Tinubu’s foreign trips pay off: $50.8bln in proposed investments secured

President Bola Tinubu’s foreign trips have generated a whopping $50.8 billion in proposed investments, according to Dr. Jumoke Oduwole, Minister of pIndustry, Trade and Investment.

Oduwole disclosed this during a ministerial press briefing in Abuja on Tuesday, citing statistics that Nigeria’s economy needs around $50 billion to stabilize its foreign exchange.

“As at December 2024, Mr. President’s over 30 international trips have generated $50.8 billion in investments,” Oduwole said.

“Our role as the federal ministry of industry, trade, and investment is to track these announcements and ensure they come to fruition.”

She said the ministry’s work involves removing regulatory and bureaucratic bottlenecks, sharing information, and providing incentives to support businesses.

Oduwole noted a recent example of the Brazilian trip, where the largest meat exporters in the world announced a $2.5 billion investment in Nigeria.

“That’s the sort of work that the ministry does to make sure that if there’s an announcement of an investment or a trade relationship, that we make it happen,” she explained.

In addition to attracting investments, the minister noted that Nigeria has submitted a bid to host the International-African Trade Fair (IATF) and has been shortlisted.

“It’s a very, very catalytic game changer for any economy,” Oduwole said, expressing optimism about Nigeria’s chances of hosting the event.

To facilitate trade, the ministry is exploring ways to make cargo flights more affordable for traders.

“We are very bullish about exporting our quality products because our products are in demand and they are good all across the continent and the world,” Oduwole said.

The federal government is also prioritizing the African Continental Free Trade Area (AfCFTA) agreement and sustaining other bilateral and trade relationships to improve exports.