Tinubu’s foreign trips attracted $50.8bn investments – Minister

The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has disclosed that the 30 foreign trips undertaken by President Bola Tinubu have attracted proposed investments worth $50.8bn into the country.

Oduwole spoke on Tuesday during the ministerial press briefing series organised by the Ministry of Information and Cultural Orientation in Abuja.

The minister, citing reports that the Nigerian economy needs about $50bn to be steady in terms of foreign exchange, said the president already generated much more investments through his official visits to foreign countries.

She also stated that the country has expanded trade and investment discussions with five key global economies—Brazil, India, France, and the United Arab Emirates—to boost economic growth and create wealth for its citizens.

She noted that the government was working towards ensuring that the investments come through.

Oduwole said, “As of December, Mr President’s over 30 international trips have generated $50.8bn in announcements. That is huge for our country. The ministry’s work comes in tracking those announcements and making sure that they come to fruition.

“For example, about two weeks ago, the Brazilian trip on the sidelines of G20, where the largest meat exporters in the world, meat producers in the world, announced that they would invest $2.5bn in Nigeria.

“That’s the sort of work that the ministry does to make sure that if there’s an announcement of an investment or a trade relationship, that we make it happen.

“Aside from tracking these investments, our role as the federal ministry of Industry Trade and Investment is to handle those businesses, to remove the regulatory and bureaucratic bottlenecks, to share information, the transparency and the efficiency of public service delivery,  to support them in whatever incentives are possible for them, and to bring that money home.”

Oduwole, alongside her counterpart John Eno, stated that Nigeria aims to position itself as a prime investment destination, unlocking a $50bn Foreign Direct Investment commitment.

She added that the ministry was working to remove bottlenecks hindering investment growth while leveraging collaboration with other key stakeholders.

In addition, the ministry is collaborating with a commercial bank to provide soft loans for Micro, Small, and Medium Enterprises across Nigeria’s 776 local government areas to boost the manufacturing sector and grassroots wealth creation.

She said 894 MSMEs have benefitted from the recent disbursement of the N50bn FGN intervention funds.

“The Bank of Industry disbursed N111.66bn allocated for non-oil export businesses, and N110bn disbursed to 93 customers to support manufacturing, agriculture, solid minerals, and general services.

“Over 400 farmers received improved hibiscus, sesame, and oil palm seedlings under the “Double Your Export Campaign Programme.

“Other Disbursements are N42.50 billion distributed to 850,099 beneficiaries, and N577.1 million allocated to 93 recipients to enhance operations and boost Nigeria’s GDP.”

Speaking on challenges, the former PEBEC DG said the government is working on reducing the cost of transporting goods and services by air, land, and sea to boost production across the country and is implementing measures to revolutionize the country’s manufacturing sector.

She noted that President Tinubu will not relent until there is a positive lift in the country’s industrial landscape.

“The key outcome of this engagement was the announcement of the establishment of the Industrial Revolution Work Group and the elite task force with a focus on the Nigerian Industrial Revolution plan for a larger innovation-driven economy,” Oduwole said.

Meanwhile, the Minister of Information and National Orientation, Mohammed Idris, has said that 2025 is set to be the year when all the transformative reforms initiated by President Bola Tinubu’s administration will begin to bear tangible fruits in the lives of Nigerians.