The minister of industry, trade, and investment, Dr. Jumoke Oduwole, has disclosed Nigeria’s success in securing over $50 billion in investment from President Bola Ahmed Tinubu’s international trips.
Speaking at a ministerial press briefing yesterday in Abuja, Dr Oduwole projected that these investments could generate a return of $50-$80 billion by 2030, contributing significantly—up to 30 per cent—to the nation’s GDP.
She further outlined expectations of a GDP per capita growth of at least 11.7 per cent, an overall GDP increase between 15 per cent and 17 per cent, and an export rise of at least 15 per cent ($79 billion).
She also forecasted creating at least 11 million jobs due to these investments. Among the notable investment pledges is a $2.5 billion commitment from Brazil’s largest meat exporters.
The minister said she is actively working to convert these announcements into tangible investments by addressing challenges and streamlining necessary processes.
Highlighting digital trade as a priority for Nigeria’s economic expansion, Oduwole stressed the need for robust digital public infrastructure to enhance business operations.
However, while the country has witnessed a surge in fibre-optic cable investments, rural and low-density areas still face connectivity challenges that limit economic opportunities.
As a digital trade champion, she reiterated that Nigeria is actively positioned to attract global investment and empower youths in the digital economy. She also referenced Nigeria’s engagement with international tech giants like Google as part of this commitment.
The minister addressed ongoing efforts to resolve market access challenges faced by Nigerian exporters, particularly farmers.
She noted that the Nigeria Export Promotion Council (NEPC) had been working with relevant ministries and international stakeholders, such as Japan, to resolve issues affecting key export crops.
“The ministry’s commitment to market access and active engagement with stakeholders is critical to boosting Nigeria’s non-oil exports,” she said.
Oduwole underscored the importance of inter-ministerial partnerships in advancing trade goals.
She pointed out that her ministry was collaborating with others to enhance exporter competitiveness, focusing on packaging, labelling, and cost reduction to improve Nigeria’s positioning in regional markets.
The minister also noted ongoing discussions with the Central Bank of Nigeria (CBN) on tax reforms and export proceeds policies to create a more favourable business environment.
On the African Continental Free Trade Area (AFCFTA), Oduwole emphasised the potential for trade revenue growth, capacity building, and facilitation of smoother business operations across African borders.
She highlighted efforts by the Nigerian Customs Service to unify and centralise trade regulations, making it easier for businesses to engage in cross-border commerce.
The minister reaffirmed Nigeria’s commitment to reducing reliance on oil exports and promoting non-oil exports of goods and services.
She said the government focuses on market access, perception-building, and trust-building to strengthen Nigeria’s global trade competitiveness.
Oduwole also revealed that Nigeria is bidding to host Afreximbank’s International Africa Trade Fair, a major continental event. If successful, the trade fair would coincide with Nigeria’s 50th anniversary of FESTAC, further boosting the country’s cultural and economic visibility.
Dr Oduwole further stated that the ministry was closely monitoring and facilitating investment projects. She cited the example of the Brazilian meat producers’ investment, where her ministry worked directly with investors to remove bottlenecks and expedite processes.
She also highlighted ongoing regulatory framework improvements to support private sector growth, including a regulatory impact analysis framework that ensures policies are developed with stakeholder input.
“The focus is on turning investment commitments into reality, ensuring a business-friendly environment that attracts more investors,” she said.
In his welcome address, the minister of information and national orientation, Muhammed Idris, said the 2025 budget renews the focus on investment in critical sectors that directly impact Nigeria’s well-being and socio-economic development.
“The 2025 budget is not just a financial document but a bold statement of intent—a roadmap for economic resilience, social stability, and national progress.
“This year, 2025, is set to be the year of consolidation—a year where all the transformative reforms initiated by President Tinubu’s administration begin to bear tangible fruits in the lives of Nigerians.
“Already, we are witnessing a gradual reduction in the prices of foodstuffs, bringing much-needed relief to the people,” he said.
The minister reaffirmed the government’s determination to ensure efficient budget implementation, transparency, and accountability in delivering President Tinubu’s Renewed Hope Agenda’s promises.
“Let me assure you that the federal government remains committed to the efficient implementation of this budget to maximise its full impact on the lives of Nigerians.
“I therefore call on all Nigerians to support these efforts and join hands in building a prosperous and united Nigeria,” he said.
The third edition of the ministerial briefing session featured the minister of industry, trade, and investment, Dr. Jumoke Oduwole, and the minister of state, Senator John Owan Enoh.
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