President Bola Ahmed Tinubu says Nigeria is poised to attract nearly $20 billion in foreign direct investment in 2026, driven by ongoing economic reforms centred on transparency, operational efficiency and an investor-friendly business environment.
President Tinubu made the remarks during a panel session at the ongoing Africa CEO Forum in Kigali, where he also called on African nations to deepen economic cooperation, expand intra-African trade in local currencies and prioritise local value addition to the continent’s raw materials.
“This year alone, I can beat my chest that Nigeria is attracting close to $20 billion in foreign direct investment,” Tinubu said.
President Tinubu stated that his administration had introduced critical incentives to attract investment inflows into Nigeria while removing longstanding bottlenecks hindering investors.
The Nigerian Leader called on African countries to move beyond rhetoric and forge stronger collaboration for the effective harnessing of the continent’s vast resources.
“Africa needs to put its money where its mouth is and build a new relationship with its own resources. We have the African Continental Free Trade Area; it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources, not by working in silos,” he said.
President Tinubu highlighted the need for African countries to prioritise local value addition instead of exporting raw materials for processing abroad.
“I believe in Africa first, and I started with Nigeria first. Our resources must add value here. We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he stated.
The President further emphasised the need for Africa to address currency-related barriers to trade, asserting that enhanced use of local currencies in cross-border transactions would reduce costs and shield African economies from external volatility.
He also advocated for the establishment of a continental commodity exchange platform to facilitate direct trade among the continent’s 54 countries.
“We also need to solve currency issues. If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability. Africa should create a commodity exchange platform where 54 countries trade with one another directly,” he said.
Speaking on industrialisation and energy security, President Tinubu said Nigeria’s backing of the Dangote Refinery demonstrates that African nations can successfully execute large-scale strategic projects when supported by strong political will and enabling government policies.
“Nigeria survived with over 200 million people without a refinery, but that changed when we supported Dangote. The government gave policy backing, credit, and licenses. Today Nigeria is a net exporter of PMS, aviation fuel, and other products. Dangote is supplying aviation fuel across Africa and to European airlines,” he said.
The Nigerian Leader affirmed that the nation would no longer permit the export of raw minerals without local value addition, noting that the country’s mineral resources could support the production of components such as electric vehicle batteries.
He emphasised that while the private sector provides capital and technical expertise, governments must create the enabling environment and reduce investment risks to drive Africa’s industrial growth and economic transformation.
“No one will take raw minerals out of Nigeria without adding value. With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but the government must de-risk and create the enabling environment. That partnership is how Africa moves forward,” he said.
President Tinubu also called for the establishment of an African credit rating agency, arguing that existing international agencies do not fully understand Africa’s risks and opportunities.
“Capital is cowardly. It needs transparency, accountability, and stability. Governments must provide policy and legal frameworks that make investors feel secure. We also need an African credit rating agency. The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” he stated.
On digital infrastructure, the President disclosed that Nigeria is laying 19,000 kilometres of fibre optic cable across the country to strengthen connectivity and support the continent’s digital transition.
“Nigeria is laying 19,000 km of fibre optic across the country. That’s how we bring lessons to children, connect families, and enable traders. We need to fund Africa’s shift from basic telecoms to AI and e-commerce,” he said.
President Tinubu added that Africa’s youthful population remains a major asset for the continent’s growth, urging political leaders to remove barriers to integration and transform Pan-Africanism from rhetoric into practical action.
“Africa has a dynamic, youthful population that’s restless and ready. Politics often gets in the way of integration. But politicians must use their influence to remove those barriers. Pan-Africanism can’t remain a slogan. It has to be lived,” he reiterated.
