President Bola Ahmed Tinubu has projected that Nigeria will draw close to $20 billion in foreign direct investment (FDI) in 2026, citing ongoing economic reforms, regulatory simplification, and efforts to stabilise the macroeconomic environment.
Tinubu made the projection on Thursday while speaking at the Africa CEO Forum in Kigali, Rwanda, where he participated in a high-level presidential panel focused on Africa’s economic integration and industrial development.
He said his administration’s reforms were restoring investor confidence and removing long-standing bottlenecks that had previously discouraged capital inflows.
“This year alone, Nigeria is attracting close to $20 billion in foreign direct investment,” Tinubu said, attributing the growth to improved policy coordination and transparency measures.
The President also used the forum to push for stronger African economic self-reliance, urging the continent to stop exporting raw materials and importing finished goods.
“No one can take minerals out of Nigeria without adding value,” he said, stressing that Nigeria must retain more value from its natural resources and develop local manufacturing capacity, including battery production and mineral processing.
On industrial partnerships, Tinubu highlighted the role of private sector-led investments, citing the Dangote Refinery as an example of successful government-supported enterprise that is now reducing Nigeria’s reliance on imported petroleum products.
He also addressed trade and financing reforms, including crude oil transactions conducted in naira, saying the policy was designed to reduce foreign exchange pressure and improve local market stability.
Tinubu further called for reforms in Africa’s credit rating system, arguing that global rating agencies often underestimate the continent’s economic potential.
On domestic development, he pointed to ongoing tax reforms, digital tax payment systems, expansion of fibre optic infrastructure, and agricultural modernization initiatives aimed at improving productivity and food security.
The Africa CEO Forum, regarded as one of the continent’s leading platforms for dialogue between political and business leaders, continues in Kigali through Friday.
