Tinubu: Nigeria Pulls in Nearly $20bn in Foreign Investment in 2026
By Victor Idajili
President Bola Tinubu says Nigeria has attracted close to $20 billion in foreign direct investment so far this year, pointing to ongoing reforms that have improved transparency and made the country more investor-friendly.
Speaking at the Africa CEO Forum on Thursday, Tinubu said government policies are reshaping Nigeria into an open, competitive market for business.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” he told the panel.
A key part of that shift, he said, is keeping more value from Nigeria’s mineral wealth at home. The government will no longer permit raw minerals to be shipped out without local processing, he added, noting that the country has the capacity to produce goods like electric vehicle batteries domestically.
“The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward,” Tinubu said.
He also pushed for faster implementation of the African Continental Free Trade Area, arguing that Africa must move beyond talk and use its own resources for its own growth.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he said.
Tinubu cited the Dangote Refinery as proof that large-scale industrial projects can succeed in Africa with the right policy backing. He said Nigeria has ended years of reliance on imported fuel, becoming a net exporter of petrol and aviation fuel, with Dangote now supplying airlines across Africa and in Europe.
The president questioned Africa’s continued dependence on foreign currencies for trade between member states, proposing a continent-wide commodity exchange that would allow transactions in local currencies.
“Capital is cowardly. It needs transparency, accountability, and stability,” he said, calling for stronger legal and policy frameworks to attract long-term investment. He also backed plans for an African credit rating agency, saying global agencies often misjudge the continent’s risks and opportunities.
On infrastructure, Tinubu said Nigeria is rolling out 19,000 km of fibre optic cable to expand internet access and support the digital economy. He urged African countries to go beyond basic telecoms and invest in data centers, AI, and e-commerce platforms.
“Pan-Africanism can’t remain a slogan. It has to be lived,” he said, urging leaders to deepen regional cooperation to weather global economic shocks.
“Africa has everything we need here. What we require is good policy and the will to act,” he added.
