By Juliet Umeh
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has clarified that the $50 billion often cited as investment attracted to Nigeria represents announcements, with the Federal Government still working to turn the commitments into factories, businesses and jobs.
Speaking on Arise Television, Oduwole was asked what percentage of the sum had been invested and which sectors had benefited. She did not provide a percentage but drew a distinction between announced commitments and projects already under way.
She said, “As of January 2025, Mr President’s international visits and investment promotion had yielded about $50 billion in investment announcements.
“Our job is to make sure that those announcements are translated into real-time investments.”
According to her, “the announcements came from more than 80 memoranda of understanding signed by ministries, departments and agencies with partners in different countries.”
Oduwole said investment in factories and other long-term projects could take time to materialise.
“Slower, patient capital takes time, and it’s our job to continue working with businesses, both at the federal and sub-national level, to bring in those investments,” she said.
As an example of progress, the minister cited a healthcare manufacturer she met in 2025 which had since started operations in the Lagos Free Zone.
She said, “The company planned to produce insecticide-treated nets for Nigeria and other African markets. That investment, that meeting, has borne fruit.”
On manufacturers’ concerns about operating conditions, Oduwole said, “We have worked on trade facilitation, we have worked on taking them on trade missions, and we have worked on educating them on what they need to do to export,” she said.
She acknowledged that infrastructure, power and access to credit remained important to industrial growth. Responding to a question about the Bank of Industry, she said it “has continued to push on its mandate.”
The minister also addressed Nigeria’s discussions with the United States on critical minerals, saying the government wanted investment in local processing and manufacturing.
“We are looking for infrastructure; we are looking for energy and power. We are looking for pathways to make sure that we are not exporting raw minerals,” she said.
Oduwole described the minerals framework as an early-stage agreement, saying, “MOUs are not legally binding. This is how countries negotiate.”
She said Nigeria would seek partners willing to develop the mineral value chain locally, including battery production.
“It’s time that we formalise that sector. It’s time that we have factories here that can deliver jobs,” she said.
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