Nigeria Attracts Nearly $20bn in Foreign Investments -Tinubu 

President Bola Ahmed Tinubu has said Nigeria has attracted nearly $20 billion in foreign direct investments this year, linking the inflow to reforms aimed at improving transparency, efficiency and investor confidence.

Tinubu spoke yesterday during a panel session at the ongoing Africa CEO Forum, where he presented Nigeria as a country open to capital, industrial partnerships and long-term business growth.

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” the President said.

Nigeria wants investment with local value

Tinubu said Nigeria would no longer support a development model where raw minerals leave the country without local processing.

He said the country has the resources to build value chains around critical minerals, including those needed for electric vehicle batteries.

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward,” he said.

The President said Nigeria wants investors who will process and manufacture locally, not those who only extract resources and ship them abroad.

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he added.

Tinubu pushes Africa First agenda

Tinubu also called for stronger economic integration across Africa. He said the African Continental Free Trade Area must move from policy statements to real implementation.

According to him, African countries must stop working in silos and begin to use their resources in a more coordinated way.

“We have the African Continental Free Trade Area. It must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources,” he said.

Tinubu argued that Africa must build a new relationship with its own resources. He said the continent should prioritise local production, regional trade and industrial partnerships that keep more value within Africa.

Dangote Refinery cited as proof of industrial ambition

Speaking on industrialisation, Tinubu pointed to the Dangote Refinery as an example of what Africa can achieve when government policy and private capital work together.

He said Nigeria supported the refinery through policy backing, credit support and licensing approvals. According to him, the project has helped reduce the country’s long dependence on imported petroleum products.

“Today Nigeria is a net exporter of PMS, aviation fuel, and other products. Dangote is supplying aviation fuel across Africa and to European airlines,” Tinubu said.

President questions dollar dependence in African trade

Tinubu also challenged Africa’s reliance on foreign currencies for trade between African countries.

He said businesses that produce in Nigeria should be able to trade in naira, especially within the continent.

“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” he said.

He proposed an African commodity exchange platform that would allow countries across the continent to trade more directly with one another.

Call for stable policies and African credit rating agency

On capital mobilisation, Tinubu said governments must create stable legal and policy environments to attract long-term investment.

“Capital is cowardly. It needs transparency, accountability, and stability,” he said.

He also renewed the call for an African credit rating agency. According to him, existing global rating agencies often fail to properly understand African markets, risks and opportunities.

“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” he said.

Nigeria expanding digital infrastructure

Tinubu said Nigeria is laying 19,000 kilometres of fibre optic cables across the country to improve connectivity and support the digital economy.

He said the project would help expand access to education, connect families and support traders.

“That’s how we bring lessons to children, connect families, and enable traders,” he said.

The President added that Africa must invest beyond basic telecommunications. He said the continent needs stronger systems for data processing, storage, artificial intelligence and e-commerce.

“We need to fund Africa’s shift from basic telecoms to AI and e-commerce,” Tinubu said.

Africa must move from slogans to action

Tinubu said Africa has enough resources to build prosperity, but must strengthen regional alliances and economic cooperation.

He said the continent must respond to global economic shocks by working together and developing policies that encourage production, investment and trade.

“Pan-Africanism can’t remain a slogan. It has to be lived,” he said.

He added that Africa must build an economy strong enough to give young people hope at home.

“We don’t want our children dying at sea trying to reach elsewhere. We have the resources. We just need to help each other and push together. That is the only way to build an inclusive and prosperous Africa,” Tinubu said.