{"id":199873,"date":"2026-05-18T18:13:24","date_gmt":"2026-05-18T17:13:24","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigeria-president-urges-more-industrialization"},"modified":"2026-05-19T01:44:13","modified_gmt":"2026-05-19T00:44:13","slug":"nigeria-president-urges-more-industrialization","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization","title":{"rendered":"Nigeria President Urges more Industrialization"},"content":{"rendered":"<p><span class=\"ap-article-header-tag\"> <strong>Africa-Press &#8211; Nigeria. <\/strong> <\/span>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.<\/p>\n<p>In his speech at the African CEOs Forum in Kigali, Rwanda, Tinubu noted that his government&#8217;s removal of foreign exchange restrictions, subsidy reforms, and regulatory changes contribute to restoring investor confidence in Nigeria after years of economic instability.<\/p>\n<p>During a panel discussion, Tinubu said, &#8220;This year alone, I can proudly confirm that Nigeria is attracting nearly $20 billion in foreign direct investment.&#8221;<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>He added, &#8220;No one should extract minerals from Nigeria without adding value to them,&#8221; indicating that Nigeria intends to develop industries in battery production and mineral processing instead of exporting raw materials.<\/p>\n<p>The president also highlighted the growing role of the privately-owned Dangote oil refinery, which has become a key element in Nigeria&#8217;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.<\/p>\n<p>He remarked, &#8220;The government should encourage a bold person like Dangote. He is today a net exporter of gasoline, jet fuel, and other goods.&#8221; Analysts view the oil refinery, developed by Nigerian billionaire Aliko Dangote, as a potential turning point for Nigeria&#8217;s energy sector, which has historically relied heavily on imported refined fuel despite being one of Africa&#8217;s largest crude oil producers.<\/p>\n<p>Tinubu also criticized major Western credit rating agencies, accusing them of undervaluing African economies and ignoring growth opportunities on the continent. He said, &#8220;Investment is too timid unless it is transparent, responsible, and candid,&#8221; calling for the strengthening of African financial institutions and deepening regional economic integration through the African Continental Free Trade Area.<\/p>\n<p>The Nigerian leader pointed to infrastructure and technology investments as part of the country&#8217;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.<\/p>\n<p>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, &#8220;Africa must translate its words into actions. The African Continental Free Trade Area should not remain locked in drawers.&#8221;<\/p>\n<p class=\"ap-article-footer-note\">Find more news and analyses on <span class=\"ap-highlight-country\">Nigeria<\/span> on the <span class=\"ap-highlight-brand\">Africa Press<\/span> website<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; 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 [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":199872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,14],"tags":[254],"class_list":["post-199873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria President Urges more Industrialization - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigerian president, Bola Ahmed Tinubu, stated that his country is on the right path to attracting nearly $20 billion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria President Urges more Industrialization\" \/>\n<meta property=\"og:description\" content=\"The Nigerian president, Bola Ahmed Tinubu, stated that his country is on the right path to attracting nearly $20 billion\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-18T17:13:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-19T00:44:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2026\/05\/sm_1779147991.691272.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigeria President Urges more Industrialization\",\"datePublished\":\"2026-05-18T17:13:24+00:00\",\"dateModified\":\"2026-05-19T00:44:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization\"},\"wordCount\":488,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2026\/05\/sm_1779147991.691272.jpg\",\"keywords\":[\"Nigeria\"],\"articleSection\":[\"all news\",\"head lines\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigeria-president-urges-more-industrialization\",\"name\":\"Nigeria President Urges more Industrialization - 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