Jumoke Oduwole, the Minister for Industry, Trade, and Investment, announced that President Bola Tinubu’s international trips have resulted in a proposed investment accumulation of $50.8 billion.
Gatekeepers News reports that this information was shared during a ministerial press briefing in Abuja on Tuesday.
Oduwole highlighted that Nigeria’s economy requires approximately $50 billion to stabilize its foreign exchange reserves. She emphasized the need for the federal government to focus on converting these proposed investments into actual financial inflows to support economic stability.
“As at December 2024, Mr President’s over 30 international trips have generated $50.8 billion in announcements,” Oduwole said.
“Where the ministry’s work comes in is tracking those announcements and making sure that it (sic) comes 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 $2.5 billion 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 tracking these investments, our role as 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.”
Speaking on achievements, the minister said Nigeria had bidded to host the International-African Trade Fair (IATF) and was shortlisted.
“It’s a very, very catalytic game changer for any economy. Nigeria paid for it in November and we were shortlisted,” she said.
“I shouldn’t let the cat out of the bag, but we’re really hopeful that we will get this and put on a strong show.”
To facilitate trade, she said the ministry is looking at ensuring cargo flights are cheaper for traders.
“We’re very bullish about exporting our quality products because our products are in demand and they are good all across the continent and the world,” the minister said.
“So we’ll continue to work on that and just watch out for the space. We’re also looking into something around direct cargo flights across Africa for our traders, bringing the cost down for cargo flights and further facilitating trade.”
Oduwole also said the federal government is working hard to improve exports, prioritise the African Continental Free Trade Area (AfCFTA) agreement, and sustain other bilateral and trade relationships.
