President Bola Ahmed Tinubu has projected that Nigeria could attract nearly $20 billion in foreign direct investment (FDI) in 2026, citing ongoing economic reforms aimed at improving transparency, efficiency, and investor confidence.
Tinubu made the projection on Thursday while speaking at the Africa CEO Forum in Kigali, Rwanda.
“This year alone, I can beat my chest that Nigeria is attracting close to $20 billion in foreign direct investment,” the president said.
He noted that his administration had introduced incentives designed to encourage investment inflows while removing bureaucratic bottlenecks that previously discouraged investors.
The projection comes months after Tinubu approved production tax credits intended to accelerate Shell’s $20 billion final investment decision on a deepwater oil project.
In November 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that the Federal Government approved oil field development plans valued at about $20 billion between January and October of that year.
Tinubu also urged African nations to strengthen regional cooperation and fully implement the African Continental Free Trade Area (AfCFTA) agreement to maximise the continent’s economic potential.
“We should not leave the African trade agreement on the drawing board. It must be activated properly for regional collaboration and effective utilisation of our resources,” he said.
The president further advocated an “Africa First” approach, insisting that African economies should focus on value addition rather than merely exporting raw materials.
“Today, we don’t want scavengers, we don’t want extractors, we want people to add value,” he stated.
SOURCE: Guardian Nigeria