President Bola Tinubu has projected that Nigeria will attract nearly $20 billion in foreign direct investment in 2026, attributing the outlook to ongoing macroeconomic reforms, regulatory simplification, and improved investor confidence.
Speaking at the Africa CEO Forum in Kigali, President Tinubu said his administration’s policy direction is designed to remove structural barriers that previously discouraged capital inflows.
He emphasized that reforms around transparency, fiscal stability, and market efficiency are already reshaping Nigeria’s investment landscape.
He reiterated that Africa must transition from raw material exports to value-added industrial production, insisting that no mineral resources should leave Nigeria without local processing.
According to him, the continent must begin financing its development internally by leveraging its natural resource base more strategically.
Tinubu highlighted Nigeria’s emerging industrial capacity, noting that lithium and other strategic minerals could support domestic production of batteries and advanced manufacturing.
He also pointed to reforms in the energy sector, citing government collaboration with private investors, including the operations of the Dangote Group’s refinery, as evidence of successful public-private partnerships.
He noted that the Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is helping reduce import dependence and strengthening Nigeria’s position as a net exporter of refined petroleum products.
On foreign exchange and crude supply, Tinubu defended the use of the naira in domestic crude transactions, describing it as a stabilizing mechanism that eliminates exchange rate volatility and reduces dependency on foreign credit instruments.
He also criticized global credit rating frameworks, arguing that they often fail to reflect the true growth potential of African economies.
Citing examples of strong performance in countries like Rwanda, he called for more balanced assessments that consider on-ground economic realities.
On fiscal policy, the president referenced reforms inspired by the Lagos economic model, noting that Nigeria is simplifying tax administration to improve compliance.
He stressed that taxation systems must remain clear, accessible, and digitally enabled, allowing citizens to self-assess and pay via mobile platforms.
In agriculture, Tinubu referenced government-backed mechanization programs and buy-back schemes aimed at stabilizing farmer incomes.
He also highlighted major infrastructure projects such as the Sokoto–Badagry highway, designed to improve logistics across Nigeria and the wider West African trade corridor.
He further disclosed that Nigeria has deployed over 90,000 kilometres of fibre optic infrastructure to strengthen digital connectivity, support education, and accelerate adoption of emerging technologies, including artificial intelligence and e-commerce.
The president urged stronger implementation of the African Continental Free Trade Area, calling for deeper regional collaboration and coordinated resource utilization to avoid fragmented economic development across the continent