Tinubu Projects $20 Billion FDI for Nigeria in 2026 Amid Reforms

Nigerian President Bola Tinubu announced that the country is on track to attract nearly $20 billion in foreign direct investment (FDI) by 2026. Speaking at the Africa CEO Forum in Kigali, Rwanda, Tinubu attributed this projected growth to his administration's efforts in removing regulatory bottlenecks, stabilizing the macroeconomy, and implementing transparency reforms. He emphasized a strategic shift away from exporting raw materials, advocating instead for local value addition, particularly in the mining and petroleum sectors. Tinubu highlighted the success of the Dangote Petroleum Refinery as a model for government-private sector partnerships, noting its role in reducing fuel imports and enabling exports. He also discussed financial innovations, such as settling crude oil transactions in naira to mitigate exchange rate risks, and criticized Western credit rating agencies for undervaluing African economies. Furthermore, the President outlined domestic improvements, including simplified tax systems accessible via mobile phones, the establishment of mechanized agricultural zones, and significant infrastructure developments like the Sokoto-Badagry highway and extensive fiber optic networks. These measures aim to enhance economic self-reliance, improve agricultural logistics, and foster a more attractive investment climate across Nigeria.