actual business activity.
On concerns from manufacturers about Nigeria’s operating environment, the minister said the government had taken steps to improve trade facilitation, support trade missions and educate manufacturers on requirements for exporting their products.
She, however, acknowledged that infrastructure, electricity and access to financing remained significant issues affecting industrial development.
Oduwole also spoke about the Bank of Industry, saying the institution had continued to pursue its mandate of supporting businesses and industrial development.
On Nigeria’s discussions with the United States concerning critical minerals, she said the Federal Government was seeking investments that would support local processing and manufacturing instead of continued export of raw minerals.
She said Nigeria needed infrastructure, reliable energy and clear pathways for developing local mineral value chains, including battery manufacturing.
Describing the minerals agreement as being at an early stage, Oduwole stressed that memoranda of understanding were not legally binding and formed part of the negotiation process between countries.
She said the government would continue seeking investors prepared to develop mineral processing and manufacturing capacity within Nigeria, with the aim of creating factories and jobs locally.
