Africa-Press – Nigeria. The Nigerian president, Bola Ahmed Tinubu, stated that his country is on the right path to attracting nearly $20 billion in foreign direct investment by 2026, as the largest economy in Africa seeks to establish itself as a hub for manufacturing and energy following a series of economic reforms.
In his speech at the African CEOs Forum in Kigali, Rwanda, Tinubu noted that his government’s removal of foreign exchange restrictions, subsidy reforms, and regulatory changes contribute to restoring investor confidence in Nigeria after years of economic instability.
During a panel discussion, Tinubu said, “This year alone, I can proudly confirm that Nigeria is attracting nearly $20 billion in foreign direct investment.”
Nigeria has spent the past two years trying to stabilize its economy after a sharp decline in currency value and record inflation, which raised concerns among investors.
Tinubu took this forum as an opportunity to call for increased manufacturing across Africa, stating that the continent must stop exporting raw materials without local processing.
He added, “No one should extract minerals from Nigeria without adding value to them,” indicating that Nigeria intends to develop industries in battery production and mineral processing instead of exporting raw materials.
The president also highlighted the growing role of the privately-owned Dangote oil refinery, which has become a key element in Nigeria’s efforts to reduce fuel imports. Tinubu stated that the refinery, with a production capacity of 650,000 barrels per day, is an example of what can be achieved through cooperation between the government and the private sector.
He remarked, “The government should encourage a bold person like Dangote. He is today a net exporter of gasoline, jet fuel, and other goods.” Analysts view the oil refinery, developed by Nigerian billionaire Aliko Dangote, as a potential turning point for Nigeria’s energy sector, which has historically relied heavily on imported refined fuel despite being one of Africa’s largest crude oil producers.
Tinubu also criticized major Western credit rating agencies, accusing them of undervaluing African economies and ignoring growth opportunities on the continent. He said, “Investment is too timid unless it is transparent, responsible, and candid,” calling for the strengthening of African financial institutions and deepening regional economic integration through the African Continental Free Trade Area.
The Nigerian leader pointed to infrastructure and technology investments as part of the country’s broader economic strategy. He stated that Nigeria has laid over 90,000 kilometers of fiber optic cables across the country to improve digital connectivity and support e-commerce, education, and agricultural supply chains.
Tinubu also referred to government-supported agricultural initiatives, including mechanized farming zones and storage programs aimed at reducing post-harvest losses, as part of efforts to improve food production and the income of rural residents. He said, “Africa must translate its words into actions. The African Continental Free Trade Area should not remain locked in drawers.”
