By Kingsley Benson
Nigeria’s reported $50 billion investment figure may sound substantial, but the federal government has clarified that the amount represents investment announcements and commitments rather than capital already deployed into the economy.
Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, made the clarification during an interview with ARISE NEWS, saying the government’s immediate task is to move investment commitments from paper to implementation.
“As of January 2025, Mr President’s international visits and really investment promotion had yielded about $50 billion in investment announcements,” Dr. Oduwole said. She linked the figure to more than 80 memoranda of understanding (MoUs) signed by government ministries, departments and agencies (MDAs) across countries including Brazil, France and the United Kingdom.
The distinction is important. Investment announcements can create expectations around capital inflows, production and employment, but their economic value ultimately depends on whether projects reach financial close, construction, production and commercial operation.
Dr. Oduwole acknowledged that some commitments had already moved into implementation. She cited Indorama’s $8 billion investment in fertiliser and petrochemicals and Coca-Cola’s $1.5 billion commitment as examples.
“Now, what our job is, is to make sure that those announcements are translated into real-time investments,” she said.
She also cited Vestagard, a healthcare manufacturing company, whose engagement with the government has resulted in operations beginning in Lagos free zones. According to Dr. Oduwole, the company could produce about 10 million malaria-treated nets at full capacity for domestic use and export across Africa.
For Nigeria, however, converting commitments into productive investment will require patience, particularly where long-term capital is involved. Dr. Oduwole noted that while portfolio investors can move quickly in response to market conditions, patient capital takes longer to materialise.
“It’s a slow process, especially slow capital,” she said.
The same principle is emerging in Nigeria’s critical minerals strategy. As global demand for lithium, rare earth elements and other minerals grows, the government says it does not intend to repeat the traditional model of exporting raw materials without developing domestic processing capacity.
On the critical minerals’ framework with the United States (US), Dr. Oduwole stressed that the agreements should not be interpreted as Nigeria surrendering ownership of its resources.
“For the Critical Minerals Framework, when you sign MOUs, first of all, they are intentions. They’re not legally binding,” she said.
More importantly, she said Nigeria wants partnerships capable of building complete value chains within the country.
“We’ve said that we want countries and not just the US that will develop our minerals value chain, for instance, from lithium all the way to batteries right here in Nigeria.”
Her position reflects a broader question confronting mineral-rich economies. The value of a mineral resource is not limited to extraction. Processing, refining, component manufacturing and associated services can generate additional investment, skills and employment.
“We’re not giving anything. We’re not letting go of anything,” Dr. Oduwole said, stating that Nigeria must negotiate from a position that protects domestic interests. “There’s nothing anybody’s going to take away from us without it being on our own terms. It’s up to us to negotiate.”
The minister also argued that leaving valuable minerals underground or allowing informal mining to continue indefinitely would not serve the economy. She called for formalisation of the sector and the development of factories capable of creating jobs in mineral-producing states.
The government is engaging states including Nasarawa, Zamfara, Niger and Kaduna on opportunities in critical minerals. Oduwole said World Bank-supported de-risking efforts had also improved the investment case for Nigerian mining assets, including brownfield projects.
Manufacturing remains another part of the government’s strategy to translate investment into economic activity. Dr. Oduwole said the ministry maintained direct engagement with manufacturers and had used initiatives such as the Domestic Investors Summit and Platinum Business Champions programme to address business constraints.
“With the Domestic Investors Summit, on the spot, 75% of issues were solved. 25% of the rest were solved within five days,” she said.
Beyond industry and mining, Dr. Oduwole pointed to services, digital skills, remote employment and expanding exports as other pillars of Nigeria’s economic ambition. She said exports to China had increased by 80 per cent within a year, while major infrastructure projects were creating wider trade corridors.
“The major infrastructure projects by this administration, from the Lagos Calabar to the Sokoto-Badagry, they’re opening not just roads, they’re opening corridors of trade, corridors of enterprise, delivering jobs, even in construction,” she said.
Dr. Oduwole acknowledged that achieving a $1 trillion economy would not happen through a single intervention. “There’s no magic wand. We all have to do the hard work. It takes some time. But we’re focused. And you can see that we’re on track.”
For investors and businesses, the more consequential measure of the $50 billion figure will therefore be what follows the announcement. Capital actually deployed, factories completed, minerals processed locally, exports expanded and jobs created will determine whether Nigeria’s investment promotion drive produces durable economic value.
