Nigeria to Attract $20 Billion FDI by 2026, Says Tinubu

On Thursday, President Bola Tinubu stated that Nigeria is projected to attract close to $20 billion in foreign direct investment (FDI) by 2026. This forecast is attributed to the Tinubu administration's systematic removal of regulatory bottlenecks and efforts towards macroeconomic stabilization and transparency reforms.

Speaking at the African CEO Forum in Kigali, Rwanda, Tinubu emphasized the need for Africa to stop exporting raw materials and instead focus on developing its resources. He highlighted the importance of adding value to commodities, citing Nigeria's potential in the petroleum sector, where Dangote's refinery produces 650,000 barrels per day, meeting about 70% of the country's fuel needs.

Tinubu also discussed the establishment of 6,000 mechanized agricultural zones across Nigeria and the development of infrastructure to support farmers. He noted that Nigeria has already laid 90,000 kilometers of fiber optic network across the country, which is essential for enhancing communication and economic activities.