ABUJA — The Federal Government has announced over $50 billion in foreign direct investment (FDI) commitments as it ramps up efforts to drive industrialisation and achieve a $1 trillion economy.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this at the opening of the 17th National Council on Industry, Trade and Investment (NCITI) in Enugu, according to a statement by the ministry’s Head of Press and PR, Obilor-Duru Augustina Okechi.
“Nigeria has recorded over $50 billion in facilitated foreign direct investment commitments, $6.1 billion in non-oil exports and more than ₦600 billion in Bank of Industry financing,” Oduwole said.
She added that over 500,000 Micro, Small and Medium Enterprises (MSMEs) have been captured in the national database, while nearly 300,000 Nigerians have benefited from skills development programmes.
The minister described the figures as evidence of progress under the Tinubu administration’s Renewed Hope Agenda and a sign of Nigeria’s steady march toward building a $1 trillion economy.
Oduwole said the government is focused on translating reforms into measurable outcomes through increased production, export expansion, investment attraction and job creation.
Speaking on the council’s theme, “Enhancing Competitiveness in Industry, Trade and Investment for Inclusive Growth and Global Market Integration,” she outlined priority areas including industrial cluster development, manufacturing expansion, digital trade and stronger participation in the African Continental Free Trade Area (AfCFTA).
She also stressed the need for clear implementation frameworks. “The 17th NCITI must produce practical outcomes that advance Nigeria’s industrial transformation,” she said.
Declaring the council open on behalf of Enugu State Governor Peter Mbah, Deputy Governor Ifeanyi Ossai urged stakeholders to address structural challenges such as high financing costs and regulatory bottlenecks.
Minister of State for Industry, Senator John Owan Enoh, reaffirmed commitment to the Nigeria Industrial Policy 2025, focusing on affordable financing, value addition and public-private partnerships to boost industry’s contribution to GDP.
In his welcome address, Enugu State Commissioner for Trade, Investment and Industry, Dr. Samuel Ogbu-Nwobodo, highlighted reforms in infrastructure, security and ease of doing business, positioning the state as an investment destination.
Development partners, including the United Nations Industrial Development Organization (UNIDO), NACCIMA and the Nigerian Society of Engineers (NSE), pledged continued support for Nigeria’s industrial growth.
The Permanent Secretary of the ministry, Dr. Chris Osa Isokpunwu, expressed confidence that the council’s deliberations would yield actionable resolutions to accelerate industrialisation, expand trade and attract more investments.
